ATLANTA, Feb. 7, 2022 /PRNewswire/ -- Cox Automotive,
an innovative provider of vAuto inventory management
technology, tools and business intelligence, today announced its
latest innovation, vAuto ProfitTime's Global Acquisition, the
industry's first multichannel acquisition system to help dealers
optimize their inventory sourcing from non-traditional
channels.
"Acquiring inventory is the No. 1 challenge facing dealers
today, and will be for some time to come," says Dale Pollak, vAuto founder and Cox
Automotive executive vice president. "High wholesale costs and
limited supply have forced dealers to adopt 'buy anywhere' sourcing
strategies that go beyond auctions and trade-in channels to acquire
inventory. The problem is that this pivot puts dealership
appraisers and buyers in unfamiliar territory. They must now
acquire cars across a wider number of sourcing channels, where
opportunities and risks are different, at a time when the market
won't forgive buying the wrong car or paying too much."
vAuto ProfitTime's Global Acquisition system, part of the
all-new vAuto ProfitTime GPS (Global Profitability Solution), helps
dealers solve this problem by enabling them to create an investment
value-based acquisition strategy that guides appraisers and buyers
as they acquire inventory in distinct channels (e.g., auctions,
trade-ins, Kelley Blue Book Instant Cash Offer, dealer-to-dealer
networks, off-lease, off-the-street and service lanes). The Global
Acquisition system was developed by Cox Automotive's data science
team and uses vAuto ProfitTime's data-driven insights about each
vehicle's investment value to recommend an acquisition price and
retail asking price at the point of appraisal. Global Acquisition
helps dealers improve how they acquire vehicles profitably across
multiple channels in three ways:
Strategize: Global Acquisition enables dealers to set an
inventory acquisition investment strategy that accounts for the
specific risks and opportunities in each sourcing channel. The
strategy helps dealers consistently account for how much they need
a vehicle and how much the market likes the car as they evaluate
and acquire vehicles from individual channels to achieve optimal
profitability.
Analyze: Global Acquisition offers a dashboard that helps
dealers and managers know how well their appraisers, and their
appraisal process, meet the dealership's stated inventory
acquisition and appraisal strategy. The dashboard shows vehicles
sourced from each channel, whether they were purchased on- or
off-strategy and why, and how they're performing as retail units.
With these insights, dealers can see what is or isn't working in
each channel and define actions for improvement.
Optimize: Global Acquisition helps dealers optimize their
acquisition efforts to meet the distinct opportunities and risks in
each sourcing channel. "Dealers can optimize their volume and gross
performance based on where they purchase vehicles and through
optimizing the performance of their appraisers," Pollak says.
"Global Acquisition is like nothing else available in the industry
today."
vAuto dealers who have used the Global Acquisition system affirm
that it delivers improved outcomes as they acquire vehicles from
multiple channels.
"Global Acquisition tells us what our end game is going to be
while we're appraising the car," says Tim
Nelson, general manager of Beaverton (OR) Honda. "It helps
us focus on how to acquire a vehicle, not what we're going to do
with a vehicle if we acquire it. You can't make anything on a car
if you don't first buy it and buy it right."
"Global Acquisition has helped simplify the appraisal process
and make it more efficient," says Kelly
Summers, general manager for Bill
Knight Ford, Tulsa. "We know we have to be aggressive if
we're buying off the street, and Global Acquisition helps. It saves
my team time, too, because they don't have to spend as much time
determining how we'll get out of the vehicle."
"As we've always said, 'you make money when you buy a car, not
when you sell it'," adds Randy
Kobat, VP of Inventory Management Solutions at Cox
Automotive. "This has never been truer than in today's volatile
pre-owned vehicle market. Global Acquisition answers the call of
dealerships struggling to build an inventory stream that is poised
for profitability and growth."
vAuto ProfitTime GPS and Global Acquisition will be unveiled at
NADA 2022 in Las Vegas. To learn
more and register for a demo,
visit vauto.com/what-is-GA.
About vAuto
vAuto® provides innovative
technology, tools, and business intelligence to thousands of
dealerships across the United
States and Canada, helping
them compete more effectively and increase new/used vehicle sales
volumes and profits. Founded in 2005, vAuto revolutionized dealers'
used vehicle operations. In 2018, vAuto released the Provision
ProfitTime metric and methodology to help dealers maximize
inventory turn and gross profit based on the investment value or
profit potential of each vehicle. vAuto's solutions also include
Conquest, a new vehicle inventory management and pricing system,
Stockwave, which enables dealers to efficiently find and purchase
vehicles from leading wholesale sources via a single platform, and
iRecon to help dealers recondition vehicles and get them retail
ready faster.
Headquartered near Chicago,
Illinois, vAuto is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. makes
buying, selling, owning, and using vehicles easier for everyone.
The global company's more than 27,000 team members and family of
brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson
Fleet Services, Kelley Blue Book®, Manheim®, NextGear Capital®,
VinSolutions®, vAuto® and Xtime®, are passionate about helping
millions of car shoppers, 40,000 auto dealer clients across five
continents and many others throughout the automotive industry
thrive for generations to come. Cox Automotive is a subsidiary of
Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of
nearly $20
billion. www.coxautoinc.com
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SOURCE vAuto