|By PR Newswire||
|January 24, 2014 06:00 AM EST||
ATLANTA, Jan. 24, 2014 /PRNewswire/ -- Sales are up all around in the automotive industry, and as more shoppers turn into buyers, there's one element of the transaction that dealers will need to pay particularly close attention to: the trade-in. To help dealers improve their trade-in processes, AutoTrader.com® released a new white paper entitled "Maximizing the Trade-In Process," which details how dealers can align valuation tools and in-store processes to reduce risk, enhance the customer experience, improve overall margins and facilitate transactional conversations."
"In an industry with tight profit margins, every element of the transaction is important, but the trade-in is arguably one of the most tenuous portions of the transaction for dealers," said Juan Flores, director of operations for AutoTrader.com's Trade-In Marketplace. "As sales continue to pick up, dealers can expect more trade-ins, making it more critical now than ever to mitigate risk and improve their trade-in processes."
The white paper is based on research conducted with dealers and consumers who have taken advantage of AutoTrader.com's Trade-In Marketplace, which enables consumers to get an instant offer on their used cars, sight unseen. Consumers can either generate an offer on their vehicle online via AutoTrader.com, KBB.com® (Kelley Blue Book), or on participating dealer websites, or they can generate an offer in-store at a participating dealership. To be a participating dealer in the Trade-In Marketplace program, dealers pay a monthly subscription that gives them access to consumers who generate an instant cash offer through the tool.
The offer, which is valid for 72 hours, takes into account an extensive set of parameters, including VIN-specific information, details surrounding the condition of the car and the impact of the specific vehicle's history and after-market equipment. As long as the vehicle's condition is accurately represented in the tool, the consumer can walk away with a check for that amount or use the amount toward the purchase of another vehicle. Dealers then have the option of reselling the vehicle on their lots, or they can ground the vehicle and liquidate it through traditional auctions or through AutoTrader.com's third-party vendor for the full amount of the offer, or sell it to a wholesaler.
AutoTrader.com research shows that only 37 percent of consumers are satisfied with the process of trading in their vehicles.1 However, as information in the white paper shows, the Trade-In Marketplace can increase consumer satisfaction. According to a survey of Trade-In Marketplace users, 77 percent of offer redeemers are willing to recommend the tool to others and to use it again in the future2. Two out of three redeemers also thought that the tool was valuable in helping them negotiate with dealers and improved their interactions at the dealership2.
"This generation of buyers responds best to open, haggle-free consultations, and dealers who adapt their online and in-store processes to meet those expectations will ultimately be the ones who are most profitable," Flores continued.
In addition to improving the consumer experience, the Trade-In Marketplace helps dealers improve their stores' overall margins and mitigate inventory risk, according to focus group research conducted in 2013 with Trade-In Marketplace dealers. With its real-time market view and valuation process, the tool takes the guesswork out of valuing a trade by providing an offer that is specific to the particular vehicle and its condition. Because of this, dealers are able to acquire inventory at a price point that allows for sufficient investment in the reconditioning and marketing/advertising needed to successfully retail the vehicle. If the vehicle is undesirable and the dealer chooses not to retail it, they have the option of grounding the vehicle through AutoTrader.com's third-party vendor for the offer amount, which helps reduce inventory-related risk.
To access the full white paper, click on the following link: Maximizing the Trade-In Process. For more insights, research and white papers from AutoTrader.com, visit the Dealer Learning Center, an online educational site, at www.DealerLearningCenter.com.
Created in 1997, Atlanta-based AutoTrader.com is the Internet's ultimate automotive marketplace. As a leading resource for car shoppers and sellers, AutoTrader.com aggregates millions of new, used and certified pre-owned cars from thousands of dealers and private sellers and provides expert articles and reviews. AutoTrader.com, which also operates the AutoTraderClassics.com auto marketing brand, is wholly owned by AutoTrader Group. Additionally, AutoTrader Group owns Kelley Blue Book (KBB.com®) as well as companies that provide a full suite of software tools that help dealers and manufacturers manage their inventory and advertising online: vAuto®, HomeNet Automotive®, VinSolutions®, AIS Rebates™, Genius Labs® and Haystak™. AutoTrader Group is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com.
1 2012 Morpace/AutoTrader.com Dealership Experience Study
2 2012 KS&R/AutoTrader.com Trade-In Marketplace User Study
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 30, 2015 12:00 AM EST Reads: 446
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 30, 2015 12:00 AM EST Reads: 417
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 29, 2015 06:00 PM EST Reads: 233
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 29, 2015 06:00 PM EST Reads: 441
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 29, 2015 04:00 PM EST Reads: 255
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 29, 2015 02:00 PM EST Reads: 485
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 29, 2015 01:00 PM EST Reads: 357
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 29, 2015 12:45 PM EST Reads: 421
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 29, 2015 12:30 PM EST Reads: 427
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 29, 2015 12:00 PM EST Reads: 528
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 29, 2015 11:45 AM EST Reads: 328
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 29, 2015 11:30 AM EST Reads: 276
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 29, 2015 10:00 AM EST Reads: 204
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 29, 2015 09:45 AM EST Reads: 454
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 29, 2015 09:15 AM EST Reads: 347