RedBumper™ today announced that New Car IQ™ (www.newcariq.com), the automotive industry’s first new car inventory management system, will be officially unveiled at the 2014 National Automotive Dealers Association Convention on January 24-27th in New Orleans, LA in Booth #2461 (RedBumper™). Bruce Thompson, the pioneer of used-car inventory management tools and his team from RedBumper™ will be introducing New Car IQ™.
The tool is the first of its kind to bring sophisticated and comprehensive inventory management analytics to the new car space. New Car IQ™ will act as an enterprise-reporting dashboard for both individual dealers and groups. “We’ve known for a long time that there has been a real need for a new-car inventory management system”, said Thompson, CEO and founder. “New Car IQ™ will give dealers what they have been waiting for, a truly game changing and encompassing solution that allows a dealer to master every element of their new car inventory.”
Mr. Thompson is no stranger to innovative automotive tools. He introduced used vehicle management systems to the industry when he launched American Auto Exchange in 2001. By the time he sold AAX in 2005, used car inventory management tools had become a staple in franchise dealerships across the United States. Mr. Thompson founded RedBumper™ in 2010, which has brought a more powerful and integrated suite of tools to the used car space. Having partnered with ADP in 2012, RedBumper™ is one of the fastest growing technology companies in the industry today.
“New Car IQ™ tools will identify dealer’s current days supply, turn time, units on the ground vs. in-transit, OEM incentives, along with floor plan expense and F&I cycle times; while also indicating performance by color, trim, vehicle packages, profits, profit per day and real-time forecast to target,” said Sherif Jitan, CIO of the new venture. “It will also incorporate seasonality and vehicle lead time when making unique stocking recommendations for the dealership or the dealer group. The user may drill down and compare manufacturer-to-manufacturer, dealer-to-dealer, and region-to-region. Trading tools will allow a Dealer Group to efficiently transfer new units and optimize stocking levels across the country.”
Commenting on New Car IQ™, Tim Bergstrom, Chief Operating Officer at Bergstrom Automotive Group stated, “We’ve seen a peek at the new tools and we are very excited for them to hit the market. The industry has waited long enough for a new car inventory system and from what we’ve seen this system will change the way dealers manage and market their new vehicles.”
New Car IQ™ also has a robust auto-pricing solution that allows dealers to easily incorporate manufacturer incentives when listing new car inventory online. “It literally takes the guesswork out of new car pricing and helps dealers optimize profitability. With direct integration into a proprietary tool called SmartPrice™, dealers will have complete control of pricing by accounting for manufacturer/customer incentives, color adjustment, region-specific adjustment, market activity, destination fees and more, all in real-time so that the dealer is spot-on with their retail pricing every step of the way,” said Mark Bland, COO of Pearl Technology Holdings, LLC.
New Car IQ™ will be showcased for the first time in public in Booth #2461 (RedBumper™) at the NADA 2014 Convention in New Orleans, LA on January 24-27, 2014. A small group of thought-leading dealers and dealer groups are currently piloting the product in the beta phase and providing critical feedback on the system’s workflow and design.
“While this is an important step forward for the automotive industry, we still feel that there is a lot more room for innovation and we will be introducing some groundbreaking new tools in 2014 for both dealers and their consumers,” said Thompson.
To learn more, please visit: www.newcariq.com or email info@newcariq.com
About RedBumper, LLC
RedBumper™ is a firm founded in 2010 by Bruce Thompson (the founder of AAX) and based in Dallas, TX. The RedBumper™ mission is to take a new approach, offering fresh and creative tools the industry has never seen while at the same time leveraging proven technology on a smart phone centric platform.
About Pearl Technology Holdings, LLC
Thompson plans to launch several new initiatives in 2014 and has formed Pearl Technology Holdings, LLC as the entity to incubate and launch the new ideas. The company is based in Dallas, TX. With an executive team with over 60 years of combined experience in all elements of the automotive industry, the company aims to provide unique and innovative software solutions that streamline both dealer process and performance across a wide spectrum of profit centers and technologies.
