ACV facts & figures
NADA has been a beacon of shining light for the automotive industry for some time. This year’s show didn’t disappoint. The event was firing on all cylinders in such a way that it generated a buzz that will last from now until next year’s NADA. Everyone in the industry came together to learn, build, and grow. It was a positive experience that empowered the automotive sector to level up. Because this year’s show was so well received, ACV wants to keep the conversation going. But what exactly was that conversation? There were three key talking points that we heard loud and clear.
The first key takeaway from NADA 2022 was vehicle purchasing. The energy behind the show was very verbal in support of this message. Vendors and attendees screamed from the rooftops that sourcing inventory was a primary concern. As foot traffic bombarded the booth on the expo floor, ACV teammates were geared up to provide tools for dealers’ pain points. The goal was to illustrate all of ACV’s new solutions that are capable of identifying the right vehicle for the right price for any dealership across the country.
One such way that ACV has transformed the way dealers can purchase vehicles is through our new programmatic buying experience. This essentially allows dealers to bid automatically on inventory across the country. With the ability to set up proxy bids via an intelligent buying agent, users can automatically bid on and buy cars within the ACV marketplace based purely on preset criteria. This solution was on display at NADA and we were excited to be able to share how this buying experience can level up dealerships across the country.
Acquiring Consumer Inventory
Next, attendees were fully engrossed in how to acquire consumer inventory. It isn’t enough to simply purchase from an auction. Dealerships need to be able to interact with potential customers in a way that streamlines the overall experience and encourages transparent trade-ins. From Live Appraisals to home visits, attendees at NADA were interested in learning how to break into the consumer acquisition market. ACV was able to provide education on the show floor that helped demonstrate new and valuable ways to enhance consumer acquisition prospects.
A big portion of this rests on the recent news of ACV acquiring two new critical components for data services and consumer acquisition offerings. Drivably and Monk SAS bring a new level of engagement to the ACV portfolio of offerings. At NADA, we were thrilled to be able to share how Drivably can leverage ACV’s data and pricing engine to deliver a condition-adjusted price to a consumer while also engaging and helping schedule appointments at the dealership. On top of that, Monk leverages AI technology to empower consumers. With Monk, users can simply take photos of their vehicle with their phones. Then, through machine learning, any damages to the vehicle are automatically recorded. It simplifies the process while streamlining communications between consumers and dealers.
The Power of Digital Merchandising
Finally, the last key takeaway from this year’s show was the power of digital merchandising. Attendees were excited to learn more about how ACV can provide next-generation solutions to their dealerships. Acquiring inventory isn’t easy at the moment. That’s why it is critical for dealers to properly merchandise the inventory that they have. Pricing competitively without racing to the bottom is more important than ever before. With that comes the key component of ensuring vehicle inspection reports are accurate and consistent on all levels. With True360, ACV can provide dealers with unbiased third-party inspections that live as a report on the dealers’ vehicle description page (VDP) and within CARFAX and Autocheck, providing dealers and their consumers a trusted verification of retail vehicles.
Taking that one step further, ACV was able to provide education on the potential that MAX Digital delivers for digital merchandising. Attendees of the show were able to learn more about how MAX Digital helps dealers accurately price wholesale and retail inventory to maximize profit on each vehicle sold by leveraging predictive analytics informed by machine learning. Data is an integral part of the dealership process. As the event went on, more and more conversations were buzzing about how predictive analytics leveraged from MAX Digital’s FirstLook gives dealers a clearer picture of what exactly customers are buying and selling locally to enhance their bottom line.
NADA 2022 brought everyone back together for the first time while providing opportunities for education, networking, and transparency. It’s been said that NADA is the Super Bowl of the automotive retail industry. This year’s show only further cemented the importance of community and encouragement for dealers across the country. At ACV, we are excited about the direction the automotive sector is heading. There have been challenges along the way in the past couple of years, but these disruptors, are merely speed bumps along the way as we collectively drive into the future. We are looking forward to next year’s show!