Sellers who have more specific pricing details and more accurate VIN for their remarketed vehicles have a higher chance of getting more money for the car they are selling.
That’s one of several benefits that DRIVIN Vice President of Commercial Solutions Terrence Wynne sees in KAR Auction Services’ new DRIVIN-powered Pricing Insights. KAR describes the product as “a robust, data-driven solution.”
With the product, commercial consignors can use optimized pricing to “maximize the net economics of their portfolios,” according to KAR, which acquired DRIVIN in 2017.
The newest product in the DRIVIN Insights product suite of portfolio management solutions, Pricing Insights uses proprietary, state-of-the-art data science algorithms that create predictive models that determine VIN-level market channel and pricing, according to KAR. The company said the analytics and valuations are uniquely tailored and can help consignors achieve targeted conversion rates and remarketing financial objectives. And KAR says the company can achieve those objectives whether the primary goal is to increase upstream conversion, increase overall net economics or both.
KAR says Pricing Insights’ proprietary, data-driven model includes various input variables that go beyond the variables of traditional pricing approaches. Those variables are unique to the KAR ecosystem, with the company saying they generate pricing models that are tailored to each consignor’s unique remarketing goals.
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