Welcome!

News Feed Item

New AutoTrader.com White Paper Shows How the Trade-In Marketplace Tool Improves the Trade-In Process for Dealers and Consumers

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."

(Logo: http://photos.prnewswire.com/prnh/20110425/CL88097LOGO)

"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.

About AutoTrader.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

SOURCE AutoTrader.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Peak 10, Inc., has announced the implementation of IT service management, a business process alignment initiative based on the widely adopted Information Technology Infrastructure Library (ITIL) framework. The implementation of IT service management enhances Peak 10’s current service-minded approach to IT delivery by propelling the company to deliver higher levels of personalized and prompt service. The majority of Peak 10’s operations employees have been trained and certified in the ITIL frame...
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
SYS-CON Events announced today TMCnet has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business-to-business and integrated marketing media company, servicing niche markets within the com...
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.