Auto Trader has teamed up with manufacturers to integrate Vehicle Identification Number Specification (VIN Spec) data across its platforms.
The VIN Spec data provides details about the optional specification that were added to each vehicle at the time of manufacturing.
Adding this data is anticipated to increase retailers’ margins by enabling them to quote an accurate price of their stock.
The development comes in response to an analysis, which shows that 46% of the retailer-listed vehicles on the Auto Trader platform are missing around 54% of their detailed specification.
The findings reveal that for each vehicle, retailers were undervaluing their stock by £361 on average. In the case of a premium brand model, the vehicle was undervalued by £5,587.
Auto Trader conducted that analysis with a sample of 52,000 vehicles advertised on its platform.
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Additionally, the integration is also expected to improve efficiency and enhance the consumer experience.
Auto Trader chief operating officer Catherine Faiers said: “We know retailers are facing an incredibly fast-moving market and enabling them to adapt to these changing dynamics is our first priority. We have long been committed to empowering our retailer partners with the scale and depth of our data to maximise margins.
“VIN Spec is another powerful layer of intelligence, that as well driving efficiencies and improving the customer experience, is designed to help unlock the full profit potential of every vehicle.
“We are in the fortunate position where we can continue to invest in our products and services on behalf of our customers, and VIN Spec is a prime example of how we are supporting our retailer partners to achieve their goals as efficiently and profitably as possible.”
Earlier this year, Auto Trader forayed into leasing with £200m Vanarama deal.