Do Instant Trade-In Offers Convert Browsers into Buyers?
Short Answer: Yes.
Long Answer: Instant trade-in offers provide immediate relief from uncertainty for potential buyers and eliminate one of their many objections to the sale before they even visit the dealership. Very few people start checking out the latest cars with zero intention of buying (except perhaps gearheads and car enthusiasts). Somewhere in the back of their mind, they’re wondering if it’s worth upgrading to the newest, shiniest model. Your website’s job is to unearth that thought and combat all the worrisome objections their mind creates. One of which is, “How much is my current car worth?”
Think of it as a soft opening. Speaking with a sales team member face-to-face can feel like a bigger commitment than receiving an online estimate or cash offer. It can also give customers additional confidence and encouragement to continue down the path to making a purchase.
Choosing the Right Trade-In Tool
How well your website accomplishes the task depends on several factors, the first of which is the trade-in tool you choose. When it comes to using trade-in tools, there are two types of people – the curious browser and the ready-to-buy shopper. A good trade-in tool serves both and provides the following benefits to dealerships:
- Early Engagement: When a user types “How much is my car worth” into a search engine or taps a “Value Your Trade” button on your website, your trade-in tool functions as the front door to your sales funnel. A good tool makes opening the door simple and easy for browsers. They should be able to complete it in a few short steps and get a quick response with a potential trade-in value, like with TradePending’s Trade tool. For browsers, a value range is a good starting point and can encourage them to consider a new purchase sooner than they might have otherwise. When they use other tools on your website, such as TradePending’s Payments, a monthly payment estimation tool, they’ll be able to get more accurate estimates, furthering their comfort level with the idea of making a purchase.
- Improved Lead Quality: Your trade-in tool should also include a more in-depth trade-in analysis that provides an instant offer to capture users who are ready to buy. TradePending’s Offer tool improves the shopping experience for both early-stage shoppers and shoppers who are further along. Which option a user uses to assess their trade-in value will also help your sales team determine where the user is in the customer journey.
- Reduced Friction in the Buying Process: When customers see a clear trade-in value, they are less likely to hesitate and more likely to proceed with the purchase, as the decision-making process is simplified.
Implementing Quality Trade-In Valuation Tool
We tend to throw the assembly instructions out with the Styrofoam box, but when it comes to implementing an impactful trade-in tool, there are a few instructions you should remember.
- Make sure the trade and offer tool is displayed prominently on your website. That includes your homepage, your search results page, your vehicle display page, and a separate landing page for valuing a vehicle.
- Choose a tool that makes it easy for customers to enter details about their current vehicle. For instance, while you can choose a tool that includes entering a VIN as an option, it shouldn’t be the only one. Most users don’t know their vehicle’s VIN off the top of their heads, and if they’re filling in the form while relaxing with a cold one or watching their favorite show, they’re not scooting off the couch to go find it.
- The best tools use real-time and local market data to generate accurate trade-in values to avoid customer disappointment.
TradePending’s Trade and Offer tools accomplish all three, allowing you to convert more, sell more, service more, all in one place. If you’re ready to start turning browsers into buyers, book a demo with us today.