Auto Trader integrates enhanced VIN Spec data across its platforms
New layer of intelligence designed to enhance retailers’ profits and efficiency, as well as supporting an improved consumer experience with better vehicle accuracy
As part of its commitment to supporting its retailer partners maximise profits and efficiencies, Auto Trader has partnered with manufacturers to integrate enhanced optional Vehicle Identification Number Specification (VIN Spec) data into its platforms.
It comes in response to the latest analysis from Auto Trader which reveals that 46% of the retailer listed vehicles on its marketplace are missing, on average, more than half (54%) of their detailed specification, risking potential margins in the process.
In fact, based on a sample of 52,000 vehicles advertised on its platform, Auto Trader found retailers were leaving an average of £361 of unrealised margins on the table, per vehicle, as a result of missing value-adding specification. However, this can be significantly higher: in the same analysis, one premium brand model was undervalued by a massive £5,587.
The enhanced VIN Spec data is a register of the optional specification items that were added to each vehicle as they were built in the factory. Implementing this data across Auto Trader’s platforms will help retailers increase margins by enabling them to accurately price their stock using precise valuations adjusted for the exact specification of each car. It will also increase efficiency, by adding optional specification details to listings automatically, removing the need for research and guess work – previously, this had to be added manually, and relied on the retailer using their own knowledge.
What’s more, it will improve the consumer experience by providing a more accurate and detailed advert, reducing the potential for customer complaints, negative reviews or even returned vehicles due to inaccurate descriptions. The optional specification details will be accessible to potential car buyers on retailers’ adverts via a clearly visible ‘Extra features’ link.
Many retailers are already benefiting from this data integration, highlighting the accuracy of the data as well as ease of use within existing processes. Scott Greensmith, Digital Partnerships Manager at Motorpoint commented: “Auto Trader’s Vin Spec data has been a great addition to Motorpoint’s merchandising toolbox. The accuracy of the specification data is spot on, it’s easy to use and a welcome addition for our team when they are listing cars and valuing part-exchanges. Being able to access this level of information means we can provide ever higher levels of vehicle specification accuracy and it provides a big benefit for our customers when they are researching and choosing the right vehicle for their budget and lifestyle.”
Currently, the enhanced VIN Spec data is available from BMW, MINI, Fiat, Abarth, Alfa Romeo, Jeep, and Chrysler, with additional brands joining the list over the coming months. The data will be seamlessly integrated into retailers’ Portal accounts, as well as Auto Trader’s pricing and forecourt management tools, Retail Check, Bulk Retail Check and Retail Accelerator. It will also be available through retailers’ existing stock management system via Auto Trader’s real-time data sharing solution, Auto Trader Connect.
We know retailers are facing an incredibly fast-moving market and enabling them to adapt to these changing dynamics is our first priority. We’ve long been committed to empowering our retailer partners with the scale and depth of our data to maximise margins. VIN Spec is another powerful layer of intelligence, that as well driving efficiencies and improving the customer experience, is designed to help unlock the full profit potential of every vehicle.
“We’re in the fortunate position where we can continue to invest in our products and services on behalf of our customers, and VIN Spec is a prime example of how we’re supporting our retailer partners to achieve their goals as efficiently and profitably as possible. As a data-led company, we’re looking forward to seeing the long-term benefits of partners having access to exact specification data.” Catherine concluded.
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