Pearl Technology Holdings announced Tuesday that it will introduce its new pre-owned marketing platform — Pearl Pre-Owned — at the 2018 NADA Show in Las Vegas.
The new platform will exclusively focus on pre-owned profitability and feature both consumer-centric vehicle sourcing tools as well as targeted and efficient marketing modules.
“The elephant in the room in the automotive industry is profitability,” Pearl chief executive officer and founder Bruce Thompson said in a news release. “According to NADA, the average net profit on a pre-owned vehicle in 2017 was $116 and down more than 30 percent over the last three years. The treadmill dealers are on is simply unsustainable, and if things remain status-quo, many dealers won’t be around in the next 10 years. Everyone is making money except the dealer, and that has to change,” Thompson explained.
In addition to being automated and mobile, Pearl Pre-Owned also seamlessly incorporates and utilizes Pearl tools: Propensity360, VehicleXchange, ShowroomXpress, Trade-In Concierge, RPM and Pearl Proximity.
“We feel strongly that dealers have been led down the wrong path over the last several years by many of the vendors they are paying. We intend to show them there is a much better way to acquire and retail pre-owned vehicles. Our objective is to turn the tide on margin compression and declining profits,” Thompson said. “Pearl Pre-Owned is the most powerful tool we’ve ever built and is the pinnacle of our development efforts over the last 6 years. It incorporates every tool we have at Pearl, and the product will be everything as advertised for our dealers,” Thompson continued.
Additionally, Pearl Pre-Owned also establishes multiple “direct from consumer” sourcing channels that are automated, according to Pearl. And once sourced, vehicles are immediately marketed to the customers most likely to buy them from both the dealer’s database and from the market.
Using exact payment matching technology and intelligence, Pearl Pre-Owned matches vehicles to the consumers that can afford to purchase them.
“The bottom line is we have the intelligence to know who is likely to buy what and when they are likely to buy it. Sourcing directly from consumers saves the dealer a fortune in fees,” Thompson added. “Knowing exactly who to market to means that we don’t have to cast the traditional wide advertising net to find them. As a result, hundreds of thousands of dollars, if not millions, can be saved per year.”