New AI-Backed Features VINspect and LotiQ Enable Dealers to Optimize Inventory
CarStory, the automotive AI platform, announced significant predictive enhancements to its suite of AI-powered, Inventory Intelligence products, used by dealers to make better vehicle buying and selling decisions.
The newly released VINspect feature solves this problem by automatically identifying vehicles with merchandising errors. For example, CarStory found more than 300 errors for a top Ford store with over 450 vehicles in inventory.
Great decisions start with great data. Unfortunately, over 27 percent of vehicles listed for sale have at least one major error, such as incorrect trim, transmission or missing high-value features. As a result, cars get mispriced or misrepresented, costing dealers thousands of dollars in lost leads and sales.
The newly released VINspectTM feature solves this problem by automatically identifying vehicles with merchandising errors. For example, CarStory found more than 300 errors for a top Ford store with over 450 vehicles in inventory.
“Better data leads to better decisions,” said Chad Bockius, President and CPO, CarStory. “Without an accurate view of a vehicle, it’s impossible to price, market or sell it effectively. VINspectTM is the first feature to use the power of AI to find issues and immediately alert the dealer so they can take action.”
The next challenge is to understand the health of the lot. With CarStory’s newly released, patent-pending LotIQTM capability, dealers can instantly pinpoint the cars that need attention and take action. The result is dealers spend less time and effort analyzing the lot and can direct those efforts to sell more cars.
“CarStory is the only platform that tells dealers when every car will sell and for how much. With the release of VINspectTM and LotIQTM, the results and the experience is better than ever,” continued Bockius.