CarGurus Says AI-Powered Insights Help Dealers Adjust Prices to Boost Sales
CarGurus has been rolling out new artificial intelligence (AI) features to give both dealers and consumers the information they’re looking for. With these offerings, the digital platform for shopping, buying and selling new and used vehicles has improved engagement, delivered insights and increased efficiency, CarGurus executives said Monday (Feb. 26) during the company’s quarterly earnings […]
The post CarGurus Says AI-Powered Insights Help Dealers Adjust Prices to Boost Sales appeared first on PYMNTS.com.
CarGurus has been rolling out new artificial intelligence (AI) features to give both dealers and consumers the information they’re looking for.
With these offerings, the digital platform for shopping, buying and selling new and used vehicles has improved engagement, delivered insights and increased efficiency, CarGurus executives said Monday (Feb. 26) during the company’s quarterly earnings call.
“This commitment to innovation involves leveraging the power of artificial intelligence and data insights to elevate our platform and introducing new products to further enhance internal platform efficiencies, elevating the consumer experience and delivering actionable insights for our dealers,” CarGurus CEO Jason Trevisan said during the call.
The company’s latest development in this area is a listings content generator. This AI-powered tool makes it easier for shoppers to find a vehicle that meets their needs.
“This tool produces an easily digestible list of vehicle features and streamlines the consumer experience by making it easier to locate key words and features of relevance during the vehicle shopping journey,” Trevisan said.
For car dealers, CarGurus launched a Next Best Deal Rating (NBDR) report that shows dealers the vehicles that are close to achieving a higher deal rating. With this report, dealers can see the least amount of price reduction needed to achieve the NBDR on the site, enabling them to react quickly and sell units faster.
“Since launching in October, we have already signed up over 10% of our dealers for daily or weekly reports to support their price analysis to improve VDP [Vehicle Detail Page] views and inventory turn times,” Trevisan said during the call. “In under three months, over 100,000 price adjustments were made as a result of the insights provided by Next Best Deal Rating.”
The company has also developed a tool that helps dealers select the vehicles they should buy based on their turn time objectives. Now in early access, this tool lets each dealer specify their turn time goal and receive inventory recommendations based on data from local and adjacent markets.
“By combining consumer and inventory data, we generate personalized reports for dealers, predicting vehicles that align with their turn time objectives,” Trevisan said. “Our aim is for dealers to integrate these insights into their wholesale strategies, optimizing operations and achieving their goals.”
The post CarGurus Says AI-Powered Insights Help Dealers Adjust Prices to Boost Sales appeared first on PYMNTS.com.