Glyn Hopkin has rolled out INDICATA’s market-leading real time pricing platform across its group as an integral part of its pricing strategy to sell more used vehicles.
All 35 dealers and 13 franchises will use INDICATA after it was successfully piloted first within its Honda franchise and then across its Nissan dealer business.
Within just a few weeks of introducing INDICATA dealers had experienced a rapid rise in used car enquiries and stock turn had also dramatically improved. Sales across its Nissan dealers ‘went through the roof’ according to Fraser Cohen, managing director of Glyn Hopkin.
“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 said.
The group has embraced the platform from the top down with the board, brand directors, business managers and sales managers all attending a three-hour familiarisation session supported by the UK INDICATA team.
It is now group policy to use INDICATA when pricing part exchanges to provide a live insight into the current price of the used car as it sits at the dealership, which benefits the dealer and consumer. Typically group stock stands at an average 2,500 vehicles.
Glyn Hopkin also uses the platform when offered bulk purchase deals by the OEMs. Cars are run through the system first to determine a market price against sale prices and demand of nearly new stock. It ensures the group buys bulk stock at the right price.
The announcement comes at a time when Glyn Hopkin has begun to sell used cars online. INDICATA is playing its part in this process as dealers focus on the importance of a strong online presence to build customer engagement and lead enquiry rates.
“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,” said Cohen.
“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 added.
INDICATA is now present in 13 countries and is a global leader in used vehicle pricing and pricing strategy. It works with dealer groups, OEMs and leasing companies and banks to manage their used stock more efficiently and ultimately reduce stocking days and increase profitability.