The company says its platform powers advanced features such as its budget optimization engine. The engine optimizes daily spending based on a predictive algorithm, which determines how quickly cars will sell at various budget levels, Driven Data said. That allows dealers to optimize inventory turn at the lowest ad spend, according to the company.
Driven Data Founder and Chief Executive Officer Jon Berna mentioned a statistic from the 2019 NADA Midyear Report showing that the automotive industry spends an average of $628 to sell each new car, which he said is an all-time high.
“With costs rising across the board, dealers need a more robust solution to this problem,” Berna said in a news release. “Driven Data was purpose-built to provide just that.”
He continued, “Dealerships generally see that 17% of their sales in a given month come from prior customers. This new capability can grow that number substantially while saving time and money.”
The company said the product automatically connects dealerships’ first-party data from their CRM and DMS into paid search and paid social. That helps dealerships increase loyalty by reaching their prior customers and suppressing recent for new customer acquisition, Driven Data said.
Alex Motevosian of Kirin Automotive said Driven Data’s diagnostic engine helps users see “operational efficiency and inefficiency at the speed of retail,” which he said helps dealers make decisions in real-time, and with fast results in days.
Read more here
Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.