We know that the trade-in experience is a major friction point in consumers buying cars.” Our EVP of TradeRev Canada discussed how we’re bridging the gap with consumers and helping dealers sell more cars.
It’s now an established fact that the more transparency in the car buying process, the greater the trust. And so, it goes to follow, the greater the leads.
At TradeRev, that transparency is being extended to the trade-in process. “We know that the trade-in experience is a major friction point in consumers buying cars,” says James Tani, Executive Vice President, TradeRev Canada. “People want it to be faster.”
Their tool is designed to bridge the trust between dealers and consumers. “We’ve created a lead generation and sales tool for our dealers,” says Tani. “Our algorithms give us historical data from multiple sources, TradeRev and our sister company, Adesa.
TradeRev pushes customer vehicles to online auctions, exposing them to thousands of dealers. “We also now provide our dealer customers in selected markets an auction link so they can view the trade-in value in real time,” says Tani. “That provides transparency to the consumer.”
“We know that the trade-in experience is a major friction point in consumers buying cars.”
James Tani, Executive Vice President, TradeRev Canada
Tani says that consumers just want a transparent way of understanding how the dealership came up with the value of a car. “The consumer has a lot of pain points, and by improving the trade-in process, we can help dealers sell more cars,” he explains.
Consumers go to tradein.traderev.com, enter some basic information, and they will get a trade-in offer. “Then, they select a TradeRev dealer in their area, to visit and get the car put on auction,” says Tani. “Dealers have been using our appraisal services for years, but now we’re pushing them leads.”
There are also customized dealer widgets that can be put on a dealership’s website. “When a consumer goes on a dealer’s website, they see our tool, and they can enter their information through the dealer’s website as well,” says Tani. “Customers enjoy seeing the auctions on their smartphones.”
Although TradeRev has a dealer network across Canada, this particular tool is in a pilot project phase in Ottawa and British Columbia and will be available across Canada eventually.
Source: Canadian Auto Journal
Published: May 2019