Your #1 source for auto industry news and content

spot_img

How technology is refining the used vehicle appraisal process

The used vehicle landscape has undergone extreme fluctuations over the last few years, making it difficult for both dealers and customers to navigate the market. However, while some have struggled to make ends meet, other retailers have not only managed to survive the complications but also thrive.

On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Brian Kramer, executive vice president and general manager of Accu-Trade at Cars Commerce, and David Simches, used car director at Crown Automotive Group. According to Cars Commerce’s recent 2024 Automotive Trends study, used vehicle inventory is likely to remain sparse for the rest of this year. Now, Simches and Kramer discuss an innovative solution to help dealers navigate this shortage while heavily boosting performance.

Key Takeaways

1. The average transaction price of a used vehicle has risen $10,000-$15,000 in the last 18 months. On top of this, interest rates have also risen due to the Federal Reserve’s disinflationary measures. These two issues have made the traditional wholesale method of buying pre-owned stock less efficient and more costly than before.

2. Customers looking to trade a used vehicle value transparency above all else, both in terms of what their replacement will cost and what their trade-in is worth. To have a good experience, shoppers must have access to simple processes, accurate estimates, and easy-to-understand terms.

3. Cars Commerce’s Accu-Trade platform improves transparency by providing accurate appraisal estimates on used vehicles, giving both dealers and consumers more confidence in the numbers they are given.

4. Using Accu-Trade in the dealership also removes stress from consumer interactions. Kramer notes that used vehicle managers and associates are under immense pressure throughout the day. Having access to a tool they can trust to deliver reliable answers gives them more time to verify appraisals and increase their output.

5. Accu-Trade’s simple and efficient software also makes the appraisal process faster. Simches notes the platform has enabled the Crown Automotive Group team to increase appraisals to 1,500 per employee per month.

To learn more about how Accu-Trade can help your dealership make the used vehicle appraisal process more efficient and more accurate, visit their website or catch Cars Commerce at booth #3621W at the upcoming 2024 NADA Show.

"There's going to be a lopsided [used vehicle] shortage. The dealers that are not putting in processes to buy cars from consumers are going to feel the brunt of it more...The proactive dealers are gonna get their unfair share, and the ones that don't have a consumer sourcing model are going to be at a disadvantage." — Brian Kramer, Cars Commerce

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

spot_img
Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

Related Articles

spot_img

Latest Articles

From our Publishing Partners