Vast, a company that pairs big data with artificial intelligence, once asked dealers to tell them about the one thing they wish they knew about their inventory.
Dealers had a clear wish: They wanted to know when their vehicles would sell.
So Vast, of Austin, Texas, followed through with an inventory management app launched in September called CarStory Insights, which uses predictive analytics to determine how long used vehicles will remain on the lot.
The app bases its predictions on inventory data that the company says encompasses around 90 percent of the used vehicles on dealership lots today. The technology gives dealerships windows during which it expects vehicles to sell based on factors such as features. It also takes into account consumer demand in local markets, and can rank vehicles by when the app believes they will sell.