Category: Best Practices & Tips

nVision’s Analyze Inventory: Using the “Inventory Age” and “Pricing” Tiles to Turn Vehicles

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Estimated reading time: 3 minutes

In our last post, we shared simple steps you can take to increase the performance of your listings with nVision.  In today’s post, we’ll go a bit deeper into the Analyze Inventory report. You’ll learn how to make sense of and act on the data in the “Inventory Age” and “Pricing” tiles.

Make strategic decisions on pricing and aged inventory with nVision’s Analyze Inventory report

Knowledge is power, but it’s not always easy to access and interpret. With nVision, you can see real-time data on your inventory’s performance. Within the nVision Analyze Inventory report, the “Inventory Age” and “Pricing” tiles can offer quick wins to increase your sales.

Screenshot of the Inventory Age and Pricing tiles in nVision reporting

Inventory Age quick wins

The Inventory Age tile displays how long your vehicles have been listed, broken out by new, used and CPO.

Find your aged vehicles on your lot and check their condition. Do they need a wash and a vacuum? Do they have any new dents or scratches from sitting? Knowing exactly how many days vehicles have been on the lot will help you prioritize upkeep to make sure they remain in top condition. Consider assigning salespeople to aged inventory or implementing an “Adopt a Vehicle” incentive program to build energy and ensure these older units stay ready for sale.

Your online upkeep of aged inventory is just as important. Update, replace or add photos to your oldest inventory’s listings. Then, make sure that your custom comments are accurate and complete. Pro tip: If you offer virtual walkarounds, at-home test drives, home delivery or other contactless buying services for those vehicles, be sure that your listings reflect it, using Dealer Home Services!

Pricing quick wins

Next, on the Pricing tile, you can view how your pricing compares to the market, specifically the Kelley Blue Book Fair Market Range (FMR). See where your vehicles fall, either below, within or above FMR. If a vehicle is listed above the Kelley Blue Book Fair Market Range, but you’re confident it’s the right price, that’s OK! Revisit the vehicle to confirm why it’s priced higher, and then make sure that your merchandising clearly justifies that price.

And don’t forget to spot check these vehicles on your lot every day to ensure the condition is maintained.

Let’s track, act and optimize your performance.

The insights found within nVision work hard to help you work smarter. And they’re constantly updated so you know exactly how your inventory is performing. Log in now or partner with your Dealer Success Consultant to dive in together and start identifying where you can find some quick wins. If you don’t yet have access to nVision, contact your Dealer Success Consultant today.

Next up: Come back next week for tips on nVision’s “Probability to Sell” matrix to see, assess and improve the effectiveness of each listing.

Getting Started With nVision Analytics

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Estimated reading time: 3 minutes

nVision Analyze Inventory dashboard shown on an iPad

We’re excited to introduce nVision, a powerful analytics dashboard included with all Autotrader and KBB.com listings subscriptions. In today’s post, you’ll find out what the tool has to offer and get some tips for getting started.

If you don’t yet have access to nVision, we’re currently rolling out to dealers nationwide, so contact your Dealer Success Consultant to see when you’re scheduled.

Measure and act on the performance and ROI of your Autotrader and KBB.com listings

Data, data, data. You’ve got it, but what does it all mean?  More importantly, what on earth do you do with it? Making sense of the statistics can be a challenge, but Autotrader dealers have  a powerhouse of a platform at their fingertips. nVision is designed to help improve your listings’ performance. So, let’s stop guessing and start analyzing.

What is nVision?

nVision is a new analytics dashboard that includes reports on your marketing performance across Autotrader and KBB.com. It’s built to help you better understand how well those investments are translating into sales, and then take action. No more pulling from various portals and sources. No more outdated numbers. Just one source of truth and one path to action.

Reporting and analytics that matter, from any device

Analyze Inventory report: Get details on how your Autotrader and KBB.com inventory is performing. See simple, actionable ways to get stronger results from your digital showroom.

Analyze Shoppers report: Understand how your digital-marketing and advertising investments are influencing shoppers and buyers.

Analyze Live report: See up-to-the-minute shopper activity and real-time snapshots of vehicle views. (If you’ve used Autotrader’s Connections App in the past, the Analyze Live report offers similar data, now accessible from any device.)

Tips for getting started

In upcoming blog posts, we’ll walk you through what each of the three reports can do for you. But first, let’s concentrate on some simple first steps with the A-B-C approach.

A: Alerts for action

Alerts are the quickest way to see exactly what you can do to improve listing performance. If you scroll to the “Autotrader and Kelley Blue Book Inventory Analysis” section in the Analyze Inventory report, the numbers in red indicate where to take action through price adjustments or more complete vehicle information.

nVision Inventory Analysis report showing vehicle merchandising alerts

B: Begin updates

Using your alerts, take immediate action on the listings that require attention by adding information such as photos, videos, or comments, which are proven to increase shopper engagement. You can also ensure your pricing strategy is in line with the Kelley Blue Book Fair Market Range, which is conveniently located next to each VIN in the report.

C: Consider why

Beyond just making updates, look deeper into why these triggered the alerts in the first place. Things to consider are:

  • Is the reconditioning process not keeping up?
  • Do I have a problem in service?
  • Is there a staffing issue that should be addressed?
  • Are there issues with my data feed?

Now that you understand how to take immediate action within nVision, log in and take a look, following the A-B-C approach. Remember, if you don’t yet have access, contact your Dealer Success Consultant today. And keep an eye on our blog over the next few weeks. We’ll be providing other tips for effectively using this valuable platform.