Updated January 6, 2019
Ever wonder what separates the best dealerships from the average ones?
If you ask the leaders of Keffer Management Group– a 17-dealership business based in North Carolina– they will tell you success boils down to 30 metrics. These metrics include:
- Net profit to sales: 5%
- Net profit to gross: 35%
- Used- and new-vehicle sales ratio: 1-1
- New-car inventory: 45 days’ supply
- Used-car inventory: 30 days at retail
The Keffer leadership team says these metrics have been their secret to building profitable dealerships over the last 52 years.
But the metrics are just half of the equation. The other half is execution. How does a dealership hit these numbers?
It starts with having the right data. After all, you can’t manage what you don’t measure. With the right information in hand, dealers can make better buying decisions that maximize their sales, profit, and turn.
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There are many tools on the market that help dealers make pricing, appraisal, and inventory decisions. In this article, we are going to compare two of the most popular tools: VinCue and Autoniq.
What is VinCue?
VinCue is a powerful pricing and vehicle appraisal tool for new and used cars markets. VinCue uses live market data to generate insights that help dealers make better decisions on appraising, purchasing, and pricing. Dealers can compare their inventory to local competitors in real-time to win more customers.
VinCue is a data-rich platform with a ton of features. From the “Dealership Report Card” to market day supply metrics, it gives dealers all the information they need to improve their businesses.
What is Autoniq?
Autoniq is a tool that aggregates pricing and market guides from sources like Black Book, KBB, and NADA. Autoniq also has its own profit guide and market report that can be used to make decisions at auction. Their VIN Scanner mobile app is a popular tool for appraising vehicles on the fly.
Autoniq is one of the more affordable pricing tools on the market, but with that comes limited functionality and fewer insights. For live market data, inventory management, and vehicle sourcing, dealers will have to use other tools.
Comparing VinCue vs. Autoniq
VinCue and Autoniq both help dealers make better pricing and appraisal decisions. However, they are very different in terms of scope, depth, and functionality. Let’s look at the key features of each tool and see how they compare.
Real-Time Market Data
The core of VinCue’s platform is real-time market data pulled from over 40,000 sources. This means that dealers have the most up-to-date information available when they need it. VinCue shows you which vehicles are the best sellers in your area, have the fastest turn, have supply surplus, and much more.
Autoniq relies primarily on the major pricing books for its data. It has a limited market data tool that updates once a week, but it cannot tell you about your competitors’ sales activity right now. Autoniq is useful for a high-level snapshot of your market, but not in-depth analysis.
In the competitive world of auto sales, it is critical for a dealer to have a strong used car appraisal strategy. VinCue helps dealers do this with real-time, hyper-local sales data. VinCue’s appraisal tool gives you up-to-date wholesale and retail pricing based off similar vehicles in your market. You can also look at actual listings in your area before setting a final wholesale price.
Autoniq’s appraisal function is similar to VinCue in that it shows wholesale and retail values of vehicles in the area. Like VinCue, a dealer can also input the condition and mileage to get a more accurate appraisal value.
VinCue helps dealers price competitively by giving them a consumer’s view of the market. Dealers can see the wholesale and retail prices of every other dealer in their area, then choose where they want to rank among the competition. Want to offer the lowest price on used GMC Acadias? Done. VinCue also grades your sales performance so you know if your pricing strategy is working.
To give users dealers even more information, VinCue includes pricing values from Black Book, KBB, NADA, and other major pricing books. This is simply for comparison because VinCue updates pricing information based on real-time market data.
Autoniq gives dealers access to pricing guides from the major pricing books. This is good baseline information, but many dealers are too beholden to book pricing. Pricing varies from book to book, and the price your customer finds through online research might not align with the book value. The only way to get pricing right every time is to base your decisions on real market data.
VinCue integrates seamlessly with the other DealerCue tools, include RevCue for inventory management. RevCue lets dealers track their sales, turn rates, pricing age, and inventory age for both new and used vehicles. It also alerts dealers when vehicles have stale pricing, allowing them to adjust to be more competitive. RevCue paints a full picture of your dealership’s performance compared to the market.
Autoniq does not help dealers track their inventory or measure their sales performance. Dealers need to use additional tools to gain this insight.
As they say, you don’t make money when you sell a car– you make money when you buy it. That’s why vehicle sourcing is such an important aspect of a dealer’s business.
BidCue auction sourcing is built right into VinCue for a truly seamless sourcing experience. BidCue allows dealers to find the most in-demand vehicles around the country and bid on them without ever leaving the application. Car appraisal powered by VinCue is just a click away; dealers can see the wholesale and retail values of each vehicle before they make a purchase. Combined with inventory data from RevCue, you know exactly where you need to stock up.
Autoniq gives dealers access to auction lists from the major auction houses around the country (as well as many independants). Where Autoniq falls short is giving you the ability to bid on cars and check your inventory numbers.
VinCue’s mobile app puts all the functionality of VinCue in your pocket, plus more. With VinCue’s mobile VIN scanner, you can quickly appraise vehicles in the lot or at auction. Add mileage, condition, margin, and reconditioning costs to determine the Wholesale Appraised Value, just like you can on the desktop app.
Autoniq’s VIN scanner app was a game-changer when it was released in 2009. Before the ubiquity of smartphones, dealers had to buy expensive VIN scanners for appraisals on the go. Today, however, VIN scanners are commonplace. The new game-changer is real-time data and all-in-one functionality. In this arena, Autoniq has struggled to keep up.
The Better Value: VinCue or Autoniq?
Autoniq’s pricing starts at $50/month, but you certainly get what you pay for. The Autoniq Profit Guide, Market Report, and access to pricing books cost $50/month per piece, which means the entire package costs up to $350/month. Even then, users receive essentially the same data they can get from the pricing books.
While VinCue costs more per month, users get all of the functionality right out of the box. Plus, VinCue still costs just a fraction of other tools like vAuto. (See our comparison of VinCue and vAuto). Upgrading for RevCue and BidCue is extremely affordable and gives dealers a 360-degree view of their company’s performance.
When comparing the value of VinCue vs. Autoniq, it’s important to look beyond the cost. VinCue gives you insights that will change the way you run your dealership. Autoniq, while affordable, offers little insight that can’t be found in the pricing books. Dealers will see a greater impact on their business by investing in VinCue than spending less for other tools.
Want to see how VinCue can help you build a better dealership? Schedule a demo today and experience the power of better insights