There’s no shortage of trade-in tools, so we’re going to break down the various types today to help you answer “What’s the best trade-in tool for your dealership?”.
Our goal here is to help you understand the categories of trade-in tools, instead of a feature-by-feature competitor comparison.
The first option is the most basic. Slap a generic form on your website for people to put in information, but they get nothing in return. Your team is supposed to pick up the phone and call them back.
This is the cheapest option, but by far the absolute worst when it comes to helping you acquire and sell more cars. And it’s a lousy customer experience also.
The next option are the tools that give the consumer a trade-in range, and has both pros and cons. The benefit here is two-fold. First, the consumer actually gets valuable information back about their vehicle!
The second benefit is that the process, if the vendor is doing it right, should be super quick. You don’t have to ask the customer a lot of questions to give them a range. Because it’s quick, you get a lot more bang for your buck on all that money you spend driving traffic to your website.
The downside to a trade-in range is that A) it costs more than a generic form B) some people want a firmer number, so they may look elsewhere, which leads us to the next category.
The third option is to give consumers that single price offer. It’s great for those motivated shoppers that are willing to spend an extra 5 to 15 minutes filling out forms, answering questions, uploading photos of their car, etc. The downside being that those tools aren’t really built for website conversion. They’re usually built to do a full-blown appraisal online, which means you’ll get higher quality leads, but a LOT less of them.
But what if there was a perfect world, in which Halloween always came on Saturday and daylight savings time didn’t exist, and a trade-in tool could cater to both those early-stage buyers that just want quick research and are cool with a range as well as the ones closer to making a purchase that want a firmer offer.
I wish we could help with Halloween and the time change, but we can’t. But because our Trade and Offer products are so lovingly integrated, your website visitors can choose the path that best fits their needs. If you’ve never seen how they work together, you should take a look. Click that Schedule a Demo button.