Inventory shortages can oftentimes cast a shadow on an otherwise positive customer experience for car buyers. However, leveraging strategic merchandising strategies, and promoting the inventory you have on hand allows car dealers to help manage customer expectations and experiences. To discuss this further, we’re pleased to welcome Nathan Fox, Senior Director of Business Development for Cox Automotive’s Inventory Management Solutions brands.
In his current role, Fox works primarily with the vAuto brand Kelley Blue Book Instant Cash Offer. He focuses on leading development and strategy for merchandising, which is all about providing the tools and data to car dealers to help them more effectively promote their inventories.
Fox elaborates, “As a dealer aligns their product, their price, and merchandising strategy, that’s how they optimize their return in any environment. But I think specific to today’s environment, as an example, I hear lots of dealers who are really broadening the type of inventory they’re bringing in.”
While the car dealership might not be accustomed to selling a broader inventory, merchandising that inventory becomes even more important. They now have to build awareness and engagement with car buyers that they’re not accustomed to working with.
In response to this growing need, the team at Cox Automotive has announced a new imaging tool for car dealers that has been incorporated directly into vAuto’s new and used car inventory management platforms. SnapLot 360 Technology is fully integrated with vAuto’s Conquest and Provision solutions. This technology allows car dealers to walk around a vehicle with their phones and capture a 360° spin. Then, machine learning and AI extracts relevant images and creates a video with a professional voiceover.
This suite of media lets car dealers create richer, more transparent information that really stands out for car buyers. Fox says that both car dealers and customers have responded well to this new tool. In fact. 73% of customers find 360° video extremely or very helpful when shopping, according to one study.
For more information on inventory solutions and services provided by Cox Automotive, visit coxautoinc.com.
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