ATLANTA — Because hammering out an agreeable trade-in value
creates negative feelings for potential buyers, AutoTrader.com offered four
tips to help dealers ease the pain of the trade-in and increase customer
satisfaction.

Site officials wanted to create a strategy for stores
because they contend satisfaction with the vehicle-buying process decreases
significantly once consumers make the transition from online shopping to
in-store purchasing.

AutoTrader said negotiating the value for the trade-in is
the activity with which purchasers are least satisfied.

In fact, only 37 percent of consumers reported being
satisfied with that step, according to research from the site.

However, a tool like AutoTrader.com's Trade-In Marketplace
can serve as a bridge between the online and offline aspects of the shopping
experience, thereby helping dealers increase customer satisfaction notably.

"Car shoppers have access to more online resources than ever
before, and they are using them to choose their buying and trade-in
opportunities carefully," said Juan Flores, director of operations for
AutoTrader.com's Trade-In Marketplace.

"By addressing the most painful part of the transaction –
negotiating the trade-in – dealers can increase customer satisfaction
significantly, and they can also stand out from their competition. It's a
win-win if they implement – and merchandise – the tool in the right way,"
Flores continued.

The Trade-In Marketplace, accessible via AutoTrader.com,
KBB.com from Kelley Blue Book, participating dealer websites and in select
physical dealerships, can enable consumers to get an instant offer on their
used vehicles, sight unseen.

The offers are based on an extensive set of parameters,
including VIN-specific information, details surrounding the condition of the
unit and the impact of the specific vehicle's history and after-market
equipment.

The result is that consumers receive an offer on their
vehicles that represents an amount that a dealer would be willing to pay for
their vehicle immediately.

Because Flores pointed out that it's important to implement
online and offline strategies when using a tool like the Trade-In Marketplace,
he offered the following tips for dealers using the Trade-In Marketplace:

1. Showcase Your Trade-In Process Online

Prominently signal on your website and other marketing
platforms that you have an online appraisal tool that will enable shoppers to
get an instant cash offer on their vehicle. You can leverage the brand equity
of AutoTrader.com and capture the attention of shoppers online.

2. Reduce the Pressure

Let the customer know that you are very interested in the
vehicle, regardless of whether he/she wants to trade in the vehicle or simply
sell it to the dealer.

3. Let the Customer Take the Lead

If they haven't generated a Trade-In Marketplace offer by
the time they walk in, take the customer to the Trade-In Marketplace kiosk or a
workstation and allow them to answer the vehicle condition questions
themselves.

4. Involve the Customer in the Walk Around

Don't leave the customer sitting alone while you validate
the condition of their vehicle. Invite them to do the walk around with you, and
talk with them about the factors that affect the value of their vehicle – both
the positive and the negative.

"Enabling consumers to be more involved in the trade-in
process has proven to be a winning strategy that helps dealers increase
customer satisfaction and stand out from the crowd," Flores said.

"Enhancing in-store processes is not always easy, but
best-in-class dealers take that challenge head on and use it to separate
themselves from the competition," he went on to say.

According to a survey of more than 12,000 Trade-In
Marketplace users, two out of three of those who redeemed their offers thought
the tool was valuable in helping them negotiate with dealers and improved their
interactions at the dealership.

As a result, 77 percent of those surveyed were willing to
recommend Trade-In Marketplace to others and to use it again in the future.

Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.


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