IRVINE, Calif. – Kelley Blue Book announced the integration of its Instant Cash Offer tool with vAuto’s Provision tool to help dealers win more trades and maintain or improve efficiency during the appraisal process which helps overall gross profits.
With inventory turning at its highest rate ever, it has never been more critical for dealers to ensure no trade is missed.
Dealers are currently facing a difficult dilemma: While inventory is entering the market and turning at a rapid rate, profit margins continue to decline. Furthermore, the average cost to market on a trade-in has risen more than 1.2 percent every year for the last three years, according to a 2019 Historical Margin Compression Study from Cox Automotive, making the fight for profitable inventory more competitive than ever. With the rise of online bidding and national competitors, dealers must utilize technology to improve efficiencies and distinguish themselves from rivals to win more trades.
Evolving with these industry dynamics, the Instant Cash Offer integration with vAuto Provision’s appraisal report improves dealer efficiency by helping them find and improve win rates on needed trade-ins. Features of this integration include:
- An appraisal report enhanced with Instant Cash Offer information allows dealers to clearly see how effective the offers are in helping to efficiently find and maximize trade-in win rates to improve profit margins.
- Easily add or associate Instant Cash Offers to the vAuto appraisal report, bringing together valuable information about the vehicle.
- An exclusive market report containing Instant Cash Offer information gives dealers access to other offers for similar vehicles to validate the offer and provide a more comprehensive view to help dealers win the trade.
- Easily identify existing Instant Cash Offers on recommended vehicles dealers need, sourcing inventory directly from the consumers versus typical acquisition methods.
“With inventory turning at its highest rate ever, it has never been more critical for dealers to ensure no trade is missed,” said Paul Whitworth, senior vice president of inventory management solutions for Cox Automotive. “These integrations help dealers maintain a competitive advantage by increasing the flow of information from third-party sites to inventory management systems, modernizing the appraisal process and ultimately winning more trades with information from the No. 1 most trusted third-party automotive brand, Kelley Blue Book.”
Kelley Blue Book Instant Cash Offer is offered as a standalone product and can be integrated with vAuto’s Provision. Both products are available for purchase at NADA 2020.
“We started using both vAuto Provision and Kelley Blue Book Instant Cash Offer a little more than three years ago,” said Firas Makhlouf, chief information officer for Driver’s Village. “Instant Cash Offer is a great product, and the integration into vAuto has been tremendous. It’s very easy to populate the information and click through to see the full report with the information from Kelley Blue Book. We use the Instant Cash Offers during the appraisal because consumers see the offer is from Kelley Blue Book and know they can trust the offer.”
For more information on the Kelley Blue Book Instant Cash Offer and vAuto Provision integration, please visit Kelley Blue Book (booth #2528C) or vAuto (booth #2316C) at the 2020 NADA Convention and Expo, or online at www.b2b.kbb.com.
Originally posted on Auto Dealer Today