SEATTLE, WASHINGTON, March 06, 2023 (GLOBE NEWSWIRE) -- LetYouKnow, the nationwide, e-commerce marketplace that matches consumers with new car deals, is introducing its “autopilot” feature that allows new car dealerships to set automatic pricing thresholds to help them sell more new cars. With this new feature, LetYouKnow is making listing new cars even easier for the 100+ dealerships in its growing dealer network to fully automate their listings and offer their best prices for new cars without advertising their prices.
LetYouKnow empowers new car dealerships to anonymously list their vehicles by automatically setting different pricing strategies determined by floor planning and market conditions. Dealership pricing thresholds are also encrypted to ensure that LetYouKnow transactions won’t affect or disrupt dealerships’ ongoing walk-in sales.
LetYouKnow’s patented algorithm empowers buyers to dictate prices on new car purchases. They can either search deals or name their own prices at LetYouKnow.com (or on its apps) within their desired search radius. The matched dealer information won’t be visible to the buyer but will be within the chosen search radius. Once the consumer submits their price bid, they will receive an instant response if their price is accepted. If accepted, a nonrefundable service reservation fee is paid as a prepayment of the consumer’s price and the matched dealership’s information is then revealed. LetYouKnow immediately initiates a $500 prepayment to the dealership to reserve the car deal for the buyer. The buyer’s vehicle information is transmitted to the dealership’s CRM to mark the car as reserved. The process is highly automated, with autopilot helping dealerships put little effort into moving inventory to real buyers instead of pursuing paid leads.
“We give dealerships the power to save time and money by automating their sales with automatic discounts while helping them move new cars more efficiently by handing dealerships new car buyers at no cost, at prices that meet or exceed their set, hidden thresholds,” says co-founder/CEO, Boris A. Zhukov. Other third-party vendors can charge dealerships high fees for leads that they must spend time and human effort to follow up on, in hopes of closing a fraction of those leads. “We understand how busy sales managers are, as they keep track of their inventory that often changes daily. By giving dealerships the option to ‘set it and forget it,’ we streamline their operations by letting them focus on high markup sales.”
Co-founder/CAO Leslie D. McGehee reveals that their inventory is nearing 5,000 new vehicles, all within the last 250 days despite the supply-side constrained environment, and that number continues to grow. “As expected, we have faced challenges because of the chip shortage and resulting impact on dealerships and their own inventories,” McGehee states. “However, we have persevered and now have more dealerships signing up with our marketplace as the production of chips ramps up. Our new autopilot feature has also been welcomed by dealerships as inventory has increased from a few listings to nearly 5,000 within a short amount of time.”
LetYouKnow is also working to accommodate its growing number of dealerships in its network by developing Android and iOS apps for dealerships. “The apps are designed for dealers to react to live bids that they missed and empower them to have data on what real buyers are willing to pay for their models, so they can utilize all of this data at the dealership level in their own pricing decisions,” says McGehee. “The level of data that we can provide to dealers on top of getting them committed buyers with prepayment at no cost is truly unprecedented, and we want to continue to offer more features to benefit dealerships. We are pushing forward to release autopilot modes for pre-orders and shipping options in the second half of 2023 to enable buyers and dealers to strike more transactions that are combining features of empowerment and convenience.”
As LetYouKnow continues to grow, it has also expanded its board of directors by adding two seasoned professionals in the automotive industry. In April 2022, LetYouKnow welcomed Dyer Auto Group owner William (“Will”) D. Dyer and Marin Mazda owner Michael J. Glasser to its board.
“The addition of Will and Mike to our board is very beneficial to LetYouKnow, as they provide their automotive industry experience and expertise, making LetYouKnow even stronger,” says Zhukov.
LetYouKnow invites dealers to learn more about its highly innovative marketplace and how they can join the LetYouKnow dealer network to list their new car inventory on its platform and take advantage of its autopilot sales automation feature.
“The sign-up process is straightforward, and autopilot makes listings on LetYouKnow automated according to dealers’ desired pricing strategies. As we continue to innovate, LetYouKnow is attracting more and more fans among dealers and buyers that will further fuel our fire to design new features and technology that simply do not exist today to make the new car buying process faster and more efficient to both dealers and buyers,” co-founder/CTO Gang “Aaron” Shao says.
LetYouKnow was co-founded by CEO Boris A. Zhukov, who was frustrated after spending much time and energy helping his friends and families find the best new car deals, and he knew there had to be a better way. He and co-founder/CTO Gang “Aaron” Shao created the LetYouKnow marketplace to make it easier for new cars to be listed and sold. Dealerships anonymously list their new car inventory on LetYouKnow’s platform, and consumers choose their car specifications, submit their own prices, provide their zip codes, choose their desired search radiuses, and receive instant responses. Today, LetYouKnow’s AI-driven technology is connecting consumers with dealerships and changing how new cars are sold by dealerships and purchased by consumers. LetYouKnow is the only company currently using this patented technology.
For more information about LetYouKnow, please see the company’s reviews, visit the company’s website, or contact:
Boris A. Zhukov
LetYouKnow, Inc.
844-873-8300
info@letyouknow.com
