Here’s another information source used-car managers can use to create the best possible inventory for their stores.
On Tuesday, autoniq — a business unit of KAR Global — announced the launch of the autoniq Wholesale Index, which is a new product that can provide direct access to auction data on vehicles sold at auction — both online and at physical locations.
The company said the data is available by subscription on the autoniq app and showcases information on similar year, make and model vehicles sold at auction. Users can toggle the data from as close as 50 miles to as far as 3,000 miles from their dealership.
KAR said in a news release that data is comprised of ADESA sales data for the last 90 days.
“With extreme volatility in the used car market today, dealers need new vehicle valuation data more than ever to preserve and optimize their margins,” said Rick Griskie, president of digital marketplaces at KAR.
“The autoniq Wholesale Index provides real transaction data from the dealer’s local market, allowing them to make informed, data-backed bidding and buying decisions,” continued Griskie, who also is among the more than 140 executives and experts scheduled to appear during Used Car Week, which begins on Nov. 15 at the Red Rock Resort in Las Vegas.
KAR explained that the autoniq Wholesale Index was developed based off feedback from dealers seeking more comprehensive live market data.
With the new digital tool, dealers can see a quick summary showcasing the average local wholesale transaction price and average mileage of a specific vehicle’s make, model, year and trim. The autoniq Wholesale Index detail view is updated frequently to ensure customers have the right data at the right time.
“Dealers want to know what’s happening in their local marketplace—they’re looking for access to actual transaction data,” said Joe Oliveri, vice president of product management and data services at KAR. “This powerful new tool gives our dealers a competitive edge so they can quickly and conveniently budget, bid, price and ultimately maximize returns.”
Existing users can add autoniq Wholesale Index to their account by contacting firstname.lastname@example.org. New users can sign up at autoniq.com/signup or by calling (866) 482-8421.
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