Inventory Management Solution is designed for auto dealers.
Press Release Summary:
InventoryPro leverages analytical tools that manage inventory turnover via dealers' specific sales history and market data. Resulting recommendations enable dealers to take control of their inventory and stock more vehicles with higher turnover rate and profit generation. Additionally, program provides dealers with tools to appraise and book out their inventory. Specific capabilities include best-in-class vehicle appraisal.
Original Press Release:
DealerTrack Launches InventoryPro, Next Generation Inventory Management Solution
InventoryPro is the foundation of DealerTrack's strategy to provide dealers with a comprehensive inventory management solution
LAKE SUCCESS, N.Y., Feb. 3 -- DealerTrack, Inc., a subsidiary of DealerTrack Holdings, Inc. (NASDAQ:TRAK), today announced the introduction of InventoryPro, a new inventory management solution for auto dealers.
InventoryPro will empower dealers, leveraging their valuable knowledge and expertise with analytical tools that manage inventory turnover through the use of dealers' specific sales history, as well as market data. Resulting recommendations enable dealers to take control of their inventory and stock more of the vehicles that turn faster and generate higher gross profits, while quickly disposing of those that are less profitable. Additionally, InventoryPro will provide dealers with a broad range of tools to appraise and book out their inventory, integrating values from Manheim Market Report(TM) (MMR), N.A.D.A.(R), Black Book(R) and Kelley Blue Book(R).
Mark O'Neil, DealerTrack's chairman and CEO, said, "With the continued market pressure on for new vehicle sales, we believe dealers are placing a growing premium on maximizing the profitability of their used vehicle operations. Systematic inventory management, based on industry data as well as the dealerships' own sales and profitability records, should increase inventory turns and deliver dealers much needed improvement in profitability."
With the launch of InventoryPro, DealerTrack begins the introduction of its comprehensive inventory solution. Throughout the year a series of products and services are expected to be deployed to further enhance dealers' inventory needs, including:
-- Integration with Chrome's ADS (Automotive Description Service) which will give dealers the ability to deliver more accurate and comprehensive vehicle descriptions than the VIN decoder products currently on the market.
-- An inventory exchange that will provide dealers with a single point of access to inventory on a real-time basis from various auctions, including Manheim and a variety of ATC-Onlane hosted wholesale auction websites (including ATC Open).
-- Inventory Management and Analytical tools through InventoryPro.
-- ALG pricing and market data as well as content from Chrome.
All of these capabilities will be provided as part of the DealerTrack suite of products, allowing dealers to leverage a single platform delivering unparalleled value.
"We are pleased to partner with DealerTrack to provide the Manheim Market Report to dealerships across the country," said Lynn Morgan, Vice President of Manheim Consulting. "InventoryPro is another opportunity for our organizations to broaden the services provided to dealers to help them gain more control over their inventory costs."
DealerTrack's main objective is to provide dealers a way to manage all of their inventory needs in one place and create a marketplace for dealers to buy and sell inventory in a real-time environment.
InventoryPro will be easy to use and features enhanced functionality, including best-in-class vehicle appraisal capabilities. InventoryPro will also be integrated with other DealerTrack sales and F&I solutions, enabling dealers to take a vehicle from inventory to structuring, financing and funding a deal -- in one seamless, paperless process.
InventoryPro replaces DealerTrack's DealerWire(R) solution, which was acquired last year and will be phased out as subscribers are transitioned to the new product at no additional charge
About DealerTrack (www.dealertrack.com)
DealerTrack (NASDAQ:TRAK) is a leading provider of on-demand software and data solutions for the U.S. automotive retail industry. The company's online credit application processing product automates and accelerates the automotive financing process, while its integrated subscription-based software enables dealers to receive consumer leads, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 22,000 dealers, with more than 85% of all franchised dealers; over 300 financing sources, including nine captives and the 20 largest U.S. independents; and other service and information providers are active in the DealerTrack network.
CONTACT:
Greg Slote
DealerTrack
(516) 734-3921
greg.slote@dealertrack.com
Tom Pratt
RFBinder Partners
(212) 994-7563
tom.pratt@rfbinder.com
