Power Information Network Teams with Driveitaway to Produce New "RemarketPrice" Application for Fleet Managers Nationwide
Power Information Network (PIN), LLC, an affiliate of J.D. Power and Associates that provides automotive solutions to dealerships, manufacturers, and other industry companies, announced that it will team with remarketing specialty company Driveitaway to produce a real-time retail pricing application for fleet managers and corporate lessors.
Called RemarketPrice, the new product will give users online access to real-time aggregated retail pricing information from more than 7,300 automotive dealerships across 26 major metro markets. Fleet managers and corporate lessors can then use this information to price their off-fleet and off-lease vehicles competitively and with an eye to real market conditions.
Using RemarketPrice, a fleet manager with cars coming off-lease can instantly find out what price local consumers are currently paying dealers for similar vehicles of the same make, model, and trim level. The fleet manager can then use that information to price the cars attractively for buyers, such as employees and drivers.
"Instead of setting their off-fleet cars at a fixed percent over any given wholesale book and selling them to employees that way, fleets can now offer pricing that is competitive with the market, yet still substantially discounted," said John Possumato, vice chairman of Driveitaway. "The employees still get great cars at great prices, and the fleets recover something between wholesale and retail based on real data rather than guesswork."
RemarketPrice will debut in 2004 as an integrated part of reDrive, an employee online remarketing program developed by LeasePlan USA and powered by Driveitaway.
PIN's pricing database, which will power RemarketPrice, provides information on more than 250 different metrics of vehicle transactions. The RemarketPrice front-end interface is designed for the fleet/lease market. PIN and Driveitaway have designed RemarketPrice to help address the ongoing residual problem for fleet managers and commercial lessors.