CarStory Announces Appraise for Auto Dealers Using Predictive Analytics to Increase Profits
AUSTIN, Texas--(BUSINESS WIRE)--CarStory, the automotive AI platform, today announced the launch of CarStory Appraise, the first dealer appraisal product to combine sales predictions with big data information in a consumer-grade, intuitive interface. The CarStory Appraise app is now available for Apple iOS, Android and via the web.
“Buying the right cars at the right price is critical to maximizing profits for a dealership,” said Chad Bockius, President and Chief Product Officer at CarStory. “Historically, dealers have had to juggle a variety of unknowns and gut calls — how fast a car will turn, how much it will sell for, what is the current supply and demand and more — in order to determine what to put on their lot. But by using AI-powered, predictive analytics, CarStory Appraise offers the most complete and accurate assessment of a vehicle based on how each car will perform on a specific dealer's lot, not just what other dealers are paying at auction.”
Key features of CarStory Appraise include:
- VINSpectTM: CarStory captures and analyzes data from more than 200 million VINs to create a more complete description of a vehicle, saving time while producing an accurate forecast and appraisal.
- GoPriceTM: CarStory predicts exactly what a car will sell for and when. This leads to better and more profitable purchase decisions.
- Market Intelligence: Knowing what to pay starts with understanding the current market. By analyzing current supply levels, shopper demand, competitive vehicles and dealership performance, CarStory Appraise shows exactly how a potential acquisition fits into the market and how it will sell on a dealer’s lot
Analyzing thousands of data points is the key to developing a precise sale forecast. CarStory Appraise is the industry’s only solution to provide predictions based on current supply, demand, unique features, color, mileage, price and even a dealer’s performance. Using AI and machine learning, CarStory Appraise analyzes a VIN against the local market to see exactly when the car will sell and for how much.
“A potential customer asked me to find a car that I don't typically stock or carry so I was not very familiar with the retail price,” said Bert Straub, owner of 1st Choice Auto LLC in Fairview, PA. “I used CarStory Appraise at the auction to scan in a VIN and was presented with an accurate acquisition and retail price prediction for this unit. The best part is that CarStory's Appraise tool prevented me from selling it short by underpricing this vehicle to market. The predictive analysis accurately provided a front-end profit that more than doubled my expectations on a car I don't normally sell.”
CarStory Appraise is available today on the Apple App Store or Google Play Store. Sign up today by visiting: www.carstory.ai/appraise-app.
Powered by the industry’s largest database of inventory and shopper insights, CarStory uses artificial intelligence (AI) and machine learning to help both consumers and dealers make confident decisions. With a network of over 10,000 dealers nationwide, and touching over 15 million consumers a month, CarStory is the leading automotive analytics platform in the industry. To learn more or sign up, visit: www.carstory.ai.