AutoTrader Trade-In Marketplace?

[Jeff Kershner]

Well it's about time... Autotrader finally released a mobile app for trade-in marketplace / TIM. I guess better late than never.

And all seriousness, this is a much needed feature for dealerships utilizing TIM.

 

[Jeff Kershner]

KBB Instant Cash Offer IS NOW Trade-in Market Place (TIM) - Repackaged

 

[Danny Cox]

KBB changed the format for the price presentation today and included a trade value range that is higher than the instant cash offer. What do you think about this and does anybody out there know of another service like this one? I love the process but this move was obviously made by some non-car guys who have never talked to a customer face to face. Thanks.

 

[Steve Stauning]

KBB changed the format for the price presentation today and included a trade value range that is higher than the instant cash offer. What do you think about this and does anybody out there know of another service like this one? I love the process but this move was obviously made by some non-car guys who have never talked to a customer face to face. Thanks.

If true, that is a terrible move in my opinion. So many dealers are starting to use a trade-in tool like ICO as part of their in-store processes when selling a car and lower numbers in ICO help close deals. Having a lower number (as an Instant Cash Offer) was a great way to get a customer to take first pencil in a shortened road-to-the-sale like this:

1. Meet, Greet, License Scan (all in one smooth flow that ends at the kiosk)
2. Schedule Demo Drive (on your kiosk)
3. Plug-in Trade Info (on your kiosk)
4. Demo Drive
5. Contract Presentation

During Step 3 you show the customer a lower range than what they feel their car is worth, but you move them quickly to the waiting vehicle for the Demo Drive. During Step 4 your desk is penciling the deal and evaluating the trade.

If you can give them a fair number in Step 5 (one that shows their trade at the high end of ICO or even above it, and your vehicle priced as it was online) they take the number. Deal done in minutes.

By showing consumers a different range for Trade versus Buy on their trade vehicles, dealers will either lose deals or lose gross (or both).

 

[derrickwoolfson]

KBB changed the format for the price presentation today and included a trade value range that is higher than the instant cash offer. What do you think about this and does anybody out there know of another service like this one? I love the process but this move was obviously made by some non-car guys who have never talked to a customer face to face. Thanks.

I was told that you can change the percentage to match their new Instant Cash Offer value. However, as I am sure you know it is very difficult to get in touch with one of their consultants.

 

[Steve Stauning]

I was told that you can change the percentage to match their new Instant Cash Offer value

I'm hopeful there are custom settings for dealers where they can opt-out of two value ranges, but if the consumer completes this form on KBB.com and I'm the ICO dealer in the market, they've squeezed some of my gross, haven't they?

 

[Danny Cox]

This is what the new ICO offer looks like. I did it multiple times and the range is ALWAYS higher than the ICO value. This is basically like giving a pencil to a customer and including a range that has a cheaper price for the vehicle they are buying. Why do I need the system if it contradicts itself on the same page? It's ridiculous and they obviously never asked a dealer before they did this.

 

[derrickwoolfson]

I'm hopeful there are custom settings for dealers where they can opt-out of two value ranges, but if the consumer completes this form on KBB.com and I'm the ICO dealer in the market, they've squeezed some of my gross, haven't they?

No doubt. And let's be honest. The new KBB Instant Cash Offer is the same program with a new shiny sticker attached to it. So to your point there are now the same program (one with a lesser value) competing against itself. And the stores paying to be the instant cash offer store or the trade in market place. There service has really gone down the tubes in so far as working with the dealers.