Thousands of dealerships across the United States and Canada rely on vAuto for innovative technology, tools, and business intelligence to compete more effectively and increase new/used vehicle sales volumes and profits.
Fremont, CA: Cox Automotive, an innovative provider of vAuto inventory management technology, tools and business intelligence, launched its latest innovation, vAuto ProfitTime's Global Acquisition, the industry's first multichannel acquisition system to assist dealers in assisting dealers optimizing their inventory sourcing from non-traditional channels.
"Acquiring inventory is the most difficult challenge for dealers today and will be for some time," says Dale Pollak, vAuto founder, and Cox Automotive executive vice president. "Due to high wholesale costs and limited supply, dealers have been forced to adopt 'buy anywhere' sourcing strategies that extend beyond auctions and trade-in channels in order to acquire inventory. The issue is that this pivot takes dealership appraisers and buyers into uncharted territory. They must now acquire cars through a broader range of sourcing channels, each with its own set of opportunities and risks, at a time when the market will not tolerate buying the wrong car or paying too much."
The Global Acquisition system, which is part of the all-new vAuto ProfitTime GPS (Global Profitability Solution), assists dealers in resolving this issue by allowing them to develop an investment value-based acquisition strategy that guides appraisers and buyers as they acquire inventory in various channels (e.g., auctions, trade-ins, Kelley Blue Book Instant Cash Offer, dealer-to-dealer networks, off-lease, off-the-street, and service lanes). The Cox Automotive data science team created the Global Acquisition system, which uses vAuto ProfitTime's data-driven insights about each vehicle's investment value to recommend an acquisition price and retail asking price at the point of appraisal. Global Acquisition assists dealers in three ways in improving their ability to acquire vehicles profitably across multiple channels:
Strategize: With Global Acquisition, dealers can create an inventory acquisition investment strategy that considers the unique risks and opportunities of each sourcing channel. The strategy assists dealers in consistently accounting for how much they need a vehicle and how much the market likes the car as they evaluate and acquire vehicles from individual channels to maximize profitability.
Analyze: Global Acquisition provides a dashboard to help dealers and managers understand how well their appraisers and appraisal process meet the dealership's stated inventory acquisition and appraisal strategy. The dashboard displays vehicles sourced from each channel, whether they were purchased on- or off-strategy and why, and how they are performing as retail units.
Optimize: Global Acquisition assists dealers in optimizing their acquisition efforts to meet the different opportunities and risks associated with each sourcing channel.
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