Tuesday, Oct. 24, 2006, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
IRVINE, Calif. -- AWG Remarketing (www.awgremarketing.com and ) recently launched SubPrime Pro in its V3 used car inventory optimization system. Brad Greenwald, chief executive officer of AWG, said V3 is a system that allows dealers to manage all aspects of their business, including inventory, sales, auctions, appraisals, financing and more.
More specifically, SubPrime Pro, which is a part of V3, was built for dealers in the special finance arena and is an application that allows them to enter such information as, FICO score, monthly income of the customer, down payment and more, according to Greenwald.
Once all the data is collected, the program searches for the highest grossing vehicles in the dealer's inventory that match the consumer's personal data. The dealer can then manipulate the interest rate and other criteria to increase the gross. This can all be achieved with simple drop-down menus and text fields, Greenwald said.
If the dealer doesn't have a vehicle in inventory matching the consumer's needs, the system can then spider search out over any AWG online marketplace to locate a matching vehicle, he continued. Dealers can also branch out to the Web to search other wholesale and retail sites to access virtual inventory to increase gross profit potential.
Greenwald said the offerings are achieved through existing dealer financing sources or links to relationships with AWG lending institutions (lending institutions can Greenwald at (949) 241-2166 for more information).
"It's extremely simple to use. A dealer puts in the FICO score, down payment, monthly payment and more," Greenwald said. "The application will search for which bank will finance that person and how much they'll loan and find out which car will make the dealer the most money, based on bank terms and that individual."
Greenwald compared the V3 application to other programs already in the market such as American Auto Exchange, Manheim POINT, Lanelogic, First look, Manheim Online and more.
He said V3 provides dealers with more than 20 technologies they can use to do just about anything needed to manage, buy and sell vehicles online.
"The V3 application runs everything; it's all built into one site, including SubPrime Pro," Greenwald added. "Dealers complained that they have to use multiple applications to get everything done that they need to do and pay for access to multiple services. Well, this program will do whatever you need in the business from finance to management to buying and selling and so on."
SubPrime Pro even offers a field for consumers who have had bankruptcies in their past, as well as for consumers with prime or near prime credit looking to finance a specific vehicle, Greenwald pointed out.
"If you don't have a car on the lot that matches, or you don't like the gross or terms, there's a way to manipulate the loan once you go into it," according to Greenwald. "You can spider search through AWG marketplace or sites and find all vehicles available that will make a high gross profit.
"SubPrime Pro is a very simple way to be able to find the best deals for your subprime clients and access excess inventory, or reach out and grab a car that matches what your consumers need," Greenwald explained.
AWG is currently piloting the V3 and the SubPrime program within it. Greenwald said the company is in the process of rolling it out nationwide. The application will also begin to offer Auto Check reports on any vehicle a dealer may be interested in purchasing for his inventory, the CEO added.
"If you're not familiar with similar systems, its core functionality is to analyze the daily activity at a dealership in the used-car department and make purchase and sale recommendations based on historical sales data, book value and competitive market data," Greenwald explained.
"When available cars on the marketplace match a unit recommendation we're making, called Buy Recommendations, the program can actually purchase a vehicle if the dealer isn't available to bid the car," he said.
V3 is completely customizable to the specific wants and needs of the dealer, according to Greenwald. Dealers can rearrange the interface and can turn on and off features and other facets of the technology.
Additional functionality on V3 is its appraisal feature. When a dealer needs to put a precise number on a trade in, the system will provide market and historical sales data and other information to help put an accurate price on the vehicle. AWG can also provide an instant buy figure from its participating auctions, Greenwald noted.
For more information on V3, call Greenwald at (949) 241-2166, or visit Bidiax.com, and then click on the AWG corporate link. The home page offers demos of V3, including SubPrime Pro.