KAR Auction Services Inc. has introduced a data-driven pricing tool called Pricing Insights designed to help fleet and other commercial consignors optimize pricing on wholesale vehicles.
Pricing Insights, which is powered by DRIVIN technology, uses algorithms to produce predictive models to determine VIN-level market channel and pricing information. The analytics can help consignors with upstream conversion or overall net economics, according to the company. Several consignors are already using the product.
"Pricing Insights has achieved proven results for a number of our commercial consignors," said Don Gottwald, president of KAR digital, data, and mobility solutions. "By customizing the solution for each consignor and its brands, we have achieved a $170 per-unit net economic gain overall — potentially creating more than $86 million in annualized value for those customers."
The technology is API-driven and integrated with private-label platforms and other third-party marketplaces. It can provide real-time analytics in a single workflow and minimize manual errors. Consignors can view daily reports.