BCA introduces daily valuation intelligence for the remarketing sector
BCA has introduced daily valuation intelligence to ensure buyers and sellers are fully informed and in tune with the actual market conditions.
BCA Valuations predicts the final hammer price on vehicles sold at BCA and uses fully automated machine learning algorithms to calculate fair and unbiased valuations, based on 200 distinct data points across 5 million real transactions.
The announcement follows a significant expansion of BCA’s Decision Intelligence capability, driving greater efficiency and insight for customers and generating enhancements to the accuracy of BCA Valuations.
The service is now provided daily to BCA customers using the BCA Dealer Pro system and underpins a range of pricing services BCA provides for the used vehicle sector. Uniquely, BCA Valuations also provides future auction values, allowing dealers to make informed decisions on retail customers’ part-exchange vehicles today that might not come back into their network for several weeks.
Dene Jones, BCA’s Chief Marketing and Data Officer commented “With the used sector providing the best profit opportunities for retail dealers and the steady rise of 24/7, 365 trading in used vehicles, monthly price adjustments no longer meet the needs of our customers. BCA Valuations is the only service that reflects remarketing sale values in real-time using a range of insight, including cosmetic and mechanical condition, colour and equipment.”
Jones continued “When market conditions are changing quickly, it is not enough to be making overall headline adjustments to prices, as the relationship between different vehicles can change daily. Therefore, all our pricing relationships are re-evaluated every night. We use sophisticated machine learning techniques to reduce fluctuations resulting from one off transactions which means BCA valuations are robust and based on real-time market conditions.”
He added “Better informed and more technology-literate consumers are pushing dealers to be more transparent in the sales process. More often than not a car buyer arrives on the forecourt with a valuation for their own vehicle and a target price for the car they wish to purchase. This makes the ability to value used cars accurately even more critical to trading profitably.”
Jones concluded “BCA Valuations is game changing for the remarketing sector and means both buyers and sellers are aligned to actual, real-time market sentiment.”