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Dominion DMS

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

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Jeff Kershner

Jeff Kershner

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#1
AutoTrader's Trade-in Market Place (TIM) is being repacked, and they're calling it KBB Instant Cash Offer. Who knew?

"The Cox Automotive Media Group told reporters in late October that TIM was being converted into KBB Instant Cash Offer during the fourth quarter, bringing an entirely new experience for consumers and toolset for dealers along with the new name."

According to this article, "Trade-In Market Place" is no more (at least the name). Moving forward, TIM is KBB Instant Cash Offer. The above statement points out "an entirely new experience for consumers and toolset for dealers" but after reading this article, I'm guessing they're throwing in a bit of fluff to try and re-capture

And here I thought ATC was considering a double dip with the Buying Centers. Offering one dealer TIM and a neighboring dealer, in the same "exclusive region", the KBB branded buying center. Dealers that paid up the BIG BUCKS to be a TIM Buying Center were also granted their exclusive region. No other dealer within the determined region could purchase the Market Center package. BUT... that may have not stopped a rep from selling a KBB Instant Cash Offer package to a dealer, within the same region. After all, it is an entirely new/different "experience" ;-)

Don't be fooled by my tone. I've been a fan of Trade-In Market Place (not including the Buying Center) since it was introduced. When implemented correctly and injected into the showroom process, utilizing the service with the customer, you can achieve some stellar results. However, it has no business being on your dealership website (often sold that way) as an online trade-in or conversion tool. It's NOT a good online experience.

Anyone have some feedback to offer up?

Has anyone switched over from TIM to KBB ICO, and what new experience and tools are you seeing?
 
#2
At a previous dealership we had TIM and used it during the appraisal process. Every now and then we'd have someone talk about the offer they saw on KBB and want more for their car. We would always direct them to the KBB site and that it always said, "Click here to get a cash offer" next to their valuation. That was a link to TIM. So now that it's re-branded as KBB I think it's going to help dealers overcome those KBB objections and makes more sense than associating it with AT.
 
#3
I like that it is being re-branded, the KBB name resonates more with customers. I know a lot of our customers when we did the TIM proposal with them the first thing they said was how much KBB said it was worth. Not the biggest hurdle to overcome but still will make it a bit easier.

Also I have to chime in one how the experience online not being a good one, I agree. I'm starting to realize this is a great tool in the showroom but it really needs to disappear off our site.

That being said is there a good trade in tool to use on a dealers website?
 
#4
We use TIM (now KBB) mostly in our showroom. We make two offers on trades - one the old fashioned way, and one through (now) KBB Instant Cash Offer.

Since the UX is so terrible for instant cash offer, we only use the KBB Range Finder on our site (this too was converted from AutoTrader to KBB with this migration.) It isn't pretty, but it's very easy to use. The Rangefinder tool is also responsive, so you don't have to worry about creating a mobile specific link to a mobile friendly trade in tool. It just plugs in and works without any more tweaking.
 
#5
This isn't just a new name, it is a complete re-positioning of the product. It used to be considered a 'best practice' to use TIM in the showroom during the appraisal process, while using it as a 'Lead Gen' tool was played down. That doesn't appear to be case in this new iteration of the marketing.
"Cox Automotive Media Group president Jared Rowe followed up, emphasizing how the aim is to push “high-quality” traffic to dealerships....”
"...because this ultimately about driving high-quality showroom traffic into our retailers."
"...the improvement that they will get in terms of people walking through the door — Jared calls them ‘at-bats’ — they will get huge benefits then."​

"Trade-In Marketplace gets new name & tune-up" From AutoRemarketing.com
 
#6
The downfall of these tools is that they provide the consumer's estimated trade-in value and nothing more. Additionally, those tools inquire solely about the vehicle, and don’t really delve deep into what the consumer might want or need. Given how much marketing technology has evolved over the last few years, it’d be foolish to think you couldn’t provide the consumer with a more sophisticated user experience with varying types of interactive content.

Today's website visitor is far more educated than in the past. They've already visited 3rd party sites and no longer need to see a 3rd party logo on your dealerships site to know whether or not you're trust worthy. An engaging, dealership branded, consumer friendly tool could make all the difference.

The actual appraisal is done at the dealership so why have a tool that focuses so much on vehicle data? A tool that collects enough vehicle info to give them an estimated range immediately, instead of 5 pages and 20 questions later, but also asks questions about the consumer (where are they in the buying process, type of vehicle they are interested in, is there a loan on their current vehicle, etc.) would be insanely helpful when converting them from a CRM lead into the showroom.
 
#7
Ed Brooks said:
This isn't just a new name, it is a complete re-positioning of the product.
Click to expand...

@Ed Brooks do you know any more than what was included in the AutoRemarketing article?

"The aim is to push “high-quality” traffic to dealerships....”​

“You’re seeing us put the range inside (the offer), next to the Trade-In Marketplace value. So, it’s not just a liquid cash offer; it’s a liquid cash offer with context, which is incredibly important,” Rowe said. ​

So not only will the consumer receive a "Liquid Cash offer" for their trade-in vehicle but the "KBB value range" will also be included. ATC is really banking on the Kelley Blue Book brand to bring about the credibility needed for a significant increase in traffic and number of offers made.

“I think they’re going to take a lot of the offers, because they’re going to be legitimate offers. But even in those cases where they don’t, the improvement that they will get in terms of people walking through the door...” - Eddie Tyner, Senior VP of Media Sales​
 
#8
Jeff Kershner said:
@Ed Brooks do you know any more than what was included in the AutoRemarketing article?

"The aim is to push “high-quality” traffic to dealerships....”​

“You’re seeing us put the range inside (the offer), next to the Trade-In Marketplace value. So, it’s not just a liquid cash offer; it’s a liquid cash offer with context, which is incredibly important,” Rowe said. ​

So not only will the consumer receive a "Liquid Cash offer" for their trade-in vehicle but the "KBB value range" will also be included. ATC is really banking on the Kelley Blue Book brand to bring about the credibility needed for a significant increase in traffic and number of offers made.

“I think they’re going to take a lot of the offers, because they’re going to be legitimate offers. But even in those cases where they don’t, the improvement that they will get in terms of people walking through the door...” - Eddie Tyner, Senior VP of Media Sales​
Click to expand...
I'm certainly not "in the know".

This is the second or third re-positioning of TIM. It's starting to look like a solution in search of a problem.
 
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