BUFFALO, N.Y., May 08, 2024 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, is delivering innovative solutions to more dealers across the country who are navigating the complexities of the current automotive market, including lean inventory and pricing fluctuations. ACV’s winning combination of products—including its consumer acquisition solution, ClearCar; inventory management and appraisal system, ACV MAX; and core digital auctions solution, ACV Auctions—are enabling a growing swath of dealers to acquire more vehicles in their markets, profit from smart retail and wholesale decisions and optimize revenue streams within the dealership.
In an unpredictable market, characterized by inventory contraction and fluctuating consumer demand, nine rooftop Lester Glenn Auto Group is just one example of the power that data insights and AI-powered automation can have on a dealership’s success. When faced with the significant challenges in effectively managing inventory while maximizing profitability, Lester Glenn turned to ClearCar, ACV MAX and ACV Auctions.
The dealer group’s adoption of ClearCar has helped its stores overcome inventory shortages and weak retail traffic by tapping into consumer trade-in opportunities. ClearCar offers dealers an appraisal tool consumers can use to value their vehicle, acting as the bridge between dealers and consumers by enabling a transparent trade-in experience. Pricing accuracy is paramount in today's competitive landscape, and ClearCar's condition-enhanced pricing engine empowers dealers to make data-driven trade and purchase offers to consumers with confidence, ensuring maximum value capture in each transaction.
“ClearCar has enabled Lester Glenn to create a trustworthy car buying experience that is easy, consistent and transparent,” said Matthew Costanzo, Chief Strategy Officer for Lester Glenn. “It has unlocked a new revenue stream for consumer trade-ins at our dealerships. The condition-enhanced pricing engine empowers each of our nine stores to make informed decisions that ultimately benefit our bottom line. As a group, we are closing and acquiring the vehicles of nearly 40% of our leads, crushing our previous closing rates of 5%*."
With advanced data analytics and customizable reporting capabilities, ACV MAX enables dealers to speed up inventory turnover, identify profitable opportunities and mitigate risks as units age. In a market where every vehicle counts, Lester Glenn has been able to buy more vehicles in their market, make informed retail and wholesale decisions powered by regional data and dynamic pricing guides and profit off of nearly every vehicle.
Lester Glenn adopted ClearCar to accurately appraise and value vehicles, as well as ACV MAX’s reporting and insights to determine the most profitable exit strategy—retail or wholesale—all within a strict 60-day turn time.
Furthermore, ACV MAX armed the dealerships with important vehicle information about all inventory on the lot. Its simple scan-and-share feature allows a sales team member to become an expert on the vehicles, helping them build trust with the consumer by seamlessly sharing all vehicle details, such as third-party pricing, OEM packages and detailed market value comparisons. ACV MAX enables dealers to merchandise and build value in every vehicle for a better retail experience for the consumer.
As a multi-product ACV user, Costanzo continued, "ACV's suite of products has been instrumental in driving profitability and efficiency for Lester Glenn. In today’s volatile market, ACV MAX is critical to keeping a laser focus on inventory and making informed retail and wholesale decisions. In addition to a proven product suite, the ACV team has become some of our most trusted advisors when it comes to market insights and setting up our stores for success operationally. Our partnership is a great example of what can happen at the intersection of people and technology. We would not be where we are today without our team at ACV looking out for our best interests when recommending and integrating solutions.”
When it comes to wholesale optimization, ACV Auctions provides a transparent and vibrant nationwide marketplace for efficient and transparent wholesale acquisition. Buyers have access to a diverse range of vehicles and easy-to-use search tools, facilitating efficient inventory replenishment. Plus, cost-effective value-added services like ACV Transportation and ACV Capital make it easy for buyers to transport and finance vehicles all within the marketplace experience. As buyers make more purchases, the digital marketplace captures data related to vehicle preferences and can deliver relevant inventory in real-time.
Acquiring as many cars as possible in a market also means that, inevitably, some will need to be wholesaled. ACV Auctions gives dealers a chance to optimize their profits when disposing of vehicles thanks to ACV’s pricing tool, ACV Market Report, and data-driven relevancy delivery to a national buyer base. In 2023, Lester Glenn leverages increased its wholesale gross profits 140%, which they note is largely due to their partnership with ACV.
As the automotive industry continues to evolve, ACV remains committed to supporting dealers with innovative solutions that facilitate the automation of manual tasks and ease tough decision-making, which can monopolize time and hinder profits. With its comprehensive suite of products and data solutions, ACV is empowering dealers to navigate the complexities of the current market landscape with confidence and efficiency.
“We are so proud to partner with the Lester Glenn Auto Group,” said George Chamoun, CEO of ACV. “Artificial intelligence is poised to transform the automotive industry, which is why we have always maintained our focus on building a usable data library of vehicle intelligence, marketplace activity and pricing. Machine learning is only as effective as the data it trains on, and we know ours is industry-leading and powerful enough to provide dealers with personalized business insights. We look forward to partnering with more dealers across the country to help them own their markets and win.”
For more information about how the Lester Glenn Auto Group uses ACV’s solutions, click here.
*based on Lester Glenn trade-in data for the last 26 weeks and close rates with previous trade-in tool
About ACV
ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling, and managing used vehicles with transparency and comprehensive insights that were once unimaginable.
ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar. For more information about ACV, visit www.acvauto.com.
Trademark reference: ACV, the ACV logo, and ClearCar are registered trademarks or trademarks of ACV Auctions, Inc., or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.
Media Contact:
Maura Duggan
maura@acvauctions.com
