Auto Trader has launched a new AT Market Insight data tool which claims to utilise “up-to-date” information from the car retail sector to deliver an accurate appraisal of market conditions.
The online car marketing platform said that the new product is able to harness its vast data capabilities to help retailers identify and adapt to market trends as they happen, allowing retailers to identify key trends, understand how it may impact their performance, and inform how to adapt accordingly.
Nathan Coe, Auto Trader’s chief executive, said: “The automotive industry has faced a series of unprecedented challenges over the last few years.
“However, nothing could prepare retailers for the huge impact COVID-19 is having on their businesses.
“At a time of such uncertainty, we believe that it’s more important than ever to have the ability to identify and understand critical changes in the market.”
Auto Trader’s new AT Market Insight data tool will see retailers receive vehicle supply and consumer demand data in both their local market and the national marketplace, alongside pricing and predicted speed of sale trends.
This data, combined with the additional provision of year-on-year comparison of market health (supply versus demand) each week and trended over time, will enable retailers to accurately see the direction of travel of the market, as well as identify fresh opportunities, the business said.
The intelligence is powered by Auto Trader’s new Market Health metric, which compares the balance of supply and demand versus the previous year to assess the health of the market for a specific vehicle type, and is presented in a simple and convenient indicator: Market Stronger; Market Neutral; and Market Weaker; and is fully customisable by fuel type, make, model, age and body type.
Coe added: “Data, alongside one’s own expertise and experience, is invaluable in adapting to a fast-evolving landscape.
“That’s why we’ve done all we can to give our customers the benefit of our market intelligence as soon as possible to help navigate these unique challenges.”
AT Market Insight will be available for Auto Trader customers to access through their Portal accounts from 1st April 2020.
Auto Trader announced last month that it will suffer April losses of up to £7 million in a bid to help car retailers mitigate the impact of coronavirus by axing its fees for April and deferring March payments for 30 days.
In an unscheduled company update issued via the London Stock Exchange on March 19, stating that the move would result in an operating loss of between £6 million and £7m next month.
Auto Trader said that, in light of the “unprecedented levels of uncertainty” facing the UK car retailing market, it had “chosen to act in what we believe is a responsible way to protect our customers”, which it described as key stakeholders in its business.