Reynolds makes 3rd acquisition of 2023 with latest focused on used vehicles
Reynolds and Reynolds made its third acquisition of the year last week, announcing the purchase of technology startup AutoVision.
Through a news release, the company said AutoVision will enhance the Reynolds Retail Management System with a suite of tools to retail used vehicles more efficiently and profitably.
“The Reynolds Retail Management System is built on the idea of every dealer and enterprise having a single unique identifier for every customer, every vehicle, and every transaction,” said Chris Walsh, president of Reynolds and Reynolds.
“For too long, the vehicle, especially the used vehicle, has been the outlier. It’s lived in a different system. One more browser to have open, one more VIN to verify and keep track of, and one more place to communicate, or not, internally. AutoVision becoming part of the Retail Management System changes that,” continued Walsh who leads an operation that also acquired Canadian software company DealerCorp Solutions in April as well as American Guardian Warranty Services (AGWS), a provider of vehicle service contracts, limited warranties and other F&I products and services, in January.
Reynolds acknowledged dealers need to address four key areas when retailing used vehicles, including:
When it comes to acquiring vehicles, Reynolds highlighted retailers will be able to achieve precise appraisals with AutoVision’s customizable adaptive market pricing algorithms. The company explained these algorithms compare vehicles in real time on an “apples-to-apples basis,” using sophisticated language processing with specific data sets that deliver accurate data for each dealership’s unique business model.
“The system’s automation compiles this data at the push of a button with no need to manually adjust fields, as is typically the case today,” Reynolds said.
With AutoVision’s automation, dealerships can adjust to market changes in real-time, giving them more accurate data to base their pricing decisions on, manage their inventory, and merchandise more effectively.
AutoVision president AJ McGowan noted the automation built into the system is critical to making advancements in inventory management and merchandising.
“For years, retailers have been forced to accept separate tools, mediocre appraisals that need adjusting, and add-on merchandising software to get the job done,” McGowan said. “We know there is a different way to handle the vehicle lifecycle, and it starts with buying right.
“This second-generation technology takes the principles behind vehicle acquisition software built nearly 20 years ago and elevates it to today’s fast-moving, data-driven world, allowing retailers to make better, faster, and easier decisions about what they buy, how much they should spend on it, and what price they should sell it at,” McGowan continued.
Coupled with ReconTRAC — acquired by Reynolds in 2020 — AutoVision can give Reynolds customers a way to manage the entire lifecycle of every vehicle they touch, from acquisition to recon to inventory management to merchandising.
“When we acquire a company, we buy to build, nurture, and improve a product leveraging our nearly 100 years of experience in the automotive retail space,” Walsh said. “This is a true startup – a next-level, visionary product that is breaking down barriers. The framework is there; it only requires the boost and refinement Reynolds provides. We are excited to build AutoVision and its unique ability to manage the vehicle lifecycle into our Retail Management System.”
The company said exclusive early access to AutoVision will be available to everyone attending the Reynolds Retail Summit in September at the Indianapolis Motor Speedway.
Reynolds added that it will launch the new vehicle lifecycle platform at NADA Show 2024 in Las Vegas.