Making sure they buy the right used-vehicle inventory at the right price is just one issue that auto dealers face. They must also make sure that price brings them optimal profit and turn rate.
J.D. Power and technology company CarStory had those dealer concerns in mind when they developed an app that they say provides insight on used-vehicle market prices and inventory decisions.
To get the NADA values of wholesale, trade-in, retail and loan autos, dealers can now use J.D. Power’s MarketValues application by scanning a VIN or by inputting year, make and model details. To provide vehicle history report information, the app also allows for AutoCheck or CARFAX account integration.
To help a dealer determine how much a vehicle will sell for and when, the app integrates CarStory’s machine learning techniques and current market data. Supply levels, shopper demand, competitive vehicles and dealership performance are among the market factors the app considers to predict how a potential acquisition fits into the market and how it will sell.
“This app was created to provide dealers with a comprehensive tool to quickly see very accurate vehicle valuations, history and features while also providing market and competitive insight to ensure they have all pertinent information in one convenient place,” J.D. Power vice president of vehicle valuations Jonathan Banks said in a news release. “With the help from CarStory, MarketValues gives the dealer the power to make better buying decisions.”
CarStory chief executive officer John Price said in a news release that dealer margins are under great pressure as interest rates rise. Dealers must know how fast a car will sell and when, he added. CarStory notes that more than 16,000 dealers use its services, which combine artificial intelligence and a database of inventory and shopper insights to help dealers sell more cars at a higher profit.