DALLAS — At this year’s NADA, DealerSocket will debut innovations available in Inventory+, its inventory management software. Built to ensure that dealers are maximizing profitability rather than only velocity within their inventory strategy, the significant enhancements, New Car Pricing and Absolute Sourcing, will help dealers find vehicles unique for their lot to drive Profit Per Day™.
“The launch of New Car Pricing and Absolute Sourcing will allow our dealers to increase profits and maintain turn."
“We’ve always focused on driving and working to maximize profits for dealers,” said Brad Kokesh, general manager of DealerSocket’s Inventory+. “The launch of New Car Pricing and Absolute Sourcing will allow our dealers to increase profits and maintain turn. Our competitors have been focused solely on velocity. However, DealerSocket is focusing on driving profits with turn, and we have all along. This is evident in the incredible enhancements that we are releasing with New Car Pricing and Absolute Sourcing within our Inventory+ product at NADA.”
Some of the innovations within DealerSocket’s Inventory+ showcasing at NADA this year include:
- New Car Pricing: With New Car Pricing, dealers can easily manage pricing new vehicles in bulk with visibility into OEM incentives and market listings. These critical innovations to Inventory+ will empower dealers to make intelligent, market-driven pricing decisions and save time. Dealers can price their new inventory while remaining OEM compliant, based on market conditions, MSRP, list price, invoice, and more.
- Absolute Sourcing: Absolute Sourcing is a new feature to Inventory+ that takes a dealer’s buy/sell list to the next level by showing dealers exactly where to acquire vehicles that fit in their inventory. Alongside a more intuitive buy/sell list, Absolute Sourcing allows dealers to know which cars are, and are not, profitable for their lot and shows them where to find profit drivers - eliminating the need to hunt through auctions and other systems to find recommended vehicles. Vehicles will source from three significant areas: missed appraisals, auctions, and in-group trades.
- Enhanced Ideal Inventory Model™: The Ideal Inventory Model (IIM) is the backbone of Inventory+ and offers a powerful combination of both market data and a dealership’s historical transaction data to show dealers which vehicles will drive their profits. With recent enhancements to IIM’s algorithm, dealers can make more intelligent, data-driven purchase decisions, pricing, and disposition decisions, and IIM offers significantly better data and analytics around each vehicle.
- Single Page Appraisals: Dealers can configure the data they prefer and need to complete a faster appraisal from one, simple, configurable screen. Each user can add, move, and adjust features on their appraisal screen to fit their needs.
- Group Management: Dealer groups can easily manage inventory across multiple rooftops to save time and improve overall group performance. Dealers can configure their enterprise’s view across rooftops, regions, or any custom grouping.
- DealerSocket’s DealerFire SRP/VDP Data: Tightening the link between DealerSocket software, dealers can now view SRP (search results page) / VDP (vehicle display page) data from DealerFire within their inventory manager in Inventory+. By receiving this data directly into Inventory+, dealers can make better pricing and merchandising decisions without jumping into different systems.
These Inventory+ enhancements will be showing at DealerSocket’s NADA booth 3915C within the central hall from February 15 – 17, 2020, at the Las Vegas Convention Center. To learn more or to take a demo, visit inventoryplus.dealersocket.com.
Originally posted on F&I and Showroom