Auto Trader recently announced they will be replacing their i-Control used vehicle stock pricing platform with the brand new platform called Retail Accelerator. This is the company's effort to assist retailers who are trying to recover from a £290 million that is lost to over stocking of inventory every year.
According to the company their new platform will provide a forecourt management solution which they call “the most powerful tool to sell more stock, faster and for more profit”.
The platform is intended to “complement a retailer’s own expertise” and the company hopes to become the biggest and biggest data set with the focus of informing the overall retail process and how to prevent over-stocking. Extra stock of vehicles ends up impacting 90% of retailers and ends up costing on average of £24,285 every year.
Karolina Edwards-Smajda, the company's Director of Commercial Products, said, “The growing sophistication of data and the algorithms required to analyse it is constantly evolving. However, we leverage the capabilities of our growing data science team to ensure our data-driven products are always at the very forefront of these changes."
“We’re incredibly proud of the depth of data that we’re able to arm our customers with, and we work hard to provide the most accurate picture of today’s live retail market."
“The shift from focusing on a desirability metric to our new AT Retail Rating across our data-driven products is an example of how we continue to evolve our market intelligence.”
The company stated their Retail Accelerator will improve what i-Control was successful at. The new platform will focus on retailer stock turnover by building an action plan everyday.
This will allow retailers to better supervise their inventory by consistently keeping up with market changes and providing alerts whenever a value changes, prices are incorrect, or if stock is getting old, in addition to providing overall reports so companies can compete.
And for dealer groups, the company said, "this powerful insight is configurable at site, brand or group level and provides unique features to manage stock”.
The Retail Accelerator platform will keep an eye on nearly 2 million cars every day, updating around 90,000 vehicles, with an average of 19,000 cars being added or taken off from Auto Trader,
With the data from over 450,000 used vehicle listings, in addition to dealer forecourt and online data, retailers will be able to purchase vehicles using the new AT Retail Rating information.