Glyn Hopkin has introduced Indicata’s real time pricing platform across its group as part of its pricing strategy to sell more used vehicles.
Some 35 dealers and 13 franchises will use Indicata following its successful pilot within its Honda franchise and then across its Nissan dealer businesses.
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Within a few weeks of using the platform, dealers experienced a rise in used car inquiries and stock turn had improved.
According to managing director of Glyn Hopkin Fraser Cohen, sales “went through the roof”.
Cohen said: “Indicata has driven massive improvements across all areas of our used business by focusing initially on ageing stock and then by introducing pricing parameters on models in group stock the team has halved stocking days in the first three months,”
“We have become more strategic with our pricing as Indicata gives us a live barometer of a used car’s value in the marketplace. We now change prices on some models two or three times a week to ensure we remain competitive within the fast-moving market,” he added.
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By GlobalDataIt is group policy to use the platform when pricing part exchanges to provide a live insight into the current price of the used cars as it sits at the dealership.
Glyn Hopkin uses the platform when offered bulk purchase deals by the OEMs. Cars are put through the system to determine a market price against sales prices to ensure the group buys bulk stock at the right price.
Cohen said: “We are empowering sales managers to grow our used car business now they have Indicata at their fingertips. The platform provides a projected depreciation graph for cars which helps sales managers decide the type of deal, they can offer consumers towards month end.”
“Our group has already achieved some excellent results for our used car business as we look to build our annual sales beyond 14,000 used cars. Indicata has helped the group build a new strategy and with the entire business using the platform on a daily basis we are well placed to grow volumes and profitability of our used car business,” he concluded.
