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UCC 2021 Aug L
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UCC 2021 Aug T

Predictive Analytics: Purchasing the Right Parts

Racer Yoemans, Co-Founder and President at BidCall Inc., a bidding software tool for the auto salvage industry based in the US, gives insight into how auto recyclers have dealt with business during the pandemic and the opportunities that are becoming available in our industry as we evolve with the changing times.

 

Predictive Analytics: Purchasing the Right Parts feat four
Racer Yoemans

Over the past decade, BidCall Direct has evolved into a cloud-based system and continues to improve and add features to enhance how we buy cars and run inventory while working remotely. Our company has a foundation of being built on working remotely before the pandemic, and our experts have been assisting customers with not only buying cars but helping them to assess and predict the value of their current inventory for future buying needs.

We built the Days to Sell (DTS) algorithm as one of the key foundations on the platform of BidCall Direct. Our process includes a part-by-part evaluation of how many days it takes to sell each and every part. One of the benefits of being a cloud-based system is that BidCall Direct can leverage the DTS data to work more accurately with each customer’s demand and inventory needs.

Our process is data-driven, with profitable purchasing and faster-turning inventory in mind, while the software was built to be scalable and flexible to allow for growth and customer success. The advantage of being cloud-based allows for continuous growth and data volume, for customers to access continuous data and trends that provide actionable insights that result in shorter DTS, quicker ROI, and increase the overall current salvage value (C$V) of a vehicle.

BidCall was crafted specifically because we saw the need for customers to have the ability to predict the future. Our software’s foundation was built to assist our customers with “mining” data, which means we help leverage customer demand data for better purchasing success. Basically, we know ahead of time what will be the best buys, where you will lose or make money, and how prepared you will need to be on any given day.

We have added our scouting tool to BidCall Direct to allow the software to predictively analyze the correct specific interchange for a motor and transmission on each car. This now allows buying of car parts without ever viewing in person. The efficiency with this process will evolve the DTS from 30-45 to virtually a few days. Faster turn on inventory means faster return on investment. We have multiple customers that have realized as early as within the first six months, they have increased their sales/inventory time by 50%.

We have put in the work to make our process as intuitive and predictive as possible. We also want it to be convenient for our on-the-go clients. Customers can access BidCall virtually anywhere, since it’s not tied to a specific on-site hardware or device. The ease of jumping on a secure portal anywhere you are to manage your process wherever you are, has made the remote working environment a better experience. We want to make sure you can get bids done in a matter of minutes.

As we continue to navigate through our “new normal”, our software and scouting tool will continue to bring car buying into the next generation, with predictive analytics continually updating our buying process and leading the way to make our industry more efficient and profitable decades from now.

At BidCall, we continue to innovate and collaborate with our customers with the purpose of staying focused on “Changing the way you look at salvage”. We will continue to revolutionize the auto salvage industry, making the process of buying and selling vehicles more efficient, successful, and cost-effective.

If you are interested in learning more about how BidCall can increase your sales, contact Racer to find out more about BidCall, email him at ryoemans@bidcallservices.com or visit bidcallinc.com.

To read Racer’s previous articles go to:

Virtual Value of Salvage

Auto Recycling through COVID

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