It’s a challenge for dealer groups: how to get the right trade-ins to the right rooftops at the right price.
The Appraisal Lane says that when a customer with a trade-in is online or in the showroom, dealer groups can access the Enterprise Trade View product from the convenience of their mobile devices in real time and at the point of sale. The company says that can provide each store with instant access to detailed information about any trade-in, any time, with photos and a condition report.
The Appraisal Lane — a mobile app-based community of appraisers who put guaranteed cash offers on used cars — says that real-time, instant access is important, especially on the heels of what it says was one of the weakest first quarters of car sales since 2014. Using ETV, the company notes, dealer groups gain immediate visibility into current traffic at any of their stores.
“Simply put, the trade-in is the gateway to the deal,” Appraisal Lane director of enterprise and OEM sales Jordan Walters said in a news release. “It determines the equity a customer has in their car and ultimately, their monthly payment. It determines whether or not the customer can afford their next purchase. It sets the tone for the experience they have with a dealer group. ETV improves the consumer experience, which helps dealers sell more cars and keep customers coming back.”
Walters says that with ETV, dealer groups can:
— Source more inventory from traffic that’s already in their stores, which is important when dealers have already committed significant advertising dollars to that traffic.
— Drive core inventory to the right stores on the first day rather than the 60th day, for example, after aged units have accrued major costs and dealers have taken the biggest hits.
— Close more customers in their showrooms, and reduce the acquisition costs of a retailable unit.
— Achieve a better return on investment on their marketing expenses.
“In a weak market, dealers can’t afford the downside risk of putting the wrong number on a non-core unit,” Walters said. “A dealer group’s best bet—one that improves the process for consumers, too — is to get a trade-in to the store that has the highest utility for it, and the most robust knowledge about it. It’s very easy to focus on what’s shiny and new, but the most effective tools focus on helping dealers close more of the traffic they already have.”