Lotlinx enhances Risk Report to deliver 3 key dealer inventory insights
Lotlinx on Tuesday rolled out an enhanced version of its Risk Report, offering a unique and customized view of a dealer’s inventory carryover, markdown and aged risk data.
The company said this free report offers insights that can help dealers optimize their inventory strategy with a weekly analysis of their store’s inventory data. Managers then can leverage this data to take action against their inventory risk before it impacts their bottom line.
The Risk Report leverages Lotlinx’s proprietary Lexaca data, which is a large inventory-specific data set with more than 24 billion data points that leverages machine learning models that have been evolving for the past 10 years.
Fueled by sophisticated artificial intelligence, Lotlinx said the Risk Report can deliver:
—Comprehensive risk summary: A clear and concise overview of carryover, markdown, and aging risk, allowing dealers to assess the health of their inventory at a glance.
—Carryover analysis: An in-depth look at both new and used vehicle inventory, highlighting potential carryover risks that could affect profitability and lot turnover.
—Top VINs with the highest inventory risk: A unique feature that can pinpoint the specific VINs associated with the most significant risk, giving dealers the information they need to make data-driven decisions on pricing, markdowns, and sales strategies.
Here’s an example of how the Risk Report is helping dealers identify key inventory opportunities and challenges.
Lotlinx said it was able to identify with one of its dealer customers that 71% of this dealer’s new-vehicle inventory and 76% of its used-vehicle inventory are currently at risk.
Additionally, Lotlinx said the report was able to show that the dealer’s risk inventory is reducing front-end gross profits by $1,445 on new inventory and $4,198 on used inventory.
This risk exposure has contributed to 69% of the dealer’s price reductions on new inventory and 80% on used inventory, according to Lotlinx.
“Our Risk Report goes beyond traditional data analysis to offer dealers real-time, AI-powered insights,” Lotlinx chief strategy officer Thomas Gage said in a news release. “With our report, dealers can better manage their inventory risk, fine-tune their markdown strategies, and optimize pricing for aged vehicles, ultimately driving profitability and reducing inefficiencies.”
Dealers can begin using Risk Report by going to this website.