Technology continues to reshape the automotive industry.
Driver’s Village, a prominent multi-franchise dealership in upstate New York, is harnessing the power of digital tools which is enhancing their used-car sales team. Spearheading this transformation Firas Makhouf, who, after 25 years at the dealership, has witnessed firsthand the evolution of technology at the dealership.
Technology expert turned used-car director, Makhouf is an example of the pivotal role that technology can play at a dealership in the digital age. By leveraging his expertise in information technology and computer science, Makhouf has embraced digital solutions to streamline inventory acquisition and enhance the consumer experience.
In his conversation with Wards Auto, Makhouf discusses ClearCar, a digital tool developed by ACV Auctions in collaboration with technology provider MONK. ClearCar revolutionizes vehicle valuation and inspection by leveraging artificial intelligence (AI) and mobile technology. With ClearCar Price, consumers receive data-driven value estimates for their vehicles, while ClearCar Capture enables them to document their vehicle’s condition through AI imaging.
“It’s like a hand-held automated inspection system,” remarks Vikas Mehta, Chief Operating Officer at ACV Auctions. Through a seamless process of answering questions, scanning the VINs, and capturing images, ClearCar provides an accurate assessment and price ranges based on real-time bidding data.
The impact of ClearCar on Driver’s Village has been profound. Makhouf notes, “The leads generated by ClearCar are highly qualified. We’ve seen an 80% show ratio and about a 45% buy ratio.” This surge in qualified leads has translated into tangible business outcomes, with the dealership selling approximately 380 used cars per month.
ClearCar is poised to expand its capabilities further, with versions set to include reconditioning cost estimates for dealers. Mehta emphasizes that ClearCar’s evolution aligns with ACV’s commitment to meeting dealers’ evolving needs and enhancing supply acquisition capabilities.
Despite the innovative leap into consumer-facing inspection tools, ACV remains steadfast in its core auction business. Mehta explains, “We’re leveraging our product portfolio to help dealers with their needs. In recent times, those have focused on supply acquisition.” ACV’s ongoing commitment to innovation extends beyond traditional combustion engine vehicles, with plans underway to develop detection systems tailored for electric vehicles (EVs).
As the automotive industry navigates this technology disruption, the collaboration between Driver’s Village and ACV Auctions highlights the transformative potential of technology in redefining the traditional retail models. ClearCar is focused on the digital revolution of used-car retail car sales, empowering dealers and consumers alike with greater transparency and efficiency.
