How Data Science Drive More Profitable Used Vehicle Pricing - Cox Automotive Experience 2021 Session
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It’s a big week for vAuto as we unveil ProfitTime 2.0 at the Cox Automotive Experience, a precursor to the system’s official launch at the upcoming virtual National Automobile Dealers Association...
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It was a big step for the industry when vAuto officially launched ProfitTime two years ago. For the first time, dealers had the ability to know the investment value of every used vehicle in their...
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I’ve spent way more hours than I can count on airplanes in the past decade. Truth be told, I miss the travel and the daily get-up-and-go routine it requires. But current market conditions remind...
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I’ve noticed what might be considered a case of bipolarity in used vehicle inventories at dealerships across the country. On one hand, there’s a sizable share of vehicles dealers purchased a month...
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For much of the past three months, I’ve been on a near-constant cycle of phone calls and conversations with dealers about their used vehicle business, conditions in the current market and next...
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Across the country, dealers are complaining that they can’t acquire used vehicles at auction for the right money. The complaint most often comes from dealers who have seen strong retail sales in...
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I’m seeing dealers take one of two paths as they work to right-size their used vehicle inventory costs and counts to fit current market conditions in the COVID-19 pandemic. The first path might be...
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It’s not easy to change long-standing beliefs and best practices. Just ask Tim Nelson, general manager at Beaverton (OR) Honda. He has led the store’s transition from a successful run as a...
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I’m heading to Austin, Texas, to share insights and observations from the first year of vAuto’s Provision ProfitTime journey with the vAuto data scientists and developers who helped us bring this...
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A three-store dealer in the Southwest recently got worried about a drop in the Provision ProfitTime Investment Score for his used vehicle inventory. He and his team generally liked to see their...
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I had the honor and privilege of attending the annual vAuto Performance Management meeting this week in Chicago. My primary job at the meeting was to share some perspective on ProfitTime and the...
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I recently raised a caution flag about pricing used vehicles to earn a price value designation from third-party classified sites. Since then, I’ve gained a deeper understanding that pricing your...
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On October 10, I had the privilege of presenting ProfitTime to our Canada dealers. Here is the recorded presentation. A very special thanks to Trader Canada for sponsoring and organizing this...
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There’s new concern and conversation about third-party classified sites as dealers begin using Provision ProfitTime. The dialogue relates to the growing practice among third-party sites to rank or...
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For many years, Velocity dealers kept their annualized used vehicle inventory turn rate top of mind. The focus on inventory turn owed to one of the foundational elements of the Velocity Method of...
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I was grateful and honored to meet recently with Steve Finlay, senior editor for Wards Auto, and talk about Provision ProfitTime. The conversation led to a piece Wards published this week that...
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