ACV Leverages AI to Introduce ClearCar

A trusted solution empowering dealers to effectively source consumer vehicles, ClearCar uses AI and real-time market data to accurately price vehicles based on condition

BUFFALO, N.Y., Oct. 16, 2023 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, introduces ClearCar as the global brand for ACV’s growing suite of products that enables dealers to more effectively acquire and value consumer vehicles.

ClearCar demystifies the relation between vehicle condition and value, allowing ACV’s dealer and commercial clients to have more transparent conversations with consumers. Consumers benefit from having greater visibility into how vehicle value is determined.

ClearCar consists of ClearCar Price and ClearCar Capture. ClearCar Price is a digital pricing engine, a price estimation tool that resides on a dealer’s website providing consumers a precise value estimate for their vehicle. ClearCar Capture is a complementary product that allows consumers to submit photos of their vehicles for further documentation of condition through an AI imaging and self-inspection tool. ClearCar Capture digitally detects visible exterior damage and irregularities during the photo capture process, enabling dealers to update their condition-enhanced pricing estimates without an on-site inspection.

There is a significant opportunity in the market to offer consumers a more transparent process to sell their vehicle with a more accurate vehicle valuation. ClearCar Price provides an estimated value generated from select high-level data points, such as mileage, trim package and vehicle condition paired with current, regionalized market data.

ClearCar has experienced strong adoption with some of the industry's largest dealer groups. Dealers leveraging ClearCar are converting significantly more consumer vehicles compared to prior initiatives, according to feedback from ACV customers. This speaks to both the power of the offering and its effectiveness in driving qualified leads.

“At Drivers Village, we use the ClearCar product to drive our acquisition of consumer vehicles,” said Firas Makhlouf, Chief Information Officer and Used Car Vehicle Director. “The results have made a huge impact on our business. The leads generated by ClearCar are highly qualified, and we have seen an 80% show ratio and about 45% buy ratio from those qualified leads. Since we implemented ClearCar, 75% of the vehicles we’re purchasing through leads produced from ClearCar are then retailed at one of our 17 dealerships. With this kind of ROI, it was an easy decision to put it on all 17 franchises’ websites.”