U.K.-based Auto Trader has launched Vehicle Insight to enable dealers to receive vehicle data.
Vehicle Insight collates key performance indicators (KPIs) on all of their vehicles, including pricing and performance ratings, helping to make dealers more efficient and maximize their profit margin on each vehicle.
The new product will allow dealers to “respond quickly to the fast-moving market and improve performance across their digital forecourt,” the company said in a statement.
These KPIs are integrated into a single dashboard that is now available to all Auto Trader customers as standard through their Portal accounts. This will allow dealers to check in real time how an individual vehicle is performing against the live retail market and to compare their stock with similar vehicles.
Vehicle Insight will also allow retailers to identify changes to market conditions that may impact a vehicle’s performance and identify what they can change to improve it. Dealers can also see how customers are reacting to individual vehicle adverts.
Dealers receive estimated speed of sale and breakeven calculations to help them track profits and formulate strategies. Using the dashboard, they can see supply, demand and pricing trends for individual vehicles and adapt to market conditions.
“We know retailers are facing an increasingly complex and competitive market, and enabling them to respond quickly and strategically to fast-changing dynamics is a priority for us,” said Auto Trader COO Catherine Faiers.
“We believe that data will be critical to success this year, and so we are committed to empowering all of our retailer partners, regardless of size, with the scale and depth of our data to maximize their performance.”
In November, Auto Trader published its H12022 financial results, which showed revenue up 16% year on year to £250 million ($286 million U.S.). However, operating profit declined by 2% to £149 million.