Combination of AI-Powered Lead Management with Automated Vehicle Condition Analysis and Valuation Provides End-to-End Automation for Private Party Vehicle Acquisition
Syracuse, NY, February 1, 2024 – 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.
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.”
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.
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, visit www.acvauto.com.