DealerSocket president and chief executive officer Sejal Pietrzak describes the company’s upgraded version of its Inventory+ software product as “yet another step as we continue transforming our inventory management product suite to support the entire vehicle lifecycle.”
The auto industry software provider says that with the new version, the inventory management tool features a new interface, intuitive navigation and expanded reporting capabilities. The company says those capabilities offer value to single-store operations and multi-rooftop dealer groups.
An all-new Inventory Manager with a simpler user experience is one of the new enhancements. The company considers Inventory Manager as the hub of Inventory+, and its new look and feel includes search engine and group management capabilities. The company said whether the user is managing inventory across a single lot or a multi-store group, tasks that previously took hours to complete can now be completed in minutes.
DealerSocket said that the new version fits with the company’s focus on providing “profit over velocity.” to its customers, allowing them to sell their vehicles at a higher profit.
The company also said the user experience and design of Inventory+ now matches the rest of the company’s suite of products. That means a user of DealerSocket’s suite will be familiar with and have experience with the design. Because of that, training of staff on DealerSocket’s software can be simpler and more effective for dealers, according to the company.
Bulk Pricing Engine is another enhancement, built into the backbone of Inventory Manager. Using the feature, dealers and dealer group operators can identify new and used vehicles by age, trim, make and other features. Also, they can adjust pricing by dollar amount or percentage.
Using the new bulk pricing engine, pilot customers are making real-time price changes to vehicles on their lot to match market conditions, according to the company. That means they can sell faster and at a greater profit.
Another enhancement is Transportation Notifications. Through that feature, when a group trade or dealer transfer occurs, Inventory+ can now notify a shipper or carrier. Dealers, with just two clicks, can send a shipper or carrier the most important information necessary for quick and efficient ordering of vehicle transportation, the company said.
Group Management is another new enhancement, and DealerSocket says that along with the Inventory + available business intelligence, dealer groups can segment by region, pre-owned, and additional attributes. Pilot customers, with the new Group Management capabilities, will experience strong inventory management, reporting and analytics, group trade and centralized appraisals, according to the company.
The Transparent Reporting and Analytics enhancement means the new reporting engine provides more dealer group capabilities that provide increased transparency across stores, DealerSocket said, adding that it eliminates costly and time-consuming manual reports.
Maximizing profit for dealers is DealerSocket’s main goal for the Inventory+ software, said DealerSocket’s general manager of Inventory+ Steve Meeker.
“The major enhancements we have just released ensure that every vehicle has an opportunity to be sold at a timely profit,” Meeker said. “Whether a dealer has a single lot or multiple rooftops, the innovative functionality we released today will provide benefits to help our dealers grow their business successfully.”