Dealers given colourful insight
A new AI data-driven platform aimed at dealers has showcased the market insights it can provide, including what colour cars are selling the quickest.
An online presentation helped mark the launch of Apexdealerdata.com, which has been designed in New Zealand and aims to “empower dealerships” by providing real-time dealership data, market statistics and details on wholesale buying.
Matt Grant, chief executive officer, hosted a 45-minute session to explain how the platform works and the information it can provide.
Among the insights he offered was that while many in the industry often think white, grey and black models are the most in-demand vehicles among consumers, market data suggests that is not always the case.
For example, he told the presentation on May 2 that a ruby red Ford Escape will sell in 36 days in the current market compared with 56 days for a white one.
Grant, pictured, explains the cloud-based system he has created allows dealers to look for market trends and capitalise on them.
“[Apexdealerdata.com] tells you the colours that are moving and the colours that aren’t. This is helping you with not buying the wrong stock but getting the stock that’s fastest moving,” he says.
He also explains that getting the right pricing on stock influences the time it takes to sell a vehicle, with underpriced stock having a “50 per cent less chance of selling”.
Grant told the presentation, which was streamed live on YouTube and is still available to view, there were currently 7,960 cars under market price in New Zealand by an average of $2,768.
“It doesn’t matter what brand, make or model you look at … [there is a] 50 per cent less chance of selling that car if it is underpriced. That’s margin you’re leaving on the table for no reason at all,” he adds.
“The key for the market is they want to see what the current market is doing so they have some data to benchmark off.”
He says Apexdealerdata.com allows dealers, whether they are buying stock or selling stock, to make sure they’re “putting the right things in place”.
For more information, or to sign up to Apexdealerdata.com, click here.
