ADP Dealer Services and RedBumper have teamed up to create a new way for dealers to manage their used-vehicle inventories via mobile devices.
ADP Dealer Services this week announced its new retail solution called Lot Management, as what the company called the first of many solutions to be wrapped into its Front Office Edge suite of products.
Lot Management was created via an exclusive partnership with RedBumper, an inventory management company. The solution will be delivered through dealers’ mobile devices.
By combining historical and market data inventory management methodologies, and unique algorithms, the solution is meant to provide specific and scientific recommendations regarding used-vehicle inventory pricing, stocking and more.
“The last five years have reshaped the automotive retail space. This new competitive landscape truly requires a different, more analytical approach to used-car inventory management,” said Steve Anenen, division president of ADP Dealer Services.
“With ADP’s Lot Management, today’s dealers are in a far better position to make the right stocking and pricing decisions, purchasing vehicles that are expected to sell quickly and at a reasonable profit. Plus we’ll be embedding this into our Front Office workflow, making it that much more powerful,” he said.
Bruce Thompson, chief executive officer and founder of RedBumper, said, “Lot Management is a true response to the need for real-time integration with a dealer’s DMS; the goal is to give dealers a powerful, integrated suite of tools that will eliminate redundant, time-consuming tasks while helping sell more vehicles more quickly.
“We are excited to work with ADP Dealer Services to deliver these tools and efficiencies through the RedBumper mobile platform, giving dealers the information they need, when they need it,” Thompson said.
Key features of the Lot Management product include high-speed mobile appraisal tools and instant time-to-market with smartphone “stock-in” capabilities, the Smart Phone service drive equity solution, and hybrid stocking recommendations with three- to four-second decision support.
Lot Management also features a pricing module, ADP said, an add-on solution that automatically adjusts used-vehicle inventory pricing based on dealer-prescribed parameters.
On the service side, another add-on feature to Lot Management is the Equity Calculator. It allows dealers to automatically scan their DMS and CRM data to identify existing customers with vehicles in positive equity situations, and to receive notifications when those vehicles arrive in the service drive.
Dealership staff can use that information to approach customers with trade offers, ADP officials said, improving the mix of used vehicles on their lot while driving customer satisfaction and loyalty.