Impel Launches Car Buying AI and Integrates with ACV Auctions' ClearCar to Bring Enhanced Inventory Acquisition Solution to Auto Dealers

Rhea-AI Summary

Impel, a global leader in AI-powered customer lifecycle management, has integrated its AI platform with ClearCar, an advanced trade-in condition and valuation solution from ACV (Nasdaq: ACVA). This combined solution will provide Impel's automobile dealer customers with an end-to-end solution for managing dealer-generated and third party leads from consumers wishing to value and sell their vehicles. The integration aims to bring leading-edge technology to the process of qualifying and valuing vehicles offered for sale by consumers, enabling dealers to more consistently and cost-effectively source inventory directly from consumers. The launch of Car Buying AI and the integration with ACV provides the most efficient and scalable solution for dealers looking to expand their private party vehicle acquisition efforts. The integration of ClearCar with Impel's AI platform supports vehicle sellers through the entire appraisal and valuation process, providing a seamless experience for consumers while enabling dealers to effectively distinguish between serious sellers and casual price checkers.

Market Research Analyst

The integration of Impel's AI-powered lead management system with ACV's advanced vehicle condition analysis and valuation tools represents a significant advancement in the automotive industry's approach to inventory acquisition. From a market perspective, this collaboration is poised to address a critical pain point for dealers: the efficient sourcing of vehicle inventory from private sellers.

The traditional model of relying on trade-ins and wholesale auctions has been disrupted by supply chain issues and a shift in consumer behavior towards private sales. This new technology streamlines the acquisition process, potentially reducing operational costs and increasing the speed at which inventory can be sourced and made available for sale. Dealerships adopting this technology could see an advantage over competitors still relying on manual processes, which may lead to increased market share and stronger financial performance over time.

Moreover, the enhanced transparency and accuracy in vehicle valuations are likely to improve consumer trust and satisfaction, contributing to a more positive reputation for dealerships in the long term. This could ultimately result in higher customer retention rates and a stronger brand.

Financial Analyst

From a financial standpoint, the integration of these technologies could have a substantial impact on the profitability of automobile dealerships. By automating the lead management and vehicle valuation process, dealers can potentially reduce labor costs associated with these tasks. The ability to quickly and accurately appraise vehicles could also minimize the risk of overpaying for inventory, which is a significant consideration for dealerships operating on thin margins.

The stock market often reacts favorably to innovations that promise to improve efficiency and profitability, particularly in industries facing supply chain challenges. ACV's collaboration with Impel could be reflected in investor sentiment and ACV's stock performance, especially if the solution gains widespread adoption and demonstrates a clear return on investment. Investors will be monitoring the adoption rate of this technology and its impact on dealerships' bottom lines to evaluate its true financial significance.

Automotive Industry Expert

The automotive industry is undergoing a transformation and the integration of AI and automated vehicle condition analysis is a testament to the rapid technological advancements within the sector. This move towards end-to-end automation in private party vehicle acquisition is particularly noteworthy as it represents a shift in how dealerships interact with consumers and manage their inventory.

Understanding the technology, 'Car Buying AI' is a system that automates the qualification of potential vehicle purchases, while 'ClearCar Capture' uses AI to assess vehicle condition through consumer-submitted photos. These tools are designed to provide a more accurate and efficient assessment of a vehicle's value, which is crucial for dealers when making purchasing decisions. The industry-specific term 'private party vehicle acquisition' refers to the process of dealers buying vehicles directly from individuals rather than through auctions or trade-ins.

By leveraging these technologies, dealers can better predict inventory needs and respond more quickly to market demands. This responsiveness is not only beneficial for the dealers but also enhances the consumer experience by providing a more streamlined and transparent vehicle selling process.

Combination of AI-Powered Lead Management with Automated Vehicle Condition Analysis and Valuation Provides End-to-End Automation for Private Party Vehicle Acquisition.

SYRACUSE, N.Y., Feb. 1, 2024 /PRNewswire/ -- Impel, the global leader in AI-powered customer lifecycle management and digital merchandising for the automotive industry, announces an integration of its AI platform with ClearCar, an advanced trade-in condition and valuation solution from ACV (Nasdaq: ACVA). The combined solution will provide Impel's automobile dealer customers with an end-to-end solution for managing dealer-generated and third party leads from consumers wishing to value and sell their vehicles. By bringing leading edge technology to the process of qualifying and valuing vehicles offered for sale by consumers, dealers will be able to more consistently and cost-effectively source inventory directly from consumers.

Our launch of Car Buying AI and this integration with ACV provides the most efficient and scalable solution for dealers looking to expand their private party vehicle acquisition efforts.

Impel's generative AI platform is used by thousands of dealers to increase sales and service effectiveness by automating many of the tasks that were previously performed by dealership staff. Car Buying AI, the newest application launched by Impel, intelligently manages and qualifies "buy my car" leads submitted through third party marketplaces or generated directly from dealer websites and advertising initiatives. ACV's ClearCar Price, a digital pricing engine, and ClearCar Capture, an AI-based imaging and self-inspection tool that allows consumers to submit photos of their vehicle for further documentation of condition, provide increased transparency and accuracy in vehicle valuations. With the integration of ClearCar, Impel's Car Buying AI supports vehicle sellers through the entire appraisal and valuation process. This fully automated solution provides a seamless experience for consumers while enabling dealers to effectively distinguish between serious sellers and casual price checkers.

The need for scalable private party vehicle acquisition solutions

Over the past few years, dealers have faced significant challenges in acquiring vehicle inventory. Brittle supply chains, limited activity at wholesale auctions, and fewer consumer trade-ins have heightened the need for alternative inventory sources. As a result, private party vehicle acquisition, where vehicles are purchased directly from consumers, has become an increasingly valuable sourcing channel for filling dealer lots. Unfortunately, traditional approaches to private party acquisition have been plagued with inefficiencies. Valuation inquiries are often neglected by dealership staff due to the high volume and low engagement rate of consumers who are simply curious about their vehicle's worth.

Impel's customer lifecycle platform takes advantage of the latest generative AI technology along with a mix of proprietary models and foundational LLMs designed specifically for automotive retailing. The company's Car Buying AI application leverages domain-specific prompt engineering and, through integration with ClearCar's valuation and inspection products, effectively manages the vehicle acquisition process without the need for manual intervention. Car Buying AI automatically engages with all "buy my car" leads, assisting consumers with the self-inspection process while enabling dealers to provide condition-enhanced pricing estimates without an on-site inspection. The combined ACV Impel offering effectively identifies qualified, ready to transact vehicle sellers, while freeing up dealer staff to focus on higher value sales activities.

Andrew Sweet, Vice President of ClearCar, said, "We launched ClearCar to bring a greater level of trust and transparency to the remote vehicle valuation process. Through this integration, dealers will receive a completely turnkey solution for guiding consumers through the process of selling their vehicle. Impel's generative AI capabilities set the industry standard when it comes to delivering exceptional customer experiences, and we look forward to working with Impel to bring this integrated solution to their customers."

"The need for consumer-sourced vehicle inventory has never been greater, but the effort required to manage the time-consuming process of responding to consumer inquiries, evaluating vehicle condition, and following up on opportunities poses significant challenges for resource constrained dealers," said Devin Daly, Impel Co-Founder and CEO. "Our launch of Car Buying AI and this integration with ACV provides the most efficient and scalable solution for dealers looking to expand their private party vehicle acquisition efforts. We're thrilled to be working with the team at ACV to help dealers harness the power of technology to transform their inventory sourcing operations."

About Impel

Impel offers automotive dealers, OEMs, and third-party marketplaces the industry's most advanced AI-powered customer lifecycle platform. The company's end-to-end omnichannel solution leverages proprietary shopper behavioral data and generative conversational AI technology to deliver hyper-personalized experiences at every touchpoint. Impel's fully integrated platform works seamlessly with all major website, CRM, and DMS platforms. To date, the company has delivered 15 billion shopper interactions, influencing more than $4 billion in Sales and Service revenue across 51 countries. To learn more about Impel, visit impel.ai.

About ACV

ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling, and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, MAX Digital, True360, and ClearCar. For more information about ACV, visitwww.acvauto.com

Media Contact

Alexis Cardona, Impel, 1 844-384-6735, alexis@impel.ai, https://impel.ai/

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SOURCE Impel

What is the integration announced by Impel and ACV (ACVA)?

Impel, a global leader in AI-powered customer lifecycle management, has integrated its AI platform with ClearCar, an advanced trade-in condition and valuation solution from ACV (Nasdaq: ACVA). This combined solution aims to provide an end-to-end solution for managing dealer-generated and third party leads from consumers wishing to value and sell their vehicles.

What are the benefits of the integration for automobile dealers?

The integration aims to bring leading-edge technology to the process of qualifying and valuing vehicles offered for sale by consumers, enabling dealers to more consistently and cost-effectively source inventory directly from consumers. It also provides a seamless experience for consumers while enabling dealers to effectively distinguish between serious sellers and casual price checkers.

Why is private party vehicle acquisition important for dealers?

Dealers have faced significant challenges in acquiring vehicle inventory due to brittle supply chains, limited activity at wholesale auctions, and fewer consumer trade-ins. Private party vehicle acquisition has become an increasingly valuable sourcing channel for filling dealer lots.

What are the challenges with traditional approaches to private party acquisition?

Traditional approaches to private party acquisition have been plagued with inefficiencies, with valuation inquiries often neglected by dealership staff due to the high volume and low engagement rate of consumers who are simply curious.