Lotpop, an inventory consulting company, has announced a “marriage” with Competitive Inventory Acquisitions (CIA), a nationwide used-car sourcing service.
By this arrangement, Lotpop ensures its dealers of the replacement inventory they need as Lotpop’s LotStock inventory intelligence tool dramatically lifts their sales volume and velocity.
The CIA Platform uses a customized version of StockWave and combines it with a proprietary platform that analyzes cross-sell market data down to the trim level. The CIA Platform looks at every sale in a given market to spot trends and identify opportunities that the dealership might otherwise miss.
The company’s proprietary algorithm is used in combination with Lotpop LotStock inventory data, extracted from vAuto, MAX Digital or another inventory-management software tool, to identify the most profitable and fastest turning inventory in the dealer’s market, delivering a consistent 85 percent win rate for cars sourced through CIA’s nationwide buying network.
“We isolate from data and market trends what makes, models, trim levels, years and mileage vehicles historically sell the fastest, based on 14, 45 and 60-day sell rates, for the most profit for dealers using our LotStock tool,” said Jasen Rice, Lotpop founder and CEO.
Lotpop then provides this ‘hit’ list to the CIA Platform team, which then uses these metrics to source vehicles meeting those requirements from its base of more than 200,000 vehicles,” Rice said. “LotStock powered by Lotpop drives the volume velocity and CIA Platform matches that specific inventory within minutes, and handles transportation and recon if desired by our customer.”
“Lotpop redefines how dealers must look at inventory,” said Rice, a former performance manager for vAuto. “Not only is Lotpop’s inventory analysis more robust, but actionable. During weekly calls with our clients, the Lotpop analysis team reviews where Lotpop’s industry-leading reports reveal gaps in dealers’ used-car inventory management and sourcing processes to guide them to consider changes to drive peak performance.”
“By taking advantage of our nationwide buying network, even smaller dealerships doing less than 100 used cars per rooftop can compete against the big boys and grow their market share. However, getting the right inventory is only half the battle,” said Joe Machado, chief operating officer for the Competitive Inventory Acquisition platform.
“Dealers must implement and execute all of the velocity principles to win consistently, and that is where Lotpop comes in. Lotpop’s consulting services ensure that our dealer partners are maximizing turn and profitability. The more cars they sell, the more we can buy; it’s a Win-Win. What’s more, we view our dealers more like partners than clients, which is why we offer territory exclusives and will not work for a direct competitor of the clients we serve,” Machado said.
Due to the large demand for acquisition services, dealerships purchasing fewer than 50 cars per rooftop can only access the CIA Platform if they are an existing Lotpop client.