January 12, 2021
2020 Wrap Up for a Growing TradePending
Product Stat & Figures
This year Trade, TradePending’s high converting trade-in tool, delivered 1.7M trade-in leads to our customers, about 4,600 per day, or 194 leads every hour. This number only gets more impressive as it represents a 30% increase for the second year in a row. Our motto of simple automotive holds true as we remain one of the highest ROI marketing tools for dealerships this past year.
Launched in 2019 to help dealers merchandise their inventory, Badges had a breakout year in 2020. The customer base grew an astounding 247%, more than tripling in size. This facilitated powerful talk tracks that keep the discussion away from price, while creating urgency in potential clients. During a time when dealerships were struggling to deal with COVID, we also enabled Badges for hundreds of dealers for three months at no charge, in addition to the other financial assistance packages we provided.
Mobile continued to significantly outpace desktop generated leads with almost three quarters of leads being attributed to phones or tablets. This represents a 4% increase in mobile growth from last year and continues to grow annually. Dealerships know it’s important to meet customers where they live and breathe. TradePending is already there with our mobile optimized products.
TradePending’s Trade API, the same nuts and bolts of our technology that create accurate local market valuations, also grew in 2020. Revenue for TradePending jumped 80% in this channel, attributed to the trust that our partners have in TradePending, but also their customer bases growing as well. The API business grew in every sector including digital retailing, chat, and finance.
Support Continues to Crush Their Numbers
This year has been a banner year for TradePending support specialists. With over 58,000 support ticket requests, they were able to have an average resolution time of just over 5 minutes. This proves a doubling of efficiency over last year! 94.2% of the tickets were “one-touch completion” tickets, leading to satisfied customers, extremely quickly.
In 2020 we also launched automated notifications for potential website integration issues. This allowed our support team to find and diagnose issues before our customers even noticed them.
What’s Coming Down the Road for TradePending?
We firmly believe that you can have your cake and eat it too. Offer, originally called the The Buying Platform, is launching just in time for NADA 2021, reinvents the trade-in offer process. Previously dealers had to choose between high converting trade-in tools or lengthy online forms for their trades. Offer efficiently and elegantly combines these two processes. The adaptability of the product means we can tailor it to your market and strategy, without killing website conversions. Offer is a direct, descriptive, and simple name, keeping to our motto of simple automotive. Keep an eye out leading up to NADA 2021 to register for a demo.
Stepping back and looking at the big picture, our products will be geared towards enabling more consumer-owned vehicle purchases. 2021 will continue to see more competition amongst the big brands, franchise dealers, and independents for consumer-owned vehicles through trades. We’ll help level the playing field against the used car monsters like Carvana, Vroom, and Carmax that gobble up increasing amounts of inventory every year.