NEW YORK –
Predictive analytics and marketing automation company automotiveMastermind has integrated its Market EyeQ sales platform with CARFAX History-Based Value, or CHBV, noting that the integration comes at a time when dealers are using trade-in vehicles more to supplement inventory shortages and rising wholesale prices.
Mastermind said with the integration, dealers will be able to choose CHBV as their preferred valuation tool when evaluating a trade-in vehicle.
Mastermind and CARFAX are part of IHS Markit. That, according to the companies, boosts both organizations’ products by “highlighting the advantage of high-quality data partnerships.”
The integration, according to Mastermind, aligns with Mastermind’s goal of enhancing Market EyeQ to allow its dealer partners to sell more cars with high returns.
Noting that CARFAX has more than 24 billion vehicle records, Mastermind said CHBV is a VIN-specific valuation tool that is powered by unique CARFAX vehicle history data.
CHBV weighs several factors. Those include driver’s home location, the VIN-specific history of that vehicle, and current market conditions. It accounts for vehicle history, so no two vehicles can be priced the same when using CHBV.
That provides full transparency to both sides of the vehicle transaction, according to Mastermind.
For dealers partnered with Mastermind, CHBV provides the retail, wholesale and certified prices of vehicles with model years of 2000 or newer.
CHBV also takes a vehicle’s year, make, model, mileage, location and condition into consideration. It also factors in current market conditions.
That allows dealers to better acquire inventory their customers want, according to Mastermind.
To calculate the trade-in value of vehicles, Market EyeQ uses CHBV wholesale vehicle valuations. That fuels personalized, predictive marketing campaigns and calculated deals that the company says are designed to drive ROI.
In addition to dealers increasingly using trade-in vehicles to supplement inventory shortages and rising wholesale prices, consumers are also becoming more interested in purchasing pre-owned vehicles. With the availability of CHBV into Market EyeQ, dealers will gain better insight into a vehicle’s history.
That will allow them to more accurately calculate trade valuations and reconditioning costs and support market-based inventory pricing.
Mastermind co-founder and chief executive officer Marco Schnabl said that because of the automotive information in the IHS Markit portfolio, combining forces with CARFAX will allow Mastermind to provide an accurate picture of a customer’s trade and vehicle’s lifecycle for its mutual dealer partners.
“We pride ourselves on empowering dealers to take a data-driven approach to build lasting relationships with their customers and ultimately sell more cars,” Schnabl said in a news release.
Schnabl continued, “This integration not only aligns with those goals but also comes at a time when we’re especially focused on helping dealers grow their pre-owned vehicle sales in response to increased consumer demand.”
“It’s important to not just look at year, make and model for valuation,” said Bill Eager, CARFAX vice president of the Dealer Business unit.
Eager continued, “CARFAX is uniquely positioned to provide the vehicle specific value based on characteristics like 1-owner or a clean title. Dealers have long relied on CARFAX vehicle history as a key factor when evaluating and pricing used cars for their inventory. This partnership will give our dealers a new avenue on Market EyeQ to better understand the value of a specific vehicle and make sure they’re getting the best return on their investment.”