Cognosos launches new suite of functionality to help auto auctions
FOR IMMEDIATE RELEASE
Atlanta, GA, June 15, 2021
Cognosos, a leading provider of real-time asset location solutions, announced new features designed to drive further efficiency, productivity, insights, and profits for auto auction/remarketing businesses. The industry pioneer unveiled several enhancements targeting key areas of auction operations that can help drive greater efficiency, reduce costs and increase revenue. Included in this feature set are capabilities related to decreasing sale day fallout, theft deterrence, task management and supporting multi-site auctions with an enhanced dashboard with cross-site metrics and operational intelligence.
According to Cognosos Chief Product Officer Adrian Jennings, “The auto remarketing industry is seeing increasing demand as COVID restrictions are lifted, jobless claims fall and new vehicle inventory continues to suffer from supply chain issues. Now more than ever it is imperative that auction houses leverage advanced technologies to improve throughput and efficiency. However, if you cannot see it, you cannot improve it, and real-time visibility solutions are the tools that give auto-remarketers the powerful metrics and analytics they need to increase profitability through improved performance.”
New capabilities include the following functionality:
Fallout Reduction with On-Spot: To ensure that vehicles are ready on the day of auction, Cognosos applies the On-Spot function of its real-time visibility technology to help auction staff stage vehicles prior to sale days, thereby ensuring that they are in their assigned lanes. Cognosos Fallout Reduction technology helps auctions reduce fallout by as much as 20%, increasing revenues and creating a better experience for consignors and buyers.
Theft Deterrence Technology: Cognosos Theft Deterrence technology leverages real-time alerts to instantly notify auction staff of unexpected vehicle movement, providing a new resource for teams to proactively prevent loss or theft. This flexible notification system couples with new Gate Alarm sensors to ensure suspicious vehicle movement is recognized and addressed, giving auction owners the ability to negotiate lower insurance premiums based on reduced theft.
Auction Task Workflow Management: New Auction Tasking Workflows from Cognosos allow auction employees to collaborate as a team and manage the various steps of preparation vehicles must go through before they can be auctioned. With real-time location from Cognosos, auctions can create a shared workflow that keeps track of each vehicle’s required tasks, facilitates task allocation and automatically monitors and verifies task completion. Managers and supervisors can monitor how long it has taken to complete a specific task, intervene when a task does not commence in a timely manner, compare KPIs related to individual employees and/or locations, etc., and then use this enhanced intelligence to drive improvements where needed.
Multisite Support: Multisite support for auto auctions enables auction managers and administrators to manage multi-site inventory and to quickly understand, visualize and compare a variety of metrics and operational measurements from across auction locations. These insights enable the assessment of each site’s key performance indicators (KPIs) and departmental throughout, and to identify best practices so that they can be replicated to optimize performance enterprise-wide.
“Through Cognosos’ next-generation tracking and asset intelligence technology, we are empowering auto auctions with visibility and insights that enable them to operate at peak performance. This includes not only addressing market challenges and mitigating inherent threats, but also improving employee productivity substantially and promoting an improved customer experience for both consignors and buyers,” added Jennings. Currently, the Cognosos real-time asset visibility and intelligence solution is being used by many of the nation’s leading independent auto auctions.
These new capabilities, which will become available throughout Q3 2021, along with Cognosos’ unmatched functionality and feature-set, enable the delivery of real-time visibility via a lightweight footprint and patented wireless networking technology requiring minimal infrastructure investments. A single gateway, the approximate size of a wireless router, provides visibility for a two-mile radius, and can track and monitor the location of up to 10,000 “tagged” assets.
To learn more about Cognosos technology, please visit booth #101 at the Conference of Automotive Remarketing event, taking place June 16-17th in Las Vegas, NV or visit www.cognosos.com to set up a demo.
About Cognosos, Inc.
Cognosos equips enterprises with the real-time asset intelligence needed to unlock insights and accelerate supply chains. Its lightweight platform deploys quickly both indoors and outdoors, delivering an unparalleled combination of price and performance that is now tracking over 100,000 assets across multiple industries including healthcare, logistics and automotive. For more information, visit www.cognosos.com
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Contact: Donna M. Autuori
Autuori Corporate Communications, Inc.