vAuto Launches Automotive Industry's First Market-Based Pricing Tool for Used Car Operations
OAKBROOK TERRACE, Ill. (Business Wire EON) October 10, 2007 -- "Today's used car buyers search the Internet to find the best value on the vehicle they want," said Keith Jezek, vAuto CEO. "Each search returns dozens, if not hundreds, of similar vehicles in their area to consider. Customers shorten this to a manageable list by ranking vehicles with the best price and mileage at the top. The vAuto Pricing Tool shows a dealer where their inventory ranks on these searches and gives them the information they need to immediately adjust their prices and drive these potential customers to their lot."
The vAuto Pricing Tool's straightforward Web-based interface allows dealers to compare every car in their inventory against identically equipped vehicles in their market. With this comprehensive view of direct competition, dealers can easily raise or lower a used vehicle price to achieve a better ranking without sacrificing profit. These rankings can be displayed by price or by incorporating vehicle mileage into the ranking to assess a vehicle's value the way a consumer would. Selecting the "vMax" button prevents the dealer from losing profit by showing how much they can raise a price and still maintain their desired rank. The system also generates electronic alerts that reflect when market changes threaten their competitive position.
"In the past, dealers priced inventory at $3,000 to $5,000 above the vehicle cost. But with consumers now using the Internet to compare vehicle prices, this traditional approach has become an ineffective way to attract buyers," said Dale Pollak, vAuto founder and chairman. "The vAuto Pricing Tool helps dealers to price vehicles strategically and thereby dramatically increase showroom traffic."
About vAuto
vAuto is the originator of the industry's first and only live market view for used vehicles. Now dealers can see up-to-the-minute supply, demand and price sensitivity of used vehicles in their market. This provides dealers with the competitive advantage they need to price, appraise and stock their used car inventory. Since introducing the industry's first used vehicle scoring system in 2005, vAuto's highly innovative Web-based software solutions have significantly improved the volumes, gross and age of pre-owned inventories of the most successful dealerships in the country. Five of the six highest volume U.S. retailers of the largest automobile manufacturers currently use vAuto.
For more information, please contact Kristy Molander at vAuto, One Lincoln Centre, 18W140 Butterfield Road, 15th Floor, Oakbrook Terrace, IL 60181; phone (630) 613-7543; e-mail: kmolander@vauto.com. Web site: www.vAuto.com.
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