Consumers Want More for Their Trades Featured
04 August 2017
Black Book recently released a white paper titled: “Trade Appraisal: How to narrow the gap to close more deals.”The white paper sheds light on the disconnect between consumers and many dealers. It also explores what’s at stake when a consumer introduces a trade-in as a part of the transaction. In addition, the paper offers new insight into the role advanced analytics and data now play in valuing a trade, with the ability to narrow the gap between the vehicle’s actual value and the consumer’s expectations for the trade. Results from a recent Black Book survey show that consumers feel a vehicle trade-in quote that’s far from expectations is the second-most likely scenario to kill a possible deal.Many consumers cited specific frustrations with the valuations they often receive from a dealer. More than a third of those polled said their researched quote was $1,001 - $1,500 apart from the dealer’s offer; and another 27 percent said their quote was more than $1,500 apart. Nearly half said they need the dealer’s offer to be between $501 and $1,000 of their research quote for it to be acceptable.