CARMEL, Ind., June 6, 2019 /PRNewswire/ -- KAR Auction
Services Inc. (NYSE: KAR) launches its DRIVIN-powered Pricing
Insights, a robust, data-driven solution that helps commercial
consignors maximize the net economics of their portfolios through
optimized pricing. This newest product in the DRIVIN Insights™
Product Suite of portfolio management solutions uses proprietary,
state-of-the-art data science algorithms to produce predictive
models for determining VIN-level market channel and pricing. These
uniquely-tailored analytics and valuations can help consignors
achieve targeted conversion rates and remarketing financial
objectives — whether the primary goal is to increase upstream
conversion, increase overall net economics or both.
"Pricing Insights has achieved proven results for a number of
our commercial consignors," said Don
Gottwald, president of KAR digital, data and mobility
solutions. "By customizing the solution for each consignor and its
brands, we have achieved a $170
per-unit net economic gain overall — potentially creating more than
$86 million in annualized value for
those customers."
The proprietary, data-driven model of Pricing Insights
encompasses a suite of input variables beyond those of traditional
pricing approaches, that are unique to the KAR ecosystem —
generating pricing models that are tailored to each consignor's
unique remarketing goals. The technology is API-driven and fully
integrated with private-label platforms and other third-party
marketplaces, providing seamless, robust and real-time analytics in
a single workflow and minimizing both manual assays and
opportunities for error. Daily views are provided allowing
consignors to understand real-time performance, impact and
results.
"Pricing Insights balances instinct and proven technology to
produce the results customers want and need," said Terrence Wynne, vice president of commercial
solutions for DRIVIN. "It enables consignors to use more precise
pricing as a strategic lever to improve economic outcomes across
their entire portfolio. It's fast, dynamic, and responsive to
shifting customer success metrics in real time."
Pricing Insights moves beyond traditional algorithms grounded in
broad assumptions by utilizing data across KAR's extensive
ecosystem and integrating it with DRIVIN analytics and modeling.
The product is dynamic and customizable for each consignor brand,
aligning the technology with each customer's strategic objectives
and adjusting as remarketing priorities change— and can quickly and
easily flex as objectives evolve. Dedicated DRIVIN resources are
paired with each consignor to serve as a trusted advisor,
monitoring and strategically adapting for the most effective
pricing recommendations.
"Pricing Insights enables customers to benefit from Big Data at
an industry-leading level," said Wynne. "The customizable analytics
and precise valuations of Pricing Insights deliver the returns our
consignors are looking for."
Powered by DRIVIN, which KAR acquired in 2017, these new DaaS
capabilities leverage data and technology from across the KAR
platform and use proprietary algorithms to deliver clear, easy,
actionable intelligence to customers. By integrating data science,
predictive analytics and machine learning into the remarketing
process.
KAR
Contacts
|
|
Media
Inquiries:
|
Analyst
Inquiries:
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Gene Rodriguez
Miller
|
Mike
Eliason
|
(317)
343-5243
|
(317)
249-4559
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gene.rodriguez@karauctionservices.com
|
mike.eliason@karauctionservices.com
|
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 approximately six 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 130 countries.
Headquartered in Carmel, Ind., KAR
has 18,000 employees across the United
States, Canada,
Mexico 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.