CARMEL, Ind., Aug. 27, 2019 /PRNewswire/ -- ADESA, a
business unit of global vehicle remarketing and technology
solutions provider KAR Auction Services Inc. (NYSE: KAR), announces
the launch of the industry's first personalized vehicle
Recommendations carousel for used-vehicle dealers. Available to
eligible subscribing customers on ADESA.com, the Recommendations
carousel provides unique, real-time buying recommendations tailored
for each individual dealer directly on their ADESA.com home page.
This new capability was developed over the past several years by
DRIVIN, KAR's data science subsidiary, and utilizes a proprietary,
complex algorithm to generate recommendations based on more than
300 independent data points.
"We are thrilled to deliver this pioneering new functionality to
our dealers and empower them with the information they need to make
the best, fastest and most economically calculated decisions
possible," said John Hammer,
president of ADESA. "By analyzing vehicles based on each dealer's
specific geography, market conditions, lot characteristics and
buyer base, our recommendations save dealers time and eliminate the
guesswork around what's most likely to lead to a quick retail sale.
The Recommendations carousel is a great example of what KAR does
best – leveraging data and capabilities from across our platform to
simplify remarketing and help our customers succeed."
The Recommendations carousel appears as soon as a dealer logs
into ADESA.com or clicks the Recommendations tab. Real-time data
science powers DRIVIN's proprietary algorithms, which evaluate
hundreds of data points and aggregate them into distinct decision
factors that ultimately determine the inventory recommended. A
simple color-coded badge scheme accompanying each vehicle tells
dealers why the recommendation was made. Examples of badges include
Low Lot Supply, signaling the dealer has a lower supply than their
90-day average, and Recent Success, indicating a dealer recently
sourced similar inventory that led to a successful retail sale.
"No more hunches. Our recommendations are based on cutting-edge
data science — bringing facts and real value to active ADESA.com
customers," said Joe Oliveri, vice
president of Data as a Service at KAR. "And the selections are
proven to be on-target. In the first 90 days of our pilot, nearly
one in four dealers who clicked to explore the vehicles specially
chosen for that dealership bought one of them. The program learns
every time it's utilized, so we expect that number to go up as more
dealers take advantage of having the right inventory selected for
them."
The Recommendations carousel began appearing in subscriber
accounts on a staggered schedule in August
2019. It will roll out to 16,000 dealers by the end of
August and to 20,000 by the end of September. The pilot began
running March 1.
ADESA is a leading provider of vehicle auction and remarketing
services with 74 vehicle auctions throughout North America.
Media
Inquiries:
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Analyst
Inquiries:
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Gene Rodriguez
Miller
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Mike
Eliason
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(317)
343-5243
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(317)
249-4559
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gene.rodriguez@karauctionservices.com
|
mike.eliason@karauctionservices.com
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About KAR Auction Services
KAR Auction Services (NYSE:
KAR) provides sellers and buyers across the global wholesale used
vehicle industry with innovative, technology-driven remarketing
solutions. KAR's unique end-to-end platform supports whole car,
salvage, financing, logistics and other ancillary and related
services, including the sale of nearly 3.5 million units valued at
over $40 billion through our
auctions. Our integrated physical, online and mobile marketplaces
reduce risk, improve transparency and streamline transactions for
customers in more than 70 countries. Headquartered in Carmel, Ind., KAR has approximately 15,000
employees across the United
States, Canada,
Mexico, U.K. and Europe. For more information, go to
www.karauctionservices.com. For the latest KAR news, follow us on
Twitter @KARspeaks.
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SOURCE KAR Auction Services Inc.