Users of LightspeedNXT will soon be able to compare — within the dealer management system, in real time — their operational numbers with benchmarks created using their numbers and the numbers of other users.
ADP Lightspeed today announced the development of integrated benchmark reports, called Databack. The tool will allow dealers to compare dealership performance, margins, value and other key actions nationally, regionally and on an individual dealership level. Data will be automatically collected nightly across the country from hundreds of dealers and made available to pull from LightspeedNXT.
According to the company, this will allow dealers to do extensive market research in a matter of seconds.
For example, Databack reports will allow dealers to check margins on used units or hourly rates within a region or nationally to compare with their own.
“Databack reports allow dealers to self-check the performance of every aspect of their dealership real-time with real numbers,” Laurn Rice, general manager of ADP Lightspeed, stated in a press release. “By accessing the vast information provided within these reports, dealers fine-tune their dealerships to maximize performance and cash flow.”
In addition to providing national and regional benchmarks, Databack will provide an in-depth view into the dealership’s performance. Reports such as average parts tickets, hours per R.O. or service history will give dealers a quantitative view into their dealership’s performance, and could help them target underperforming employees, ADP Lightspeed notes.
The Databack benchmark reports integration is a subscription-based product ($99 per month) and will be available to users for download in version 3.9.1 due for release in November.