To maximize the highest possible profit-per-day on each vehicle for its dealers, DealerSocket is announcing the launch of major innovations in the company’s Inventory+ software. Now available to customers is Single Page Appraisal, which puts all of the data a dealer needs on one simple, configurable page. The Single Page Appraisal functionality enables dealers to quickly appraise and competitively price a vehicle to ensure they are stocking the right inventory for their dealership. In addition to Single Page Appraisal, DealerSocket is also announcing a major upgrade to its Ideal Inventory Model (IIM) within Inventory+, with artificial intelligence and machine learning (AI/ML) innovations that focus on helping dealers realize additional profit.
“Saving time and having the right data are very important for our dealers, and DealerSocket’s Single Page Appraisal for Inventory+ and our new IIM capabilities empower our customers to do both,” said Steve Meeker, General Manager of DealerSocket’s Inventory+. “At DealerSocket, we are firm believers in maximizing profit-per-day in an inventory strategy. Our new Single Page Appraisal makes it easier for dealers to arrive at actual cash value (ACV) quickly and our IIM upgrades help them gain prescriptive pricing recommendations and profitability confidence score on recommended vehicles. The new features in DealerSocket’s Inventory+ enable our dealers to quickly make decisions to obtain increased profitability.”
By launching Single Page Appraisal for Inventory+, DealerSocket’s customers are now able to:
- Reduce overall time for appraisals
- Have all necessary data needed on one single page to make data-driven decisions
- Utilize a customizable dashboard suited to their needs, with valuation guides, pricing tools, and more
- Run a vehicle value analysis using the metrics 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 to see how a vehicle will perform at the dealership
- Quickly see if the vehicle is core or not to the enterprise
Within Inventory+, DealerSocket is also releasing updates to the Ideal Inventory Model (IIM) algorithm. Using AI/ML, the IIM will review recent and historical data to learn from your insights and patterns to provide a profitability confidence score on recommended vehicles. Dealers will now see dynamic price bands, with smarter analytics for additional prescriptive pricing recommendations, and median transaction history to help with pricing.
