SAN CLEMENTE, Calif., Aug. 27, 2015 /PRNewswire/ -- DealerSocket, the automotive retail industry's leading fully integrated technology platform, announced their acquisition of Dealertrack's Inventory+ Suite and unveiled their new Dealership Action Report (DAR) at their 6th Annual User Summit.
Under the terms of the agreement, Dealertrack's Inventory+ suite of inventory management solutions, including its AAX product in the U.S. and Canada, as well as its eCarlist websites, will be acquired by DealerSocket. Inventory+ allows dealers to easily access desktop-to-mobile appraisal, pricing, merchandising, syndication, stocking, sourcing and transportation functionality, and seamlessly integrates with DealerSocket's CRM platform.
"DealerSocket is extremely excited to acquire and work side-by-side with the employees and customers of the Inventory+ suite of products," said Jonathan Ord, CEO DealerSocket. "The employee base will be a welcome addition to the DealerSocket family and we believe the combination of DealerSocket websites, CRM and other products with the Inventory+ product line will be a big benefit to dealers. We are excited to continue to expand the ways in which we deliver powerful solutions to our customers."
DealerSocket also released its Dealership Action Report (DAR) to the more than 700 attendees at the company's annual User Summit in San Diego, CA. Rooted in data from more than 7,500 dealerships, the largest market share in the industry, the insights of the inaugural DAR underscore the importance of formal, technology-driven processes to thrive and increase profitability during periods of slowed sales growth.
"The insights highlighted in the DAR will guide dealers to better ways of selling, servicing and retaining customers during periods of heightened competition as year-over-year unit sales growth wanes," said Marylou Hastert, Director of Product Marketing at DealerSocket. "With the same number of dealers fighting for fewer sales, it's critical that dealerships focus on high-impact, data-driven processes to improve their margins."
Five dealerships were personally awarded at the User Summit for utilizing their software at the highest potential in certain categories. Overall Top Performer was awarded to Galpin Ford. Excellence in Digital Development was awarded to Soave Auto Group. Excellence in Customer Loyalty was awarded to Northtown Chrysler Jeep Dodge Ram. Top Performer in Internet Closing Rates was awarded to Anderson Honda. Final award, Excellence in Data Mining, was rewarded to Ken Garff Automotive Group.
Attendees at DealerSocket's User Summit were provided with actionable and inspiring sessions to implement during the day-to-day operations at their dealership. Featured tracks covered Independent, CRM, Fixed Ops, Used Car, and Customer Experience. Keynote speakers included Jonathan Ord, DealerSocket CEO, Jared Hamilton, DrivingSales CEO, Chelsea Krost, Millennial Generation Expert, Jim O'Connor, Former VP of Marketing at Ford Motor Company, and Rich Franklin, Former UFC Champion.
"DealerSocket put on another first class event that breaks the mold in the automotive space. A must attend for any dealer," said Jeff Skobin, Director of Marketing at Galpin Motors.
Notable sessions included Market Perspectives and the Evolving Retail Environment hosted by Matthew Racho, JD Power's Senior Director of the Power Information Network (PIN) and The Importance of Leadership in Retail hosted by Tom Brewer, former elite senior executive team at Ford Motor Company.
To learn more about DealerSocket's technology platform, visit http://www.dealersocket.com or to request a copy of the DealerSocket Dealership Action Report, visit http://info.dealersocket.com/DAR-Asset-Download.html or call (844) 768-5819.
About the Dealership Action Report
Representative of DealerSocket's 7,500 dealership customers and 206,000 users, the Dealership Action Report (DAR) is a resource developed to guide automotive dealership and dealer group professionals to improved, data-driven processes that drive customer retention and profitability. It is composed of key performance data and survey results, and analyzes industry trends, performance benchmarks and metrics, top performing dealers and consumer online shopping behaviors.
DealerSocket is a leading automotive technology platform that helps dealerships in the United States, Canada and Australia improve profitability through a fully integrated suite of marketing, sales, service, customer experience DMS and data mining solutions. Headquartered in San Clemente, Calif., DealerSocket employs more than 850 people and serves more than 7,500 dealerships in the United States, Canada and Australia. DealerSocket's advanced technology provides benchmarking data that paces the industry, and its insightful experts identify trends and develop strategic roadmaps that help dealers optimize processes and operate more profitably. Visit DealerSocket.com for more information.