J.D. Power notes that its new lead-generation tool for dealer websites provides dealers with qualified leads and increases their used-vehicle inventory.

Using the Value My Car tool with the J.D. Power consumer brand, web visitors can learn the value of their vehicle in exchange for their email address, according to the data and analytics company.

J.D. Power launched the tool on Friday.

Here's how it works. Dealers place the tool on their website. Then, when consumers input their vehicle and contact information, they receive an initial value of their vehicle. The tool then encourages the consumer to receive an in-person vehicle appraisal by visiting the dealer.

J.D. Power is offering the dealer-only product for an introductory price of $75 per month. No contract is required.

The new tool “will not only provide a service to a potential customer as a first touch-point but will ensure potential sales opportunities for the dealerships are being tracked,”

“The new tool has two simple objectives: provide dealers with qualified leads and increase their used-car inventory,” J.D. Power vice president of vehicle valuations Jonathan Banks said in a news release.

"This will not only provide a service to a potential customer as a first touch-point but will ensure potential sales opportunities for the dealerships are being tracked.”

More information on the Value My Car trade-in valuation tool is available here.