The Auto Care Association introduced three new analytics features to its TrendLens interactive industry data platform that now allow users to take a deeper dive into data analytics and identify industry trends across more than 50 Economic and Industry Indicator data categories. The TrendLens platform brings the latest economic and industry data together to help inform business decisions with current, curated and interactive data.
New feature: Interactive Tool Tips
TrendLens users can now quickly and easily view important insights of the data they select, including when viewing data in the “Indexed Comparison” view in the platform. Select two, four, or all of the data points. Then simply hover over the graph, pausing at the point in time you would like to view, to see how that metric has performed over time.
New feature: Pearson Correlation Coefficient
TrendLens users can now see how two indices correlate. The correlation value can automatically be viewed when comparing any two data points while using the “Trends Comparison” feature in TrendLens.
Pearson’s correlation coefficient is the covariance of the two variables divided by the product of their standard deviations. TrendLens users can now see how factors relate and apply that knowledge to make better business decisions. The higher the number and darker the color displayed in the platform, the stronger the potential relationship between the two variables.
The new correlation coefficient feature also works for Demand Index product data for Demand Index subscribers.
New feature: Updated Demand Index Product Groups
The TrendLens platform’s Demand Index data set tool fills the void in sales performance data for key product groups. Using the Demand Index allows businesses to speak the same language as their customers and to know how you are performing against the market during line reviews.
New hard part product group options are now available in Demand Index, including CV Axles (constant velocity axles); Belt Tensioners and Idler Pulleys; and Brake Boosters and Master Cylinders.
The latest product group categories now available in Demand Index also include:
- Blower Motors and Resistors
- Catalytic Converters and Mufflers
- Clutch Kits and Components
- Engine and Transmission Mounts
- Radiator Fan Assemblies
- Thermostats and Water Outlets
- Window Lift Motors and Assemblies
All Auto Care Association members have access to the TrendLens data platform as an exclusive member benefit, with access to more than 50 Economic Industry Indicator data categories and monthly Vehicle Miles Traveled (VMT) data by Arity.