DealerSocket’s CRM gets a major workflow improvement with the addition of a new credit compliance portal, which offers dealers the ability to prequalify customers via a soft or hard credit pull, perform the required compliance checks, and tee up more profitable F&I “turns.” (U.S. Customers only)
Also new is RouteOne integration, which allows dealers to submit deals to finance sources through the F&I solution provider’s core credit application platform.
DealerSocket is also announcing major upgrades to its CRM’s add-on tools, including Revenue Radar and SocketTalk. The latter now offers the ability to send customers video responses via text message.
For Revenue Radar, DealerSocket is teaming its equity-mining solution with integrated marketing services, including professional print services for direct mail campaigns, supplemental email communications, landing page development, and appointment-booking services. Revenue Radar customers will also have the option to add a strategic performance manager for process development, training, and to ensure users are getting the most out of the technology tool.
Headlining the list of new innovations is acceptance of DealerSocket websites in the Fiat Chrysler Automobiles Digital Certified Program. Enrollments are expected to start in February.
Additionally, the company is announcing integration with Facebook Marketplace — DealerSocket becoming one of a select few software firms to offer dealers the ability to market their inventory to a wider audience of potential buyers.
This week also marks the full franchise release of the firm’s Engine 6 website platform, which boasts industry-leading load speeds and a revolutionary website editor that puts dealers in control of their virtual showroom.
Also launching is inventory advertising for dealers on DealerSocket’s inventory management solution, as well as the ability to layer in incentive data.
DealerSocket is also announcing the unhooking of Precise Price, which means dealers no longer have to have a DealerSocket website to take advantage of the company’s digital retailing platform.
DealerSocket has completely transformed its inventory management solution into an enterprise platform, complete with a new responsive design and smarter navigation controls.
The restructured solution also offers expanded reporting capabilities that allow dealer group operators to manage inventory by region, performance, OEM brand, highline stores, and much more. This new reporting structure will also facilitate additional innovations slated for release later this year.
Under the company’s enterprise management approach is bulk pricing, a new feature designed to allow dealers and dealer group customers to identify new and used vehicles across their operations by age, as well as a host of other attributes, and adjust pricing by dollar amount or percentage. This enhancement is especially useful for dealers hoping for one last shot at retailing aging inventory before sending them to auction.
DealerSocket is also making it easier for dealers to appraise vehicles, allowing them to perform a value analysis and get purchase recommendations based on retail market and historical dealership data from a single, configurable screen.
DealerSocket has also reinvented its “Ideal Inventory Model” (IIM) to match today’s market conditions. The new model uses advanced data algorithms to recommend a vehicle stocking mix that will increase a dealer’s profit per vehicle profile. This builds on the philosophy on which the inventory management tool was built.
This year, two of the main drivers of that profit model — TrueScore pricing and its associated pricing band — have been re-envisioned to provide users with a more accurate view of their core inventory.
DealerSocket’s web-based dealer management system and loan servicing platform gets several finance-related upgrades for 2019, including a seamless digital credit application workflow and more robust functionality around F&I products and accessories.
Also new this year are key features for greater fraud prevention and compliance, like CBC’s enhanced Red Flag algorithm, an electronic closing process via SecureClose, and enhanced credit reporting.
In addition, DMS is debuting advancements in automated payment processing via OpenEdge’s full-featured payment solutions and the ability to accept payments via interactive voice response (IVR).
Lastly, core reporting for both static pool and 20 Groups take a leap forward along with platform integrations to the DealerSocket family of CRM, inventory management, and website products, making this DMS the most automated on the market today.
Artificial Intelligence / Machine Learning
DealerSocket has made advances in the area of Artificial Intelligence (AI) and Machine Learning (ML) and will be showing how ML is powering its Revenue Radar equity tool by using cross platform data (CRM, Web, DMS) to predict a customer’s propensity to buy, thus allowing dealers to focus their efforts on closing high-probability buyers.
DealerSocket is also collaborating with Carlabs.ai, the auto industry’s first enterprise-grade conversational AI platform to help dealers deliver scalable one-to-one consumer interactions. By incorporating Carlabs.ai’s intuitive AI capabilities into DealerSocket’s suite of products, dealers will improve website conversion, lower customer service costs, and improve the overall customer experience while gathering unprecedented buyer analytics.