The team behind CompetitorPro is launching a new product on Monday that aims to help dealers in decision-making, doing so with a localized approach.
VINFactor, which makes its official debut at the DrivingSales Executive Summit, is a free tool designed to decode vehicle identification numbers to provide local market context and advice.
How does that work? The platform takes 1.4 billion data points that are collected daily (including pieces from multiple vehicle and dealer data sources) then applies proprietary machine learning and natural language processing algorithms.
“Our technology detects and decodes any VIN in real-time. We then instantly apply local market intelligence back to the dealer’s home market,” explained founder Steve Greenfield, in a news release. “Dealers like the combination of real-time information, local market context, and interoperability across all software platforms.”
Clay Hagedorn is the marketing and operations director of S&K Buick in Springfield, Ill., and was among those beta testing VINFactor.
“Our store stays on top of the latest technology products, but the industry has never had this kind of real-time, fully integrated technology solution,” he said.
Greenfield is also the co-founder of CompetitorPro, which was started in August 2016 before the product was officially introduced to dealers at the NADA Convention & Expo this past January.
CompetitorPro is an intelligence solutions tool designed just for automotive dealerships. It uses complex algorithms to summarize insights to provide dealer clients with useful analytics and actionable recommendations.
As for the VINFactor launch, Greenfield said: ““Our team has been working with car dealers for almost 20 years. Over this time, two of the recurring pain-points that we’ve seen are that dealers are overwhelmed with data (and the associated challenge of distilling this data into actionable insights), and that the industry continues to face a challenge with enabling all of a dealer’s various software systems to interoperate. It’s these two issues that VINFactor is aiming to fix."