Washington, D.C.-based Easterns Automotive Group uses Cars.com’s Accu-Trade appraisal technology, and Easterns’ president Joel Bassam said that appraising a vehicle now takes as little as 15 minutes compared to an hour previously.

During the Cars.com (CARS) third quarter 2022 earnings call on Nov. 3, CARS CEO Alex Vetter mentioned Bassam and Easterns, quoting Bassam as saying the time savings as a result of using Accu-Trade was meaningful, since Easterns appraised more than 1,800 vehicles during the quarter.

“As evidenced by [Bassam], using our digital solutions is a game-changer,” Vetter said, noting that CARS rolled out Instant Offer on Cars.com in August.

That allows private sellers to receive a competitive cash offer based on real-time data in minutes. Vetter also said it provides dealers additional access to buying opportunities from private sellers through Cars.com. Dealers can also provide consumers with guaranteed offers from their own website using Accu-Trade.

“We are just getting started on finding more ways to help dealers buy cars and are excited about the disruption we’re driving as the auto industry shifts toward speed, accuracy and efficiency through tech,” Vetter said.

Vetter said the ramp-up and rollout of Accu-Trade was one of the highlights of the quarter for CARS.

“This solution drives operational efficiency in the vehicle acquisition process for dealers, while also delivering a more transparent vehicle evaluation process for consumers,” Vetter said.

The company said it had a strong quarter all-around, as Vetter said the company “delivered another quarter of solid results.” Third quarter revenue grew 5% year over year.

“We are well-positioned to drive long-term sustainable growth, as we empower the auto industry to shift to end-market digital solutions to better compete for auto sales, increase transaction efficiency, and optimize for profitability,” Vetter said.

Helping achieve that momentum was growth in traffic, dealer customers, and increased adoption of the company’s Dealer Inspire and Accu-Trade products, Vetter said.

These factors demonstrate the strength of CARS’ integrated platform strategy, Vetter said, adding that the company showed steady performance in an operating environment that has been challenging for many in the industry.

“Our dealer customer base remains healthy, and our retention rates and value delivery remain strong,” Vetter said. “Inventory levels are starting to recover, with daily average listings on our marketplace growing 11% year over year for new cars and 9% for used.”

Expanding on Accu-Trade as one of the highlights of the quarter, Vetter said that at the end of the quarter, more than 400 dealers were on the connected platform, and he said the platform can help dealerships facilitate approximately 25 million vehicle acquisition opportunities each year.

With Accu-Trade, dealers can efficiently value and acquire inventory in abundant or lean inventory environments. For dealers, trade-ins are a complicated process. But they are a crucial process, and Vetter said a trade-in is attached to almost half of all vehicle sales.

“However, the physical appraisal process is outdated and inconsistent, resulting in long wait times and highly subjective valuations,” Vetter said, adding that the trade-in process can take up to an hour on average per vehicle. That can create a bottleneck at the store and slow the transaction process for consumers and dealers.

To address that issue, Accu-Trade's proprietary VIN-specific valuation and appraisal technology provides transparency on vehicle valuation and delivers accurate appraisal reports, resulting in real-time market data in minutes, Vetter said.

“Because Accu-Trade is so easy to use, it empowers more of the dealership staff to provide accurate appraisals, improving the overall dealership operation while creating a better and more efficient experience for the consumer,” he said.

Meanwhile, on the dealer group level, Easterns Automotive Group is happy with Accu-Trade, as Easterns’ president said the company adjusted its trade-in process onto Accu-Trade 100% and expanded the technology to all eight of its stores, Vetter of CARS reported during the earnings call.

“We are just getting started on finding more ways to help dealers buy cars and are excited about the disruption we're driving as the auto industry shifts toward speed, accuracy and efficiency through tech,” Vetter said. “In summary, our industry-leading brand, our high-value organic traffic, and our integrated platform of dealer-friendly solutions, coupled with the resilience of the auto industry, position us to drive growth and generate strong free cash flow.”