Trade Appraisals

Share a nugget of information that will help the dE community. Please keep it to 2 sentences. Short and sweet!

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Permalink Reply by Mike Myers on October 29, 2010 at 5:09pm
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 ;)
Permalink Reply by Philip Zelinger on November 10, 2010 at 11:56pm
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.
Permalink Reply by Matthew J. Cisneros on November 11, 2010 at 1:26am
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
Permalink Reply by Bobby Compton on November 14, 2010 at 1:19pm
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.

Permalink Reply by Michael Deville on December 2, 2010 at 2:32am
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
Permalink Reply by Brent Abdulla on December 24, 2010 at 9:23pm
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!
Permalink Reply by Mike Myers on May 4, 2011 at 11:52am
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.
Permalink Reply by Larry Bonorato on May 17, 2011 at 1:11pm
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. 
Permalink Reply by Ian Woodward on July 25, 2011 at 5:21am

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?

Permalink Reply by Gary Abrahams on November 30, 2011 at 10:50pm

 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.

Permalink Reply by Troy Spring on January 3, 2012 at 11:39pm

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.

Permalink Reply by Tony Troussov on January 12, 2012 at 9:25am

Taking the customer on the trade appraisal ride increases your look to book ratio.

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