Techies 2017: Remarketing
25 July 2017
Sellers are always looking to improve their remarketing activity, whether that is in sale conversions, time to sale or price achieved.
BCA Data Science wants to revolutionise the use of business intelligence data and analytics within remarketing to deliver real benefits to fleet customers.
The company has introduced new methods to analyse and deliver actionable information back to fleet vendors, which helps them improve conversion rates, average selling values and time to sale - all critical elements for returning maximum value back to the customers' bottom line.
BCA is using the latest Microsoft Azure Machine Learning Cloud environment to analyse the data more efficiently and provide a greater level of accuracy for customers in every aspect of their remarketing activity.
BCA Data Science looks at a wide range of data to inform reserve price setting, such as condition adjusted vehicle valuations drawn from a unique BCA database of five million historic UK vehicle auction sales, vehicle demand data (which channels the vehicle might best sell in, which sales to enter it in) and utilising consumer data such as retail market pricing and demand information.
The remarketing tool then provides customers with information on the benefits of vehicle preparation, mechanical checks, vehicle movements and other activities in the remarketing process.
This can be combined with other BCA information, such as inspection costs, appraisal images/grades, number of days in stock, auction view interest and performance/market data of similar vehicles ?all key data to help fleet sellers make the right remarketing decision. Real-time access to this data improves first time conversions and makes sure provisional bids are dealt with using the most up-to-date information.
This data is then used to plan sales activity, from the most appropriate sales channel through to a realistic pricing strategy. It is also used to ensure that the right buyers are aware of the vehicles and attending the sales, physically or online.
The tool also utilises the latest cutting edge Cloud technology and machine learning techniques to analyse and interpret vast amounts of historic and current market data to deliver valuable information to fleet vendors.