The Reynolds and Reynolds company announced the launch of its latest suite of tools to empower dealerships’ decision-making at NADA 2024 in February. Designed to sell used vehicles more efficiently and profitably, AutoVision changes how dealerships handle used vehicles from beginning to end. Reynolds built the technology into its Retail Management System.
“For years, dealers have been telling us there has to be a better way to manage used vehicles, from acquisition to reconditioning to merchandising and sale. They face major struggles like refining accurate competitive vehicle sets and gaining visibility into recon pricing, and there hasn’t been an effective way to overcome them,” said Reynolds President Chris Walsh. “We couldn’t be more excited to bring AutoVision to retailers to help solve these issues they have been forced to accept for far too long.”
Reynolds says retailers will be able to achieve precise appraisals with AutoVision’s customizable adaptive market pricing algorithms, which use sophisticated language processing and source data directly from dealer websites in real time to help ensure competitive vehicle sets are accurate.
“Ghost vehicles have been a real problem for a long time. These are vehicles that are pulling into a comp set but have already been sold. They end up in the comp set because of the delay between a sale at the dealership and the listing on third-party sites. They can often throw off your appraisal by a significant amount depending on how they were priced,” said AutoVision President AJ McGowan. “Having real-time, customizable data gives dealers a clear view into their market to help ensure they don’t leave anything on the table.”
Reynolds said that historically, a lack of bidirectional visibility into reconditioning has resulted in three uncertainties:
- How much is recon going to cost?
- How long will it take to get the vehicle through recon?
- How much was allocated for reconditioning in the appraisal?
With AutoVision and ReconTRAC working together, Reynolds says those questions are answered through decision-making based on that information speeding up approvals and protecting margin by avoiding wasteful spending.
Reynolds says the entire process becomes more efficient by eliminating the need to rekey information. Automated functions, like immediately opening a reconditioning repair order, help the recon process run more smoothly, enhancing communication between fixed and variable operations.
“Dealers have never had this much access to, or control over, pertinent data to base their decisions on,” Walsh said. “AutoVision is a game changer, and we are excited to show it off.”
Full demonstrations of what AutoVision can do will be available in the Reynolds booth at the NADA Show 2024.
Originally posted on Auto Dealer Today