WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Website Related Website Development Wednesday, April 25, 2018 
Add Press Release News | News Feeds Feeds | Email This News Email


Cars.com Predicts How Quickly Vehicles Will Sell With Launch of AI Powered "Hot Car"
Tuesday, April 17, 2018

Powered by proprietary machine learning algorithm, new technology provides sales prediction

Cars.com Predicts How Quickly Vehicles Will Sell With Launch of AI Powered "Hot Car"

Powered by proprietary machine learning algorithm, new technology provides sales prediction

CHICAGO, April 17, 2018 /PRNewswire/ -- Have you ever shopped for a new car and a deal seems too good to be true? Sometimes waiting for a better deal isn't the right move to finding your dream car. Cars.com(TM) (NYSE:CARS) announced today the launch of "Hot Car" as part of its suite of digital pricing tools that will help car buyers determine when and how to act on a purchase--and assist in accelerating sales. The new technology leverages a proprietary machine learning algorithm from Cars.com to identify which vehicles are most likely to sell quickly, based on car make and model, geographic demand, time on lot, pricing and consumer shopping behaviors. Initial testing resulted in double digit increases in conversion, and was particularly strong on mobile.

"The technology is just one example of the ways we are investing in artificial intelligence to solve complex problems and build products that are more accurate and predictive in nature in order to improve the car shopping and selling experience," said Tony Zolla, chief product officer at Cars.com. "By tapping into 20 years of Cars.com data and insights, Hot Car leverages a custom machine learning algorithm that considers more than 50 factors that contribute to how quickly a vehicle will sell."

By analyzing vehicle supply, demand and pricing data in a specific market, Cars.com now offers consumers the insight needed to make informed decisions on the quality of a vehicle. This innovation creates a sense of urgency for consumers, which also benefits local retailers by increasing views, lead conversion and inventory turn rate.

A Hot Car badge will be featured on used vehicle listings that have a 70 percent chance of being sold within seven days from the day it was added or modified on Cars.com. New vehicles will earn a Hot Car badge when they have a 70 percent chance of being sold within 20 days from the day it was added or modified on the site.

"Hot Car creates value for both consumers and dealers. It gives consumers a competitive edge so they don't miss out on a great car, and provides data-driven insights for dealers on which cars will move quickly so they can turn inventory faster," said Zolla.

The new badge joins the "Great Deal," "Good Deal," "Fair Price," and "Well-Equipped" price contextualization tools launched in October 2017.

ABOUT CARS.COM
Cars.com(TM) is a leading two-sided digital automotive marketplace that creates meaningful connections between buyers and sellers. Launched in 1998 and headquartered in Chicago, the company empowers consumers with resources and information to make informed buying decisions around The 4Ps of Automotive Marketing(TM): Product, Price, Place and Person, by connecting advertising partners with in-market car shoppers and providing data-driven intelligence to increase inventory turn and gain market share. A pioneer in online automotive classifieds, the company has evolved into one of the largest digital automotive platforms, connecting thousands of local dealers across the country with millions of consumers. Through trusted expert content, on-the-lot mobile features and intelligence, millions of new and used vehicle listings, a comprehensive set of pricing and research tools, and the largest database of consumer reviews in the industry, Cars.com is transforming the car shopping experience.

Cars.com properties include DealerRater®, Dealer Inspire®, Auto.com(TM), PickupTrucks.com® and NewCars.com®. For more information, visit www.Cars.com.

CONTACT: Christine Spinelli, cspinelli@cars.com, 312.508.6727

View original content with multimedia:http://www.prnewswire.com/news-releases/carscom-predicts-how-quickly-vehicles-will-sell-with-launch-of-ai-powered-hot-car-300630928.html

SOURCE Cars.com Inc



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav SiteSpect Launches Visual Editor 2.0 to Empower Marketers without Coding Expertise | Apr 25, 2018
Nav Roterra: A Puzzling Fairytale Adventure from DIG-IT! Games® Coming to iOS This Summer | Apr 25, 2018
Nav Ensono Increases Commitment to Amazon Web Services Excellence by Reaching 100 AWS Partner Network Certifications | Apr 25, 2018
Nav Pay per Mile Auto Insurance Can Help Drivers Save More on Premiums | Apr 25, 2018
Nav Dedicated New Dating Service ChinaLove Has Just Launched to Help Chinese Singles Find Their Matches Online | Apr 25, 2018
Nav Goldman Sachs clinches crown as Ideal Employer in global financial space | Apr 25, 2018
Nav Best-Selling Author Jon Gordon to Release "The Power of a Positive Team: Proven Principles and Practices that Make Great Teams Great" on June 11 | Apr 25, 2018
Nav FlowForma Helps Motorway Construction Team Navigate Road to Paper-Free Processes | Apr 25, 2018
Nav Peloton Names Jill Woodworth As Chief Financial Officer; And Bolsters Its Senior Team Across Key Business Functions | Apr 25, 2018
Nav Realtor.com® Launches "The Home of Home Search" Campaign | Apr 25, 2018
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News