Managers of USED-CAR relying Car Guru on intuition, experience and gut feelings to determine the price, stocking, and pricing of used vehicles are increasingly being outgunned. His vAuto stocking Intelligence company monitors all US auto classified websites every 10 seconds to track pricing trends and stocking trends in each market. This data gives dealers unprecedented insight into their local markets and displaces time-honored systems such as stocking only what was sold last month. According to Mr Pollak, GoAutoNews premium, one of the greatest enemies of a modern profitable used-car department are the beliefs held by their leaders.
Australian presentations
In his Australian presentations, Mr Pollak will talk about the philosophy of used vehicle management. He will be discussing buying, pricing, and appraising used vehicles. This he calls “velocity managing”. To give a dealer the best chance of success, there must be four conditions. These four conditions will ensure that your dealership has the best chance of achieving consistent and proper financial results. I’ll be educating dealers about the importance of these conditions. These conditions are important and you should care. I will be explaining to dealers why they matter. I will explain why this is important to them and then I’ll show them the different strategies I use to maintain it.” The second condition is that dealers must have a reasonable pricing profile. We will be discussing what rationally priced used-vehicle inventory means today. I will be talking to them about a new way to measure the spread and different strategies to maximize the spread. The margin potential between what they have them for and what they will likely be selling them for.
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How does vAuto work
vAuto gives dealers real-time market data in their local market areas. This helps used-car managers answer critical questions like:
- Which cars should they have?
- What amount should they spend to buy these vehicles?
- How should they price them?
This data is derived from scanning every North American website that lists a used vehicle for purchase. Each vehicle for sale on these sites is tagged so that it has the key information. Mr. Pollak stated that the company’s systems visit those sites every 10 second and it time- and date stamps three important events. We time and stamp the moment the vehicle is listed within 10 seconds. Then, we notice and time/date stamp each subsequent price change. Finally, we time/date stamp the time it disappears from the internet. “So, what we have in the database is a near-real-time quantification and demand for price sensitivity and supply.” The database also provides the underlying data to drive the three main modules of the vAuto System: pricing, provisioning and stocking.
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