Auto industry software provider DealerSocket is launching what it describes as “major innovations in the company’s Inventory+ software.”
DealerSocket said it made the upgrades to “maximize the highest possible profit-per-day on each vehicle for its dealers.”
The company said Single Page Appraisal, which it says puts all of the data a dealer needs on one simple, configurable page, is now available to customers.
With the Single Page Appraisal functionality, dealers can quickly appraise and competitively price a vehicle, which helps them ensure they are stocking the right inventory for their dealership, according to DealerSocket.
The company also announced what it describes as “a major upgrade” to its Ideal Inventory Model within Inventory+. DealerSocket said artificial intelligence and machine learning innovations focus on helping bring additional profit to dealers.
DealerSocket said that by launching Single Page Appraisal for Inventory+, its customers can reduce overall time for appraisals and gain all necessary data needed on one single page to make data-driven decisions.
They can also
— Use a customizable dashboard suited to their needs, with valuation guides and pricing tools.
— Run a vehicle value analysis using the metrics that are most relevant to the dealership’s appraisal process.
— See comparative data based on the retail market and the dealership’s historical sales.
— Analyze real-time insights into the market and transactional data, which could help them see how a vehicle will perform at the dealership.
— Determine quickly if the vehicle “is core or not to the enterprise.”
Regarding Inventory+, DealerSocket addressed its updates to the Ideal Inventory Model algorithm. Using AI/ML, the algorithm will review recent and historical data to learn from your insights and patterns.
That, according to the company, provides a profitability confidence score on recommended vehicles.
DealerSocket said Dealers will now see price bands, with “smarter analytics” to provide additional prescriptive pricing recommendations, and median transaction history that the company says will help with pricing.