AutoTrader Trade-In Marketplace?

[Alex Magnan]

We just got on with TIM and are implementing it into our sales process. The idea of bringing the sales manager or used manager into the process has helped. If its a customer who hasn't submitted anything online yet then we go through our trade in process with them when they come to our store. We've noticed it helps to include the customer in the process and not having them sit at a desk wondering what " their " doing with my car. Were still in the beginning stages with it right now, but I have noticed since AT has bought KBB that most of the prices TIM is sending out is in the ballpark with KBB, making KBB alot more realistic. But for me its all about process and if you use it right I can't see it hurting you. I'll give it a few months to see what is does.

 

[ddavis]

I am reading into that -- that 70% of the customers that use TIM don't end up at the dealership that received the request/lead. Am I missing something?

That says that the dealership gave the customer a better bid.

We just got on with TIM and are implementing it into our sales process. The idea of bringing the sales manager or used manager into the process has helped. If its a customer who hasn't submitted anything online yet then we go through our trade in process with them when they come to our store. We've noticed it helps to include the customer in the process and not having them sit at a desk wondering what " their " doing with my car. Were still in the beginning stages with it right now, but I have noticed since AT has bought KBB that most of the prices TIM is sending out is in the ballpark with KBB, making KBB alot more realistic. But for me its all about process and if you use it right I can't see it hurting you. I'll give it a few months to see what is does.

I remember showing a customer a KBB value on their Chevy pickup. It was a nice truck that I really wanted. They accepted the value and we traded for the truck $3000 back of rough Blackbook average. On the other hand, you never wanted to bring up Kelly when the customer had an import. Maybe AT is bringing some sanity to the KBB values. I believe only left coast dealers ever used it.

 

[superchevy69]

Taking a 2nd look at TIM, the first time it was presented i was like you want me to pay how much??? You're Crazy! But now I think we can make it work using the right processes and people. This thread was helpful to see how and why TIM fails so hopefully we can avoid the same mistakes.

 

[buicksalesguy]

just seen this thread and wanted to chime in...we have been using TIM since 2011 with GREAT SUCCESS but you have to utilize TIM the right way...lets face it the TIM #'s r low and realistically 80% of customers are going to balk at the TIM # but TIM is NOT FOR STEALING TRADE INS...TIM is best at getting a number out of your customer they think the car is worth so you can desk the deal appropriately...its real simple show them the TIM # and shut up u will get a response if they say that is low ask them y they think its low and what they think their car is worth and BAM u got it..then u take their car to your manager and have him appraise it and guess what we have had more trade roll in the last 2 yrs we have had TIM than the 76yrs this dealership has been here...that is what TIM is good for the leads are worthless, make the mistake of putting the TIM link on your website and have the customer do a TIM on their own and you will never see them cuz they think your appraisal is to low $1200 a month that we pay for TIM we get back in 1 car deal thru trade roll

 

[TomLaPointe]

buick sales guy... our experience on the sales floor was that the offer from TIM was often so low compared to the buyer's previous research on Edmunds, kbb (an autotrader website too), and others that they thought we were on crack

 

[buicksalesguy]

buick sales guy... our experience on the sales floor was that the offer from TIM was often so low compared to the buyer's previous research on Edmunds, kbb (an autotrader website too), and others that they thought we were on crack

Yeah we have that too on late model stuff TIM is low but 5yrs old they are spot on but again the TIM number is gonna be low we have been using it 2 yrs and they have gotten 1 car from us its all in presentation..if your salesman has control of the customer it should be a non issue again TIM is not a way to get a trade in cheap its a way to put a deal together.

our little speil is "ok mr and mrs customer we do trade ins 2 diff ways here first im gonna run your car thru the trade in marketplace have you heard of it...then we tell them TIM is something you can do by yourself at home, TIM is affiliated with autotrader.com are u familiar with autotrader..95% of customers will say yes..then u say they have hooked up with a wholesaler in hollinshead, PA, they are going to make a cash offer on your car even if u don't trade it in they will still buy it off of u then after I do the TIM im gonna have my manager look at your car and see what he is willing to give you for it and whichever one is higher is the one we will go with..

TIM is just an avenue for us to try to get as much for you for your car as possible..most customers will be all for it then we have a TIM appraisal sheet we take the customer out and walk around their car with them and come inside and go thru the TIM questions......AGAIN 90% of customers will say the TIM # is too low so after they say that you say well what was you thinking your trade was worth and like magic you will get their number they are thinking....that is what we use TIM for we were desking deals and asking the salesperson what the customer thought their trade was worth and the customer wouldn't tell us so the salespersons reply was I don't know what they want for it...if u utilize TIM properly when you go to desk the deal and ask the salesperson what the customer thinks their trade is worth he will tell you exactly what they want out of it...as far as Edmunds, KBB, NADA the easy way to get around that is tell them the book values are just a theory you cannot put a value on a car without seeing it I mean would you agree to buy my car at what im asking without seeing or driving it because the internet tells you its worth that much? then show them the retail kbb, Edmunds value and show them you are selling your car under the book value because the books are inflated and most customers will oblige....that is how we use TIM and we have great success with it

Every once in awhile a customer will agree to the TIM # then the manager appraises the car at $3,000 above TIM and the salesperson gets a nice extra $750 commission for the trade roll...your next customer with a trade in give it a shot see what happens just don't let them walk out of the door at the TIM# cuz you will lose you deal like that but if you utilize it properly and just use it to help you get information out of your customer it will work wonders.

 

[Jeff Kershner]

TIM is best at getting a number out of your customer they think the car is worth so you can desk the deal appropriately...its real simple show them the TIM # and shut up u will get a response if they say that is low ask them y they think its low and what they think their car is worth

You got it!!

I don't understand why dealers continue to struggle with TIM and the concept? It's not rocket science - it's changing up the process a bit, following some word tracks to help flush out objections around the trade. It's easy and effective!!

Why do dealers really struggle with this?

 

[eddyshaf]

I will first confess that I did not read the entire thread. Then I am going to ask if anyone has any luck with TIM outside of the in store sales process?

The dealers I work with who are using TIM see it as largely ineffective due to the high volume of leads and extremely low contact rate. So if it is not for lead gen, then would you solely use it as part of the in store sales process?

How can dealers use TIM to generate more sales rather than simply enhance the process with the sales that they are already making?

Ed Shaffer
PCG Consulting

 

[joe.pistell]

Yeah we have that too on late model stuff TIM is low but 5yrs old they are spot on but again the TIM number is gonna be low we have been using it 2 yrs and they have gotten 1 car from us its all in presentation..if your salesman has control of the customer it should be a non issue again TIM is not a way to get a trade in cheap its a way to put a deal together.

How 'bout this idea?

Drop TIM and subscribe to JOE.

Go to JoeWantsYourTrade.com, Key in your customer's vehicle info and I'll give you back a number that's 60% of KBB private party. I think I'm below ACV and you've saved some cash

 

[Jeff Kershner]

simply enhance the process with the sales that they are already making

Ed,

You're more worried about selling more cars than enhancing your process on the floor to make more per vehicle sold?

This simple enhancement can have a nice impact on the bottom line.

If consumers are visiting less than 2 dealers before purchase - I'd be placing a majority of my focus on improved floor process. A solid process will build more value and not only yield you more per vehicle but overall more sales to go along with it.