Predian launched a cloud-native artificial intelligence-powered inventory management solution. Offering predictive analytics and data mining through AI and machine learning, the company aims to transform how dealers manage their inventories, leading to higher profits and significantly reducing time to sales.
Until now, the inventory management system was a division of Redline Automotive Merchandising. Now, under a new name, Predian will operate as a stand-alone business directly supporting automotive dealerships and several lot service companies. Serving more than 1,000 franchise dealers and growing, with this move, Predian says it can turbocharge its innovation focus on inventory management and maintain a high level of service.
Predian says three areas, all powered by AI and ML, set it apart from other inventory management systems: merchandising, predictive analytics, and business intelligence.
- Merchandising includes AI-guided photo capture and background removal, as well as AI-created VIN descriptions to ensure high-quality, consistent and compelling content on every piece of inventory.
- Predictive analytics enable dealers to make decisions based on what the market will look like in the future, all by leveraging advanced data modeling and machine learning to provide forward-looking guidance based on the VIN. Predian’s ValueVision uses predictive analytics to show a dealer what the retail price will be 30-, 60-, and 90 days out and incorporate that data into the inventory management strategy and pricing, and SmartTurn estimates turn time based on the set market price. That gives dealers the most information to make the right decision at the right time.
- Business intelligence offers dealers unlimited ability to combine and compare data based on the key drivers for the dealership’s performance.
“Artificial Intelligence and Machine Learning will revolutionize how dealers manage their inventory,” said CEO Mike McGlade. “With Predian, dealers can dive into their inventory data to make better decisions and ensure they move vehicles quickly and profitably. Our goal was to make an easy-to-use solution that gives dealers access to every possible data point to make the right decisions for their dealership. It’s all about the data.”
Predian can help determine the right inventory to stock and where to price it by analyzing historical sales data, market trends, and customer behavior — preventing overstocking, reducing carrying costs, and minimizing risk. Predian is entirely cloud-native, enabling regular powerful and innovative updates.
Predian has hired a team with inventory management and automotive experience. Merritt Critcher, who has decades of experience in inventory management at Dealertrack, DealerSocket and Solera, heads product development, and Stephen Batten, who has years of experience at Redline, Impel, Experian, and Reynolds and Reynolds, serves as the chief revenue officer - along with McGlade, who has served as CEO of Redline since 2019.
Predian will debut its solutions at NADA in Las Vegas from Feb. 2 to Feb. 4 at booth 7142N.
Originally posted on Auto Dealer Today