AutoTrader Trade-In Marketplace?

[Blake Arbogast]

We are now using the tool 100%, every customer hitting the door and on our website. So far I like the tool but customers don't . The trade in numbers have been really low. We have just been playing it off as:

"This is the guaranteed minimum value for your trade, but we really want your car so we are willing to give you this..."

Its been working so far but I'm still worried about the customers who are filling out the form at home. They get Autotrader's low number and then won't pick up our calls or answer emails. We got one guy on the phone who told us he crossed our dealership off his list after receiving "our trade number."

 

[danoneil]

Hey Jeff ... Any updates on the product ?

 

[Jason Walter]

*UPDATE*

We get about 6-7k unique visitors a mo...in 30 days got about 90 leads...Close rate is pretty low but we did manage to trade for 3 units and make 2 deals. I would say about 15-20% of the trade values are real. I do wish that they values would be more realistic but it is bringing in leads so...I just think we as a dealer need some time to come up with a process that will generate the best closing rate. One thing we are doing is that form the first email we let the customers know that we might be able to give them more than what Autotrader's offer.

We are going to keep monitoring it over the next couple months and will keep testing to see if we can achieve some better results. I still think it can be a great product and from talking to Autotrader they will be having some changes in the product soon. Maybe some of these issues will be addressed.

As an added note: We have placement of the TIM product everywhere on our web presence.

 

[Jeff Kershner]

Jason, my Nissan dealer is having about the same performance. A modest conversion but nothing extraordinary. We too have it all over the site, from homepage real-estate to the VDP to even a specific landing page with a custom video explaining the service. We've sold a few opportunities from it - but as a lead capturing / conversion piece, it's not performing any better than a lesser priced trade tool I was using on the site prior.

The other side of this tool - the side I was hoping would make it a real value, relies on the sales managers. This is where we could be doing better, go figure. So as it stands, using it as merely a lead driving piece on the website is not resulting in anything special and I could save a few $'s a month using a different service. IF I could get the dealer to be more consistent in using it one the floor with each and every customer - a different message - I think it could still perform well.

We have a few more months on it, I'll be sure to keep all updated.

 

[jimbell]

We went with the full blown package as a Designated Buying Center. We get all of the 'in-market buyers' no matter what they are looking for. It has worked in our favor so far. We have been on it for about 5 weeks and we have sold 3 out of 60 leads that have come in and we have acquired 4 vehicles outright that we sold right away. It is challenging getting through them as we are getting people that are wanting off the wall vehicles like new Proches, Audis, Acuras, VW when we are a Honda dealer, but I think we are doing alright closing at 5% 5 weeks into it. Time will tell. At $3600 per month, we have to stay on top of it.

 

[Jeff Kershner]

AutoTrader and Auto Remarketing is holding a live webinar for TIM best practices...though you all would be interested.

On Tuesday, October 26, you have the opportunity to join Brian Skutta, General Manager, Trade-In Marketplace at AutoTrader.com, for a live webinar. The webinar will showcase how transparency provides new opportunities for dealers to attract car shoppers and acquire inventory through the Trade-In Marketplace (TIM). The program is free through the Auto Remarketing Training Series (ARTS).

Sign up here -->> Auto Remarketing | AutoTrader - Brian Skutta

Presenter: Brian Skutta
General Manager of Trade in Marketplace, AutoTrader
Inventory Acquisition and Transparency in the Trade-in Process

Inventory Acquisition and Transparency in the Trade-In Process This webinar will showcase how transparency provides new opportunities to attract car shoppers to your dealership and acquire inventory through the Trade-In Marketplace (TIM).

Following this webinar, attendees should better understand how TIM offers:

* Better access to in-market car shoppers
* A new source of inventory
* An objective retail closing tool
* Opportunity to maximize dealer wholesale profit

 

[Jason Walter]

Jason, my Nissan dealer is having about the same performance. A modest conversion but nothing extraordinary. We too have it all over the site, from homepage real-estate to the VDP to even a specific landing page with a custom video explaining the service. We've sold a few opportunities from it - but as a lead capturing / conversion piece, it's not performing any better than a lesser priced trade tool I was using on the site prior.

The other side of this tool - the side I was hoping would make it a real value, relies on the sales managers. This is where we could be doing better, go figure. So as it stands, using it as merely a lead driving piece on the website is not resulting in anything special and I could save a few $'s a month using a different service. IF I could get the dealer to be more consistent in using it one the floor with each and every customer - a different message - I think it could still perform well.

We have a few more months on it, I'll be sure to keep all updated.

Thats a good point that I left out. We are also using it from the desk. It is not a silver bullet but has helped us make a few deals. Because it has helped us make several deals we are using it on almost every appraisal. Off the top of my head...we havd two specialty cars. a VW Bug Turbo and a Pontiac Solstice that we got the highest bid from AT. We then bumped our local whoelsalers and skirted the AT process of turning it in with them, Not sure what everyone is paying...I am sure it depends on the market but our ROI is pretty decent for the tool. Not the best but well worth keeping.

 

[mb2104]

Our delaership just purchased, and will be implementing it into our own site soon. I will keep you posted on the results.....I was unsure during the presentation as to the exact traffic flow and/or leads it would generate directly to our home site, but I'm hoping for positive results!

 

[Jeff Kershner]

Update: 2 months into TIM.

As a lead gen from the dealer website - not seeing any advantage over BlackBook or any other form of online trade tool. I even went all out with HomePage graphic, VDP Button/image, Landing Page with additional Video Get Your Instant Trade-in Offer

The low ball values being placed on the customer trades has been the issue. The values in our area are typically very low. So not only does this hinder the customers perception once they have converted as a lead but when trying to use it as a tool on the showroom floor becomes a challenge and a hard sale to the sales team/managers.

We have another month to do on it. I feel as if we have given it a 70-80% effort (100% online) but have not truly adapted it into the floor process.

I'll give another update soon.

 

[jimbell]

We have been with Autotrader TIM for the last month or so. I am in need of some help. We went with the big kahuna package where we are the 'buying center' for our area. We get EVERY lead whether they are in the market for a Honda, Porsche, Mercedes, VW, etc. and we are a Honda single point store.

Right now our process is broke and need help. We are having the internet team follow up with these people and trying to get them to come in so we can have first shot at their vehicle. We get :

A.) a lot of resistance because we are a Honda dealer and not interested in our product.
B.) a lot of disappointed customers as they think their vehicle is worth more. We do say that we may be able to offer more, but will have to see it in person.
C.) Are you kidding me? I'm not in the market for a car. I just wanted to see what mine was worth.
D.) No response from the customer at all after emails and calls.

Obviously, we have had some success with the leads that are coming from our website like we did with Blackbook. But the others, not so much.

Do we count these 'In-market' leads that are coming into our CRM as true internet leads? If they are looking for something that we don't sell and won't set foot in the dealership, I don't think so. AT sold us this package as a way to acquire inventory and so far, we have gotten I think 3 or 4 vehicles and sold 3 from i-leads from our website.

What processes do you have in place to handle these leads for those using it?
Do you handle them differently than other leads? I am thinking the inventory manager handle them?

Any input would be great.