Veteran dealers understand that appraising a vehicle not only is about considering the current value as it sits in front of them, but also projecting what the figure might be to get that model rolled over the curb.
Automotive artificial intelligence platform CarStory on Thursday announced the launch of CarStory Appraise — a dealer appraisal product to combine sales predictions with big data information in a consumer-grade, intuitive interface.
The CarStory Appraise app is now available for Apple iOS, Android and via the web.
“Buying the right cars at the right price is critical to maximizing profits for a dealership,” said Chad Bockius, president and chief product officer at CarStory. “Historically, dealers have had to juggle a variety of unknowns and gut calls — how fast a car will turn, how much it will sell for, what is the current supply and demand and more — in order to determine what to put on their lot.
“But by using AI-powered, predictive analytics, CarStory Appraise offers the most complete and accurate assessment of a vehicle based on how each car will perform on a specific dealer's lot, not just what other dealers are paying at auction,” Bockius continued.
Key features of CarStory Appraise include:
• VIN Audit: CarStory can capture and analyze data from more than 200 million VINs to create a more complete description of a vehicle, saving time while producing an accurate forecast and appraisal.
• GoPrice: CarStory can predict what a vehicle will sell for and when, potentially leading to better and more profitable purchase decisions.
• Market Intelligence: Knowing what to pay starts with understanding the current market. By analyzing current supply levels, shopper demand, competitive vehicles and dealership performance, CarStory Appraise can show how a potential acquisition fits into the market and how it will sell on a dealer’s lot
Analyzing thousands of data points is the key to developing a precise sale forecast. CarStory Appraise is the industry’s only solution to provide predictions based on current supply, demand, unique features, color, mileage, price and even a dealer’s performance. Using AI and machine learning, CarStory Appraise analyzes a VIN against the local market to see exactly when the car will sell and for how much.
“A potential customer asked me to find a car that I don't typically stock or carry so I was not very familiar with the retail price,” said Bert Straub, owner of 1st Choice Auto in Fairview, Pa.
“I used CarStory Appraise at the auction to scan in a VIN and was presented with an accurate acquisition and retail price prediction for this unit. The best part is that CarStory's Appraise tool prevented me from selling it short by underpricing this vehicle to market,” Straub continued.
“The predictive analysis accurately provided a front-end profit that more than doubled my expectations on a car I don't normally sell,” he went on to say.
This new app is available today on the Apple App Store or Google Play Store. Dealers can sign up by visiting www.carstory.ai/appraise-app.