Sourcing used inventory at the right price and accurately assessing reconditioning costs are two pain points for dealerships. Cox Automotive’s vAuto suite of products uses artificial intelligence to help dealers optimize used inventory acquisition and reconditioning cost estimation, ensuring desired profit margins.
Finding recon gaps
Cox Automotive's vAuto suite utilizes AI-enabled enhancements, such as Global Search, to help dealerships accurately assess reconditioning costs. These tools track appraiser performance across different acquisition channels like auctions and trade-ins, providing data to prevent missed profit opportunities due to inaccurate cost estimates or over/under-aggressive reconditioning projections.
Some help from an AI assistant
The 'Profit Time Assistant' is an agentic AI tool within vAuto designed to streamline inventory management tasks. It identifies issues like missing odometer readings or suggests price adjustments, making actionable recommendations. However, human oversight is integrated into the workflow to accept these actions and mitigate the risk of 'AI hallucinations'.
Lean into AI
During a recent vAuto client meeting, Cox Automotive emphasized the importance for dealerships to embrace and actively test AI tools due to their rapid advancement. The company highlighted that leveraging AI can lead to better and faster decision-making, ultimately helping businesses save money in their operations.
