Automotive Thoughts and Insights from the 2022 National Automobile Dealers Association Conference | Your money

BUFFALO, NY, March 18, 2022 (GLOBE NEWSWIRE) — VCA (Nasdaq: ACVA), the leading digital partner in the automotive market and data services for dealers and business partners, recently showcased its full suite of digital technologies and new artificial intelligence (AI) capabilities at NADA 2022. ACV is the trusted digital partner for thousands of dealers, enabling them to buy and sell inventory with transparency and efficiency.

“Dealers are the most resilient business leaders,” said George Chamoun, CEO of ACV. “Faced with challenges in the global supply chain for new cars, franchise dealers are looking for additional avenues to acquire vehicles more efficiently and better market vehicles online. The Dealer Connection at NADA last weekend We feel honored to be the digital partner of such amazing companies and continue to support them with innovative technology and our talented and growing team.

When reflecting on interactions at NADA, the following common themes were central to dealership concerns:

Vehicle Purchasing Nationally, the most pressing opportunity discussed by dealers was inventory sourcing. Identifying the right vehicles, at the right price and backed by the ACV inspection report is essential for dealerships. ACV already has thousands of dealerships using its platform to acquire inventory, but at NADA the new solutions have been brought to the fore.

Recently, hundreds of resellers signed up for ACV’s new programmatic buying experience that allows them to automatically bid on inventory nationwide. No longer tied to manually monitoring potential inventory, dealers can set up proxy bidding via a smart buying agent to automatically bid and buy cars on the ACV market entirely based on the very specific predefined criteria of the dealer. Regardless of the time of day, the right inventory can be replenished across the field while other business priorities can be addressed.

Consumer acquisition In addition to getting supplies from dealers, it has become essential to buy vehicles directly from consumers, by cultivating with them relationships of trust and transparency. Brand integrity helps build trust with consumers, and dealerships are truly dedicated to helping those looking to trade in their vehicle understand the value of their vehicle. There are a number of ACV products that are capturing the attention of dealerships as solutions to aid in the consumer acquisition process.

ACV’s live appraisal solution helps dealers engage directly with consumers during dedicated acquisition events or one-time in-dealer consumer interactions. This offering helps dealers appraise and value a consumer’s vehicle by leveraging ACV’s state-of-the-art inspection to give dealers real-time access to market pricing when launching consumer-owned vehicles in a 20-minute live online auction. Dealerships add transparency to their trade-in process and build trust with retail customers, helping to secure more consumer vehicles.

In addition, ACV recently completed two acquisitions that expand its portfolio of data services and consumer acquisition offerings with Conduct and SAS Monk. Drivably leverages ACV’s data and pricing engine to provide a condition-adjusted price to a consumer while engaging and helping to schedule dealership appointments. Meanwhile, Monk uses computer vision artificial intelligence technology to allow consumers to take pictures of their vehicle using their phone and, through machine learning, automatically identify scratches, dents and damage. Visitors to the ACV booth at NADA could see firsthand how ACV integrates consumer supply capabilities with Monk’s automated vehicle damage detection. Adding these products to the ACV family provides dealers and business partners with offerings to improve consumer acquisition prospects.

Digital Merchandising While difficult to acquire right now, it’s imperative for dealerships to properly market every used vehicle to its maximum potential. From smart merchandising, accurate inventory pricing, to effectively selling vehicles with accident histories, and strategically moving inventory within a family of roofs, dealerships have approached ACV at NADA to resolve these potential challenges.

ACV’s vehicle inspection reports dramatically increase reporting accuracy and consistency for the automotive industry. True360 provides unbiased third-party inspections that come in the form of a report on the Dealer’s Vehicle Description Page (VDP) and in CARFAX and Autocheck, providing dealers and their consumers with reliable verification of retail vehicles .

ACV’s MAX Digital platform helps dealers accurately assess wholesale and retail inventory to maximize profit on every vehicle sold by leveraging predictive analytics informed by machine learning. In partnership with the robust data gathered by True360 reports, predictive analytics drawn from MAX Digital’s FirstLook gives dealerships a clearer picture of what customers are buying and selling locally and improves their bottom line.

After inspection and pricing, the sale of vehicles within a dedicated family of rooftops is ensured via ACV PRIVATE MARKETPLACES. This fully customizable private network allows each reseller partner to decide who they invite, the sales format, timing and branding in the online marketplace to ensure efficient movement of inventory and more profitable sales in the environment. prefer.

For more information on ACV, visit www.acvauctions.com.

About ACV ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that provides customers with transparent and accurate vehicle information. As part of a mission to create and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV’s platform leverages information and technology from data to power its digital marketplace and data services, enabling dealers and business partners to buy, sell and value vehicles with confidence and efficiency. ACV’s brand network includes ACV Auctions, ACV Transportation and ACV Capital in its Marketplace products as well as True360, ACV Data Services, MAX Digital, Drivably and Monk SAS. For more information on ACV, visit www.acvauctions.com.

Media contact: Maura Duggan [email protected]

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