DealerTrack Inc. has added real-time market pricing functionality to its InventoryPro inventory management solution for auto dealers.
The free enhancement, based on continually updated price quotes for millions of vehicles across the country, allows dealers to see at a glance how local competitors are pricing particular vehicles.
With this information, dealers will have the ability to adapt to the dynamic market and adjust their pricing quickly, says DealerTrack's Raj Sundaram, senior vice president-dealer solutions.
It also enables dealers to establish pricing parameters for their inventory relative to market prices, and to receive alerts should vehicles fall outside of those parameters.
“For dealers to succeed in this changing market, they need to take a real technology approach to inventory management,” Sundaram tells Ward's. “Inventory management has become an element of survival.”
The system also can process dealership sales histories “and do analytics on what vehicles dealers should and shouldn't be stocking based on their market,” he says.
DealerTrack piloted the application with 100 dealers.
“The latest InventoryPro enhancements that give us the capability to view real-time pricing in the surrounding market area are cutting-edge,” says Bill McMorris, Jim Ellis Automotive Group's remarketing director for 11 dealerships in the Atlanta area.
InventoryPro also lets dealers access metrics from multiple sources to complete appraisals and search real-time auctions for sourcing and vehicle stocking.