Aftermarket April 2022

APRIL 2022 AFTERMARKET 19 www.aftermarketonline.net and offer best value for money, rather than simply having to take what is available at the garage. Data science deployed by NovaFori enables CarNext’s B2B marketplace to recommend vehicles based on previous buyer behaviour. The recommendations can be refined based on user actions on the platform, such as searches, bids, substitutions and won lots, resulting in tailored recommendations boosting trade volumes. More profit-making opportunities As a result, suppliers can access a wider range of buyers and trade volumes are higher, giving suppliers more profit- making opportunities. Professional traders are able to bid on a wide variety of CarNext cars in 24 languages and across multiple countries in Europe. Crucially, the marketplace can show that the highest price has been achieved across its portfolio, thanks to a combination of auction mechanisms and cross-border trade capability. NovaFori's recommendation engine contributes to the volume of vehicles sold on the platform, with a significant increase observed in average sales prices. This technology is already driving marketplaces in other industry sectors as diversified as insurance, IPv4 address trading, derivatives trading, art and antiques. These B2B markets are able to incorporate data science in the form of machine learning in such a way that markets have the capability to make meaningful recommendations. The algorithms used are also powerful tools for a marketplace owner, because they allow for adjustments to be made to auction methodologies to get the best price for a vehicle, based on a combination of past auction performance and predictive analytics. Creating a comprehensive online system would help ease demand for vehicles creating a centralised marketplace, thereby making it easier to provide alternatives. NovaFori designs marketplaces so that they can offer alternative options if a particular model is unavailable. So, for example, if a Toyota Auris was not available, it may suggest an alternative such as a Volkswagen Golf R or Vauxhall Astra or Hyundai Ioniq, based on key features between vehicles. But it goes beyond recommending similar alternatives to include actual car specifics, add-on features, type of engine, miles on the clock, delivery time, price and more. The algorithms offering recommendations are not just powerful tools for buyers and sellers, they help marketplace owners fine-tune sales channels to foster marketplace optimisation. Using the valuable user-activity data captured, it is possible for marketplace owners to retain and re-engage buyers to optimise the marketplace. As digitalisation mixes with the disruption caused by the pandemic and a rapidly changing dynamic in the automotive sector, there is an inevitability about the trend towards automotive marketplaces. Their efficacy and benefits are obvious, and while it may involve investment, and even a radical rethink, car sales businesses that are willing to take the plunge will position themselves well to drive the future of the industry and reap the rewards digital transformation offers. Super equipped of diesel e cleaning p Special ad Ceta Diesel ARNING: Please do not exceed W and not equipped with diesel part ngines (atmospheric and turbocha operties. It is suitable for any typ r eases fuel additiv Application: Add to the tank in a rat e ne Plus ditive to diesel fuel that incr the maximum ratio of 1: 100 iculate filters and catalysts. rged) with any fuel systems, e of diesel fuel and all types io of 1: 300 (200ml per 60 L of fuel). the cetane number and has +44 1908 32 sales@mannol.co.uk 0 458 DIRECT ACCOUN O OPEN A SCAN THE CODE . .mannol.co.uk www T