Welcome to another installment of "Winning with ProfitTime," the video series designed to help you and your team get the most out of vAuto's one-of-a-kind used inventory management solution.

In this episode, we will discuss ProfitTime's Pricing Recommendations, a central feature of the platform, which helps you price every vehicle to sell in the right amount of time that will maximize its unique profit potential.

Trusting these recommendations is critical for dealers to get the best possible outcomes. At first, this may be difficult and require a small leap of faith. But the first step to gaining trust in the recommendations is understanding how they work. So, let’s start there.

Our pricing recommendations draw data from three distinct areas:
the vehicle itself,
your specific market conditions
and your dealership’s past experience with similar vehicles.

For the vehicle itself, the system looks at:
Brand
Year
Make and Model,
Odometer
and whether or not the vehicle is certified

For your specific market conditions, the system will look at:
market size
average list price in your area,
and market days supply.

It’s important to note that the system will pull data from whatever size (and kind) of market YOU define in the Competitive Criteria area. For more on how to set up and define your market properly, see our previous video on “Competitive Sets.”

For your dealership’s past experience, the system looks at:
Sales rates
Your Provisioning strategies
Average days to sell
Plus both the recent and historical performance of similar vehicles.

In the “Vehicle Summary” page, you can see how well the vehicles are performing that you’ve priced in-line with the system’s recommendations.

Scroll down to the “Inventory Overview.” Here you’ll find the average days to sell and average days in inventory for your vehicles, organized by ProfitTime metal classification.

Ideally, if you consistently follow ProfitTime recommendations, you should see numbers like these appear in the “average days to sell” column overtime.

About 50 days for Platinum cars
40 for Gold
30 for Silver
and 20 for Bronze

In this way, ProfitTime actually tracks the outcomes of its own pricing recommendations, and you can see how the system is working for you in real time.

Thanks for taking a moment to look deeper into ProfitTime’s pricing recommendations with us. And as always, please reach out to your vAuto performance manager with any questions.