How is AI shaping and transforming vehicle remarketing?
Artificial intelligence (AI) is shaping and transforming many industries across the globe, and automotive remarketing is part of that evolution. As a result, business leaders view AI as critical to their success over the next five years, and that’s true for auto remarketing.
Simply put, artificial intelligence allows a computer to make a decision. This means codifying rules for how decisions should be made, much like a flow chart. Machine Learning uses algorithms to create statistical models that mimic the human mind's problem-solving and decision-making capabilities based on input data. The more data, the better the prediction.
AI in AutoRemarketing
Focusing on B2B used car sales, our recent survey found 96% of car dealers value margin more than anything else when buying used cars. In today’s fast-moving market, it is challenging to value each vehicle accurately, despite experience. Furthermore, the competitive nature of the digital vehicle remarketing space means customers have significant choice given the existence of multiple online platforms across which it is easy to negotiate. Additionally, vehicle data is expensive and requires switching from your marketplace to another platform, resulting in a poor user experience.
AI’s data-driven approach produces accurate results and matches based on experience. Its superpower lies in the ability to continuously improve as human feedback helps technology learn and produce better outputs. An example of an AI pricing solution is Autoprice API, a live margin estimater for online car auctions, which enhances the visibility of your marketplace and provides better distributions of bids across the inventory—helping B2B car sellers to sell more and faster.
Our API uses machine learning to monitor and update retail pricing for every vehicle on your platform meaning registered users can quickly and easily see which vehicles offer the best margin as they bid on them.
What the Future Holds for Vehicle Information
It’s an exciting time for the evolution of AI in auto remarketing, Autoprice IP, in particular, is on the cusp of a dramatic change in how margin estimates for online car auctions are calculated, displaying estimated retail price along with a view of the number of similar vehicles (make & model) within 100kms of their registered business premises.
We already have a proven track record of building enterprise-scale auction and trading platforms in the B2B used-cars industry for companies such as the one for CarNext, a solution capable of serving thousands of concurrent bidders and hundreds of internal users across Europe, available to trade on a 24/7*365 basis.
When it comes to vehicle remarketing, the needs of today’s dealers are, among others, accurate pricing data, access to the right customers along with the most consistent and reliable vehicle information possible.
Introducing Autoprice at Deutscher REMarketing Kongress 2023
We are attending at the German Remarketing Congress, where the automotive industry meets to discuss trends and the latest developments in the used car business. The program includes exciting keynotes, speeches, and best-practice examples from the automotive trade.
Join Will Burton to learn how AI will affect, transform and enhance the automotive remarketing world.
Interested to learn more about Autoprice? Click below to find out more.
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