Reynolds and Reynolds has acquired technology startup AutoVision. The company aims to strengthen its retail management system with tools that will help franchised and independent dealers retail their used vehicles more efficiently — and with greater profitably.
“For too long, the vehicle, especially the used vehicle, has been the outlier. It lived in a different system,” said Chris Walsh, President of Reynolds and Reynolds, in a statement. “One more browser to have open, one more VIN to verify and keep track of, and one more place to communicate, or not, internally. AutoVision becoming part of the Retail Management System changes that,” he added.
Walsh said dealers need to address four key areas of focus when retailing used vehicles: acquisition, reconditioning, inventory management, and merchandising. The acquisition of AutoVision means Reynolds and Reynolds can use its customizable and adaptive market pricing algorithms, which compare vehicles in real time, to benefit dealers.
“This second-generation technology takes the principles behind vehicle acquisition software built nearly 20 years ago and elevates it to today’s fast-moving, data-driven world, allowing retailers to make better, faster, and easier decisions about what they buy, how much they should spend on it, and what price they should sell it at,” said AJ McGowan, President of AutoVision, in a statement.
The company’s automation tool should help dealerships adjust to market changes in real-time and allow them to benefit from more accurate data to base not only their pricing decisions on, but also better manage inventory and merchandise more effectively.
