ACV (Nasdaq: ACVA), the leading digital automotive marketplace and
data services partner for dealers and commercial clients, is
delivering innovative solutions to more dealers across the country
who are navigating the complexities of the current automotive
market, including lean inventory and pricing fluctuations. ACV’s
winning combination of products—including its consumer acquisition
solution, ClearCar; inventory management and appraisal system, ACV
MAX; and core digital auctions solution, ACV Auctions—are enabling
a growing swath of dealers to acquire more vehicles in their
markets, profit from smart retail and wholesale decisions and
optimize revenue streams within the dealership.
In an unpredictable market, characterized by inventory
contraction and fluctuating consumer demand, nine rooftop Lester
Glenn Auto Group is just one example of the power that data
insights and AI-powered automation can have on a dealership’s
success. When faced with the significant challenges in effectively
managing inventory while maximizing profitability, Lester Glenn
turned to ClearCar, ACV MAX and ACV Auctions.
The dealer group’s adoption of
ClearCar has helped its stores overcome inventory shortages and
weak retail traffic by tapping into consumer trade-in
opportunities. ClearCar offers dealers an appraisal tool consumers
can use to value their vehicle, acting as the bridge between
dealers and consumers by enabling a transparent trade-in
experience. Pricing accuracy is paramount in today's competitive
landscape, and ClearCar's condition-enhanced pricing engine
empowers dealers to make data-driven trade and purchase offers to
consumers with confidence, ensuring maximum value capture in each
transaction.
“ClearCar has enabled Lester Glenn to
create a trustworthy car buying experience that is easy, consistent
and transparent,” said Matthew Costanzo, Chief Strategy Officer for
Lester Glenn. “It has unlocked a new revenue stream for consumer
trade-ins at our dealerships. The condition-enhanced pricing engine
empowers each of our nine stores to make informed decisions that
ultimately benefit our bottom line. As a group, we are closing and
acquiring the vehicles of nearly 40% of our leads, crushing our
previous closing rates of 5%*."
With advanced data analytics and customizable reporting
capabilities, ACV MAX enables dealers to speed up inventory
turnover, identify profitable opportunities and mitigate risks as
units age. In a market where every vehicle counts, Lester Glenn has
been able to buy more vehicles in their market, make informed
retail and wholesale decisions powered by regional data and dynamic
pricing guides and profit off of nearly every vehicle.
Lester Glenn adopted ClearCar to accurately appraise and value
vehicles, as well as ACV MAX’s reporting and insights to determine
the most profitable exit strategy—retail or wholesale—all within a
strict 60-day turn time.
Furthermore, ACV MAX armed the dealerships with important
vehicle information about all inventory on the lot. Its simple
scan-and-share feature allows a sales team member to become an
expert on the vehicles, helping them build trust with the consumer
by seamlessly sharing all vehicle details, such as third-party
pricing, OEM packages and detailed market value comparisons. ACV
MAX enables dealers to merchandise and build value in every vehicle
for a better retail experience for the consumer.
As a multi-product ACV user, Costanzo
continued, "ACV's suite of products has been instrumental in
driving profitability and efficiency for Lester Glenn. In today’s
volatile market, ACV MAX is critical to keeping a laser focus on
inventory and making informed retail and wholesale decisions. In
addition to a proven product suite, the ACV team has become some of
our most trusted advisors when it comes to market insights and
setting up our stores for success operationally. Our partnership is
a great example of what can happen at the intersection of people
and technology. We would not be where we are today without our team
at ACV looking out for our best interests when recommending and
integrating solutions.”
When it comes to wholesale
optimization, ACV Auctions provides a transparent and vibrant
nationwide marketplace for efficient and transparent wholesale
acquisition. Buyers have access to a diverse range of vehicles and
easy-to-use search tools, facilitating efficient inventory
replenishment. Plus, cost-effective value-added services like ACV
Transportation and ACV Capital make it easy for buyers to transport
and finance vehicles all within the marketplace experience. As
buyers make more purchases, the digital marketplace captures data
related to vehicle preferences and can deliver relevant inventory
in real-time.
Acquiring as many cars as possible in
a market also means that, inevitably, some will need to be
wholesaled. ACV Auctions gives dealers a chance to optimize their
profits when disposing of vehicles thanks to ACV’s pricing tool,
ACV Market Report, and data-driven relevancy delivery to a national
buyer base. In 2023, Lester Glenn leverages increased its wholesale
gross profits 140%, which they note is largely due to their
partnership with ACV.
As the automotive industry continues
to evolve, ACV remains committed to supporting dealers with
innovative solutions that facilitate the automation of manual tasks
and ease tough decision-making, which can monopolize time and
hinder profits. With its comprehensive suite of products and data
solutions, ACV is empowering dealers to navigate the complexities
of the current market landscape with confidence and efficiency.
“We are so proud to partner with the
Lester Glenn Auto Group,” said George Chamoun, CEO of ACV.
“Artificial intelligence is poised to transform the automotive
industry, which is why we have always maintained our focus on
building a usable data library of vehicle intelligence, marketplace
activity and pricing. Machine learning is only as effective as the
data it trains on, and we know ours is industry-leading and
powerful enough to provide dealers with personalized business
insights. We look forward to partnering with more dealers across
the country to help them own their markets and win.”
For more information about how the
Lester Glenn Auto Group uses ACV’s solutions, click here.
*based on Lester Glenn trade-in data
for the last 26 weeks and close rates with previous trade-in
tool
About ACVACV is on a mission to transform the
automotive industry by building the most trusted and efficient
digital marketplace and data solutions for sourcing, selling, and
managing used vehicles with transparency and comprehensive insights
that were once unimaginable.
ACV offerings include ACV Auctions, ACV Transportation, ACV
Capital, ACV MAX, True360, and ClearCar. For more information about
ACV, visit www.acvauto.com.
Trademark reference: ACV, the ACV logo, and ClearCar are
registered trademarks or trademarks of ACV Auctions, Inc., or its
affiliates in the United States and/or other countries. All other
trademarks referenced herein are the property of their respective
owners.
Media Contact:Maura
Dugganmaura@acvauctions.com
ACV Auctions (NASDAQ:ACVA)
過去 株価チャート
から 5 2024 まで 6 2024
ACV Auctions (NASDAQ:ACVA)
過去 株価チャート
から 6 2023 まで 6 2024