Trade Appraisals
Replies to This Discussion
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Permalink Reply by Mike Myers on
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Did you know... doing a "silent walk-around" doesn't work IF YOUR CUSTOMER IS NOT WITH YOU!!! Hint, make sure your customer is WITH YOU when walking around their trade ;)
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Permalink Reply by Philip Zelinger on -
Base your appraisal on the current market value, not your inventory profile, historical sales or even a black book value that is like driving a vehicle looking through the rear view mirror!
Also, determine your reconditioning costs based on established guidelines that include time to market as well as retail costs vs. internal ones. Tying up your fixed operations without developing a competitive internal profit will exhaust your resources limiting your absorption rate by shifting profit to the wrong department while compensating the wrong employees.
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Permalink Reply by Matthew J. Cisneros on
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Why do so many try to "steal" trades? Put the right money in them, we know what we pay at auction, so put fair market value in trades, and quite missing deals.
Matt
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Permalink Reply by Bobby Compton on
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A standard in the automotive industry is to understand that a customer wants to buy yours for the least amount and to get the most money for theirs.
When possible and it's a clear upgrade scenario - take the time to park the vehicle being sold next to the trade.
There's a true sales art to up selling value and devaluation all at the same time... B.C.
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Permalink Reply by Michael Deville on
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Someone that makes sense. You would not believe the thousands of deals that are lost every month. You lose a possible 3 customers with every trade. The new car, the sale of the trader and another trade. Interesting
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Permalink Reply by Brent Abdulla on
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Use the trade appraisal process as a fact finding mission. If you find out how the customer bought their last vehicle you'll know how to sell them their next!
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Place a drop of oil on the appraisal page. Shows you looked thoroughly, provides accountability, and tells a lot about the car by the oil stain.
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Permalink Reply by Larry Bonorato on
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When presenting the trade appraisal it should be done as part of a complete proposal including the vehicle price and info on monthly payments, down payments, and interest rates. Be sure to have a printed 3rd party value, such as KBB at this link;http://autos.msn.com/kbb/default.aspx to help you sell the value of the trade-in.
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Permalink Reply by Ian Woodward on
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There is a reason why the customer is changing their car - this could be the time to find out!
Imagine you were buying the car for your mother - would you look more carefully and diligently?
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Permalink Reply by Gary Abrahams on
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Customers always should be invited on the test drive of a trade-in. I don’t ever devaluate the trade this will build the barrier right back up between you and your customer, commend them on the money they saved by not spending back into their trade.
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Permalink Reply by Troy Spring on
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Get so good at the silent walk around that people that are "with you" walk away because they are embarrassed :) Thats a true pro. Great post there Mike on the Silent walk around...has to be done.
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Permalink Reply by Tony Troussov on
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Taking the customer on the trade appraisal ride increases your look to book ratio.
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