DRIVIN Algorithm Provides Intelligent Inventory Recommendations to Dealers
Predictive analytics model matches vehicles to dealers based on nearly 1,000 variables
CHICAGO, Aug. 24, 2016 /PRNewswire/ -- DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners, has introduced a proprietary algorithm that will provide targeted vehicle recommendations to dealers.
The solution, which is included as part of the company's DealerSelect email program, analyzes 980 variables that include information about the specific VIN, dealership, geographic market and competitive analysis of the local market. The result is a list of recommended cars that align to the buying dealer's used lot, playing to its used retail strengths while also providing market inefficiencies on which to capitalize. The end goal is to help dealer partners improve used retail performance by building an Optimal Lot.
The algorithm weighs a number of factors, such as the typical age of the cars that a dealer sells successfully, how quickly that given model moves in the dealer's geographic region and how a specific make of car has historically sold for that dealer. In crunching these and other variables, DRIVIN is able to provide targeted recommendations to dealer partners about inventory that aligns to their current strategy and provides other VINs based on market trends that complement their lot.
"By introducing this functionality into our DealerSelect emails, we are able to provide dealers with real-time recommendations that are strategically targeted to their unique needs," said John Manganaro, VP of Product & Analytics. "DRIVIN is committed to utilizing the power of data analytics to create an intelligent marketplace where dealers can make informed purchasing decisions to acquire the optimal inventory for their lots."
This same functionality will power DRIVIN Marketplace, the industry's first intelligent marketplace, launching this fall. This full-service solution will enable dealers to acquire inventory optimal to their lot, while also remarketing unwanted inventory to DRIVIN's nationwide network.
For more information on DRIVIN and to sign up for DealerSelect, please visit the recently updated website at http://www.drivindealer.com.
About DRIVIN
DRIVIN is redefining the used vehicle industry by bringing data and technology together in a first-of-its-kind, high-touch fashion to help automotive dealers sell and acquire the right used cars, at the right price, right now. Combining highly personalized service with cutting edge technology and local market analytics, DRIVIN casts a nationwide net to find and vet quality, whole-sale priced vehicles, and connect them with dealers all across the country. Launched in 2015, DRIVIN is powered by CarCo Technologies.
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SOURCE DRIVIN
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