DealerSocket’s Precise Price set for Canadian release

Building on the foundation of its other core products – CRM, website and inventory management – DealerSocket’s latest technology is taking a giant step forward in digital retailing.

Called Precise Price, the new tool is a transparent software that allows customers to calculate the price of a vehicle and begin structuring the terms of the purchase through an integrated, web-based platform.

Whether happening on the customer’s own time online or with a salesperson on a showroom floor, the program integrates with a dealerships’ CRM and desking platforms for data synchronization of pricing information offering what the company called a “more efficient and transparent desking experience.”

According to Sam Rizek, DealerSocket’s national director of sales for Canada, Precise Price is ready for rollout in Canada. The only caveat is that dealers must also be running DealerSocket’s CRM software and have a DealerFire website.

“Everyone is racing towards digital retail, but this system has some major benefits you won’t find on other options,” Rizek said during a software demo at the 2017 NADA Convention and Expo.

“Customers are trying to speed up the process, but some tools in the market will have consumers fill out all kinds of information online only to have to repeat the process again once they get into the dealership. The only thing they saved is a credit approval. Precise Price puts all of the information in the customer’s hands, allowing them to be at the centre of the deal and to lead the purchase with confidence, without providing personal information or creating an account.”

The revamped DealerFire website will allow customers to search for a vehicle by make and by feature. Customers wanting things like third-row seating, air conditioning, Bluetooth and a sunroof can click on those options and the inventory system will pull up the applicable vehicles.

Precise Price then lets the customer use sliders for things like down payment amount, credit rating, term length and more. Put in a trade value and everything syncs with a desking product to instantly calculate payments.

The system will include factory and bank program data via a deal with Unhaggle and also calculate tax based on postal code.
Should the customer want to check out several vehicles, they won’t have to start the process over.

The current version also allows for some limited F&I selling. Christian Hamaoka, director of business development for DealerSocket in Canada, said additional capabilities will roll out in a second phase that will allow for menu selling as well as the ability to add vehicle accessories to the purchase.

“And it is completely mobile friendly and responsive so both dealers and customers can easily access the deal,” he said.

Precise Price also has a save and finish later function that will let customers pick up exactly where they left off on any device at any time.
Team members can also structure deals in-store to be sent to customers for revisions and completion from anywhere.

“Unlike other third-party pricing models, DealerSocket’s digital retailing solution uniquely allows every dealer to brand Precise Price as their own and keep the customer on their own website and within their system. The tool does not redirect customers to a third-party website, allowing dealers to market precise digital retailing as part of the customer service offerings,” he said.

Rizek said that in addition to Precise Price, DealerSocket was showing off its Blackbird platform, introducing an improved customer service model and talking about a new integration with RouteOne.