DALLAS — RedBumper LLC, an inventory management company, released SmartPrice, an automated pricing tool that allows dealers to dynamically and automatically price their inventory against trim and option-matched competitor vehicles in their markets.
“SmartPrice changes the game because there is not another product like it on the market,” said Bruce Thompson, CEO and founder of RedBumper. “This tool will actually adjust retail prices daily as it adapts to the market. It’s faster and much more accurate than a human could ever be.”
SmartPrice uses algorithms to make automated price adjustments and then syndicates and distributes to the Internet. The SmartPrice tool optimizes profit for each unit by analyzing market supply and demand in real-time. It then integrates market trend and tendency analysis.
“It uses trim, option and mileage data points when establishing and pricing against the competition,” Thompson added. “It’s deadly accurate and saves the dealer hundreds of man hours trying to price by hand.”