Businesses in the automotive sector need more than just surface-level insights to stay competitive. They need a deep understanding of market dynamics, trends and customer preferences, all driven by and backed by data.
This kind of data allows automotive businesses to optimize their inventory, adjust their pricing strategies on-the-fly, and keep a finger on the pulse of market trends, both regionally and nationally.
With data aggregated from over 100,000 dealer websites across the U.S. and Canada, MarketCheck is well-positioned to not only deliver this comprehensive data, but do so in a way that perfectly integrates with existing dealer systems and platforms.
Inventory Analysis
MarketCheck scours thousands of dealer websites across multiple regions to deliver detailed data on both current and historical vehicle listings. Having access to this type of information not only gives businesses insights on what trends and customer preferences are powering buying decisions, it also shows historical data.
For example, imagine a dealership in Texas analyzing historical data and learning that pickup trucks consistently outsell sedans, particularly during spring and summer. By adjusting their inventory to prioritize trucks ahead of seasonal demand, the dealership can reduce inventory holding costs and boost sales velocity, keeping in-demand vehicles in stock when their competitors have exhausted their own inventory.
This data also covers a variety of categories including:
- New
- Used
- Certified pre-owned
- Private seller
- Auction listings
By seeing both broad and granular information on the longevity and turnover rates of a variety of vehicles, automotive companies can now make better inventory decisions, improving rotation while reducing costs across their entire stock.
MarketCheck also includes a detailed profile of every dealership, including contact details, location and inventory specifics. This gives other dealers insights on their competition or partners’ performance in the area, helping them uncover high-performing dealerships and see what trends surround inventory demands across their region.
Vehicle Specifications
MarketCheck’s detailed database of vehicle specification decides each vehicles VIN (Vehicle Identification Number) to uncover specifications such as:
- Make and model
- Engine type
- Body style
- Installed options
- Package details
Having this level of detail opens up incredible opportunities for automotive businesses to compare and organize their vehicle inventory with greater accuracy.
Enhanced VIN decoding capabilities also let businesses extract highly-specific information right down to a feature and option-level by vehicle. This paves the way for a much more personalized, tailored marketing approach, appealing to specific consumer interests where certain features or configurations are in high demand.
Pricing Intelligence
Through a combination of aggregate data and machine learning algorithms, MarketCheck is able to make a highly-accurate, real-time valuation for any vehicle, all while taking into account things like:
- Current market conditions
- Regional trends
- Vehicle specifications
This exclusive feature, known as MarketCheck Price™, gives businesses the insights they need to price their inventory more competitively, attracting more buyers and growing their profit margins.
Beyond current pricing data, MarketCheck also includes Price History Tracking. By tapping into historical pricing insights, dealers can see the growth or decline of a vehicle’s price over a specific time period. This in turn helps automotive businesses spot trends and plan future pricing strategies accordingly.
Market Trends
One of the biggest selling advantages to using MarketCheck data is access to the Market Days Supply or MDS. The MDS metric evaluates how long it would take to sell a specific vehicle given current levels of demand. In this way, dealers can see how desirable a vehicle is and manage their inventory accordingly to avoid stocking models that sell more slowly.
For instance, imagine a dealership chain in Florida sees that compact SUVs and sedans are especially popular in their urban locations, but pickup trucks are more desirable in rural locations. Having insights and analysis on popular models lets them tailor their inventory across different locations, stocking more SUVs and sedans in their city dealerships and more trucks in their rural areas. This ties in with both regional preferences and consumer buying habits, increasing turnover and boosting sales.
Recalls and Compliance
It’s easy to think that having a car sales database doesn’t exactly lend itself to building customer loyalty, but here again, the data proves otherwise. MarketCheck’s databases include information on open recalls, based on information sourced from various OEMs (Original Equipment Manufacturers).
Having access to this feature is a must for dealerships, automotive servicing and maintenance companies and more. Not only is this feature critical to maintain compliance and safety standards, but it also gives dealerships the ability to proactively address recalls.
Customers will be glad they’re being kept informed of potential issues with their vehicle before the problem gets worse, which can in turn help strengthen their trust and loyalty in the dealership and brand.
Custom Data Solutions
These examples are pulled from a variety of car sales databases, each made possible by the sheer amount and granularity of the data that MarketCheck collects. No other data aggregator, not even search engines like Google and Bing, have access to the breadth and depth of information available for the automotive industry.
MarketCheck also provides a wide range of APIs and data feeds that let dealerships and other automotive businesses integrate specific datasets directly into their existing systems.
With customization options that can be tailored to specific needs (such as adding VIN decoding, historical sales data for a given region or national pricing trends), MarketCheck enables dealerships to benefit from a wealth of data in a way that’s intuitive, accessible and user-friendly.
We invite you to learn more about the incredible possibilities that MarketCheck data can deliver to your dealership. Whether you want to view historical sales or pricing data, gain valuable regional insights on inventory, or source granular VIN data or decoding, our data and integrations can make all of these possible and more.
We can also deliver the data in a format that works with existing systems, whether that’s a one-off report or ongoing access over time. Contact us today to learn more about our comprehensive automotive data solutions.
