Recently, Autotrader announced the Best Non-Luxury and Luxury Certified Pre-Owned Programs for 2020. Since today’s car shoppers are focused on value and affordability, CPO is a perfect option for a cheaper vehicle that has a manufacturer-backed warranty. This year’s winners are Hyundai and Lexus L/C Certified. Here to share with us how dealers can help shoppers understand how to get the most out of CPO programs is Brian Moody, Executive Editor at Autotrader.
In Brian’s experience, the average consumer does not fully understand what a CPO is, and all of the potential benefits the program can offer. Dealers then have an opportunity for a teaching moment that creates engagement and builds a relationship with that customer. The average person will not understand the nuances of these programs without considerate dealer explanation.
“I think [CPO] makes the most sense for [the customer and the dealer] when they’re looking for something that you know is out of their price point whether or not that’s because of a credit issue or because of a debt to income ratio- whether that’s because of employment or whatever the reason is,” says Brian. “Certified preowned offers a way to still give them that nice thing they were expecting, at a lower price. You can build trust with them because the risk is low since it comes with a warranty.”
For more great insight into CPO programs, be sure to watch our entire interview with Brian Moody above.
Did you enjoy this interview with Brian Moody? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
