257,000-Plus Trade-In Offers a Record for AutoTrader Program
Double-digit growth in new-car sales tends to free up bucketfuls of used cars to enter the market, as these owners find new homes for their former rides.
That certainly appears to have been the case in July.
More than a quarter million instant trade-in offers were produced last month through AutoTrader.com’s Trade-In Marketplace, the site said Friday.
Specifically, the total number of offers eclipsed 257,000, representing an all-time high for the Trade-In Marketplace and a 12.5 percent year-over-year hike.
Since its launch in 2009, there has been a total of more than 6.5 million offers.
And interestingly enough, AutoTrader said independently fielded consumer follow-up surveys indicate that 65 percent of consumers redeeming the TIM offer say they traded the car in and made a purchase.
So, not only are dealers getting some extra used cars coming through the pipeline, they’re apparently picking up some sales, as well.
“New-vehicle retail sales reached double-digit gains for both June and July when compared to the same time last year, and this increase in demand for new-vehicles translates into more people who need to dispose of their current vehicles,” said Juan Flores, director of operations for the Trade-In Marketplace at AutoTrader.com.
“The Trade-In Marketplace has proven to be a valuable tool that makes the trade-in conversation easier for both the consumer and the dealer.”
Dealers can learn more about TIM here.
The new-vehicle sales momentum to which Flores refers could continue this month, according to the latest Retail Automotive Summary from CNW Research.
The firm indicates August new-car sales (as of Wednesday) were on pace to climb 8 percent or more.
“Same-store deliveries are up nearly 6 percent while new floor traffic is ahead of last year by a whopping 24.7 percent,” said CNW president Art Spinella.
“Many of the early month shopping crowd are likely to be back before September rolls around,” he added. “Showroom visitors usually buy within a month of in-store shopping.