Dealers are being offered a new data tool designed to help them increase margins, sell vehicles faster and benchmark stock against competitors.
It’s called Stock Insight and is the first product from Cox Automotive’s data solutions division.
Allison Nau (pictured), managing director of Cox Automotive Data Solutions, said: “We know that benchmarking stock and keeping an eye on the competition takes time, and that a key factor in improving stock turn and profit margins is knowing exactly what sells in the area and how to price it.
“The best dealers combine their wealth of experience and knowledge with the right information, and we want to empower dealers through data to help them make even better decisions for their business, giving them the edge and helping them to maximise their profit.”
Stock Insight presents dealers with a dashboard that uses factors that directly influence sales – including imagery, pricing, search volumes and days in stock – to help them review and refine vehicle listings based on exclusive market data from Cox Automotive.
The tool allows dealers to see their market position and see what is selling in their area.
It is available to Motors.co.uk customers and connects directly to their listings to benchmark vehicles against their dealer group stock or those listed by the competition.
“Our clear, easy-to-understand insights give dealers actionable alerts that allow them to optimise their stock through a single dashboard, which integrates directly with their Motors.co.uk listings. Alerts can be sent to any device to allow dealers to access data on the go and make adjustments to their stock, anytime and anywhere.”
As well as accessing retail market data from Motors.co.uk, the Stock Insight dashboard also feeds in wholesale auction data from Manheim.
Stock Insight data is also available for direct integration via a set of APIs, so dealers can feed insight from Cox Automotive into their own systems.