CARMEL, Ind. – KAR Auction Services, Inc., a global vehicle remarketing and technology solutions provider, announced the launch of the company’s new buyer and seller insights available on KARglobal.com. The site is powered by DRIVIN®, KAR’s data science and analytics engine, and features interactive dashboards displaying retail and wholesale trends from across the remarketing ecosystem. The insights were developed using DRIVIN’s proprietary algorithms and KAR’s broad portfolio of retail, wholesale and other industry, economic and behavioral data sources. Originally intended for internal use, the company is making this real-time information public to help customers navigate the ongoing recovery and keep their businesses moving forward.
There’s a lot of data floating around out there—but it doesn’t have any real value if it’s not actionable.
“KAR wants our wholesale customers to make the best, most informed buying and selling decisions possible,” said Peter Kelly, president of KAR. “There’s a lot of data floating around out there—but it doesn’t have any real value if it’s not actionable. We’ve distilled our insights down to several key state and national metrics to help customers determine where there is buyer demand, where there is seller inventory and which markets are the most vibrant and active at any given time.”
The site’s interactive maps and graphs allow users to view state- and date-specific statistics, or to animate aggregate trends over time. Retail used vehicle insights include average days of used vehicle supply, retail used vehicle listings and sales as well as a comparison of 2020 inventory to 2019 levels. Wholesale insights focus on buyer engagement, displaying both aggregate and state-level buyer activity versus 2019 levels. Each dashboard includes a brief description of how to view, interpret and use the data displayed, and a more detailed how-to guide is also available through the site.
“Data science and analytics are the backbone of KAR Global’s progressive technology infrastructure,” said Tom Fisher, chief digital officer of KAR. “By leveraging our exclusive upstream closed channel data representing 80% of North America’s off-lease inventory, our insights provide the most comprehensive picture of market activity possible. We hope the simplicity and power of these insights help our customers in the weeks, months and years to come.”
Originally posted on Auto Dealer Today