Market EyeQ users can now automate behavior-based predictive marketing campaigns to pre-owned car buyers and utilize Manheim Market Reports to evaluate trade-in vehicles based on real time auction prices.
automotiveMastermind®, part of IHS Markit and a leading provider of predictive analytics and marketing automation solutions for dealerships and manufacturers, today announced the integration of pre-owned vehicle functionality with the Manheim Market Report (MMR) wholesale vehicle values within its Market EyeQ sales platform.
Market EyeQ’s pre-owned functionality allows dealers to unlock additional sales opportunities by matching customers of pre-owned vehicles with relevant offers through the platform’s behavior-based predictive marketing campaigns. With the update, dealer partners can map their new and pre-owned vehicle inventories to prospective car buyers, which Market EyeQ identifies for dealers from the same platform, improving the accuracy of their marketing outreach to help them sell vehicles more efficiently.
With dealers across the U.S. experiencing new and used vehicle inventory challenges due to production and sales disruptions from COVID-19 impacts, having accurate vehicle valuations greatly simplifies the trade-in process. Including MMR as a valuation option can give dealers greater confidence in knowing the value of potential trade-in vehicles, since MMR values are derived from a non-editorialized, statistical analysis of in-lane and digital wholesale vehicle transactions.
These Market EyeQ platform enhancements come at the same time as sales of pre-owned vehicles surpass pre-virus forecasts and as many dealers cope with new vehicle inventory shortages. Combined, the product updates empower dealers to both meet changing consumer demands and maximize their inventory.
“Everything we do at Mastermind is built on a strong foundation of accurate, expansive data,” said Mastermind Co-Founder and CEO Marco Schnabl. “The additions of the pre-owned functionality and MMR utilization to our Market EyeQ platform are not only timely and relevant to the current market conditions but more importantly, they empower our dealer partners to effectively match consumers with the most relevant pre-owned vehicle offers based on accurate vehicle valuations. Mastermind is committed to fast-tracking the innovation of our product by building on our strong base of the highest quality data to help dealers create lasting relationships with customers and ultimately sell more cars.”
“Providing the industry’s most trusted wholesale vehicle values to the market is a top priority for Manheim,” said Zach Hallowell, vice president, Manheim Digital Marketplace. “MMR is the gold standard valuation tool used by tens of thousands of consignors and dealers to assess millions of trade-ins each month. Accurate valuations are especially critical during times of market uncertainty like now. MMR is intentionally designed to be highly stable and avoid over-reacting to short-term market ups and downs and can be used with confidence regardless of market conditions.”