Power Information Network Teams with Driveitaway to Produce “RemarketPrice” Application for Fleet Managers
Power Information Network LLC (PIN), an affiliate of J.D. Power and Associates that provides automotive solutions to dealerships, manufacturers and other industry companies, announced April 19 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 retail pricing information from more than 7,300 dealerships across 26 major metro markets. Fleet managers and corporate lessors can then use this information to price off-fleet and off-lease vehicles competitively with an eye to real market conditions. "For years, fleet managers wanting to price vehicles for resale have had to rely on an arsenal of wholesale books and seasonal data," said John Possumato, vice chairman of Driveitaway. "RemarketPrice adds live retail price information."Using RemarketPrice, a fleet manager with cars coming off-lease can find out what price local consumers are paying dealers for similar vehicles of that 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. RemarketPrice will debut in 2004 as an integrated part of reDrive, the exclusive 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 exclusively for the fleet/lease market. PIN and Driveitaway have designed RemarketPrice to help address the ongoing residual problem for fleet managers and commercial lessors.