Data Redefined - 2 Price Conscious

Data redefined

Quality data is the linchpin of any business and dealerships have it in bucketloads, the problem is, it exists in siloes. We developed our platform ViHUB to provide a solution to disconnected systems whereby data from disparate applications are pooled to create one source of rich information for both easy operational oversight and management and online marketing. Automated updates mean connected systems including online marketplaces require just one set of data entry. We designed the Insight Dashboard to better collate the wide range of information which can be viewed, accessed and updated in one place.

In the second of our articles exploring data, we focus on pricing, price updates and how ViHUB’s new dashboard Insight helps makes tasks more efficient.

Price Conscious

Pricing a vehicle requires used car managers to access a variety of digital tools to understand the demand and how it compares to similar models in the market. Navigating several sites to price a vehicle in the first place and the added complication of price reductions and marketing updates can use up several dealership hours making it a cumbersome, labour-intensive and dreaded task.

But what if all the necessary information to price to market was contained in one dashboard alongside urgent flags whilst any updates were automated to integrated sites including online marketing channels such as Auto Trader?

ViHUB pools information from a dealership’s variety of data silos to create a full picture of each individual vehicle including current status (whether it’s on a test drive, an online deposit has been made or even if it’s yet to make it off the transporter or it’s awaiting a part at the prep centre) and its Auto Trader price rating (great, good, fair, low or high price). And a truckload of other insights besides.

We have just launched our redesigned dashboard – ViHUB Insights – which presents all the saliant information to sales teams along with the ability to access the vehicle or drill down to vehicle specifics without navigating out of our portal.

It makes firstly pricing the vehicle and subsequently, keeping tabs on any necessary price changes as well as automated updates to other integrated sites including online classifieds such as Auto Trader and Motors, straightforward, efficient and accurate.

Price indicator information including the vehicle’s desirability and how its price compares to the market, sits alongside a rich vehicle description in the dashboard.

The vehicle’s description and inclusion of consumer-friendly detail and fully explained optional extras ensures dealers maximise the sale price. It also avoids the risk of a lower asking price which erodes margins but can also put off buyers.

The mass of pooled vehicle data is ‘cleaned’, missing information incorporated and descriptions are made more consumer friendly. The more information the description contains, the better a vehicle is matched to a person’s search criteria and the more likely an enquiry will ensue.

Meanwhile, ViHUB Insights creates a ‘to do’ list for dealership employees – urgent tasks which need to be addressed such as a vehicle which is priced too high or too low. If a vehicle remains in stock for several days, the system also highlights when a price change was last applied or if a reduction or increase is required.

With vehicle pricing an increasingly movable feast, ViHUB Insights ensures dealership teams stay abreast of a dynamic market ensuring they react quickly to boost enquiries and ultimately sales – in one portal.

ViHUB Insight is redefining data – how it’s collated, how it’s used and how it drives dealership action. Talk to us today about how we create one portal where all your systems come together and work in harmony.