CarGurus is launching new artificial intelligence features to provide dealers and consumers with the necessary information about vehicles in full.
The mentioned digital platform is designed for online purchases and sales of new and used cars. The launch of new artificial intelligence-based features has improved user interaction on this virtual platform. Also, the use of AI has expanded the arrays of information offered by CarGurus. Moreover, artificial intelligence-based functions have increased the efficiency of the digital platform. The corresponding statement was made by CarGurus executives last Monday, February 26, during the quarterly earnings report.
The CEO of the firm, Jason Trevisan, says that the desire for innovation involves using the capabilities of artificial intelligence and data analysis to improve the digital platform and introduce new products to further increase efficiency. Also, advanced solutions are a positive factor for the consumer experience and help to provide useful information to dealers.
CarGurus has created a content generator for ads. This artificial intelligence-based tool facilitates the process of searching for a vehicle for those who answered the question is now a good time to buy a car? The company claims that in this case, the individual needs of consumers are taken into account.
Jason Trevisan says that the mentioned artificial intelligence-based tool creates an easily digestible list of vehicle characteristics and simplifies user perception. He also noted that in this case, it makes it easier to find keywords and relevant characteristics for buying a car.
For car dealers, CarGurus published the Next Best Deal Rating (NBDR) report at the end of last year. In this case, dealers receive information about vehicles close to the higher deals rating. The report helps sellers record the smallest price reduction required for a high NBDR indicator on the site. This solution will allow dealers to respond as soon as possible and sell products faster.
Jason Trevisan says that the company has registered more than 10% of the dealers with whom it interacts to receive daily or weekly reports in support of their price analysis to improve the viewing of the VDP (Vehicle Detail Page) and inventory turn times. According to him, in less than three months, more than 100,000 cost adjustments were made as a result of the analysis provided by NBDR.
The company has also developed a tool helping dealers choose the cars that are most profitable to purchase from the point of view of turn time objectives. In early access, this solution allows each seller to specify their target and receive inventory recommendations based on data from local and adjacent markets.
Jason Trevisan says that by combining consumer and inventory data, the company creates personalized reports for dealers. In this case, recommendations are provided for vehicles that correspond to their turn time objectives. Jason Trevisan says that his company’s goal is for dealers to integrate the data they receive into their wholesale strategies. These actions will optimize operations and achieve sellers’ goals.
The integration of artificial intelligence into the process of working with information is a promising solution. AI can process huge amounts of data and generate high-quality answers to consumer requests based on the results of relevant activities or create recommendations on certain issues with a high level of individualization. It is highly likely that in the future the use of artificial intelligence to solve relevant tasks will scale. For businesses and consumers, AI will become a kind of tool for making the right decisions, allowing them to get the maximum benefit and not face all sorts of problems.
