Absolute Sourcing is a new feature to DealerSocket’s Inventory+ that the company says “takes a dealer’s buy/sell list to the next level.”
It does that by showing dealers where to acquire vehicles that fit in their inventory.
Absolute Sourcing and New Car Pricing are two enhancements that DealerSocket will unveil at NADA this year, and the company says it built those enhancements to ensure that dealers maximize profitability instead of only velocity within their inventory strategy.
Alongside what the company describes as “a more intuitive buy/sell list,” Absolute Sourcing allows dealers to know which cars are profitable and not profitable for their lot.
It also shows them where to find profit drivers. That, according to DealerSocket, eliminates the need to hunt through auctions and other systems to find recommended vehicles.
The company said that with Absolute Sourcing, vehicles will source from missed appraisals, auctions, and in-group trades.
New Car Pricing is the second enhancement, and dealers can use that to manage pricing new vehicles in bulk, with visibility into OEM incentives and market listings.
That empowers dealers to make intelligent, market-driven pricing decisions and save time, according to the company, which adds that dealers can price their new inventory while remaining OEM compliant, based on factors such as market conditions, MSRP, list price, and invoice.
Additional features within DealerSocket’s Inventory+ that the company is showcasing at NADA this year include:
— Enhanced Ideal Inventory Model: The company describes the Ideal Inventory Model, or IIM, as the backbone of Inventory+. Bringing a combination of market data and a dealership’s historical transaction data, it shows dealers which vehicles will increase their profits.
Dealers can use recent enhancements to IIM’s algorithm to make more intelligent, data-driven purchase decisions, pricing, and disposition decisions, according to the company, which adds that around each vehicle, IIM offers better data and analytics.
— Single Page Appraisals: With the ability to configure the data they prefer and need, dealers can complete a faster appraisal from one, simple, configurable screen. To fit their needs, each user can add, move, and adjust features on their appraisal screen.
— Group Management: To save time and improve overall group performance, dealer groups can manage inventory across multiple rooftops. Also, across rooftops, regions, or any custom grouping, dealers can configure their enterprise’s view.
— DealerSocket’s DealerFire SRP/VDP Data: Dealers can now view search results page/ vehicle display page data from DealerFire within their inventory manager in Inventory+, which the company says tightens the link between DealerSocket software. Dealers, receiving this data directly into Inventory+, can make better pricing and merchandising decisions. And they can do that without jumping into different systems.
“We’ve always focused on driving and working to maximize profits for dealers,” DealerSocket’s Inventory+ general manager Brad Kokesh said in a news release.
He continued, “The launch of New Car Pricing and Absolute Sourcing will allow our dealers to increase profits and maintain turn. Our competitors have been focused solely on velocity. However, DealerSocket is focusing on driving profits with turn, and we have all along. This is evident in the incredible enhancements that we are releasing with New Car Pricing and Absolute Sourcing within our Inventory+ product at NADA.”