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
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes how...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...