With Cox Automotive’s sizable data assets, RMS Automotive has created a new AI-powered Optimization product suite and will develop a vehicle recommendation engine for dealers.
Driven by robust data assets from parent company Cox Automotive, RMS’s fresh Optimization product suite can provide clients with vehicle-specific insights that can help them increase their operations' profits and residual values.
RMS explained that by taking an AI approach, the company can leverage large amounts of Cox Automotive sourced data to deliver clients scientific recommendations fast and frequently.
RMS recommendations are integrated with client systems, as well as automated to dynamically update as market conditions change, the company said.
The RMS Optimization product suite includes pricing, location and reconditioning product offerings.
Three key suite features include delivering clients VIN-specific recommendations regarding how to price vehicles most accurately, as well as where to ideally distribute inventory across physical wholesale auctions and how to optimize their vehicle reconditioning efforts.
Though it’s set to launch sometime in the near future, the Reconditioning Optimization product piece of the new suite is not available yet, the company explained.
Both the Pricing and Location Optimization parts of the new suite are available now and are already employed by several clients, according to RMS.
While Reconditioning Optimization is built to recommend VIN-specific vehicle repairs for approval, the Location Optimization solution is designed to help clients advance their distribution of vehicles at physical auctions.
In addition to enhancing the roles held by any field reps who are responsible for manually pricing vehicles, RMS said that it can help clients set more consistent vehicle prices within varying market areas.
A series of pilots showed that RMS’s Pricing Optimization can raise client profit by up to $75 to $100 per vehicle, according to the company.
Meanwhile, in addition to helping dealers find vehicle inventory that matches their specific needs faster, RMS explained that dealers who access the new search engine will be introduced to relevant vehicle listings that they may not have encountered otherwise.
The new capability utilizes AI to determine each buyers’ purchase and bidding patterns, RMS explained.