June 4, 2020
TradePending Vs. Kelley Blue Book
- “Their brand name is more recognizable than TradePending’s name, and therefore more people click on it.” The reality is we routinely generate 300-400% more leads.
- “People trust their name more.” The reality is that visualizing the market data trumps brand name every day. Plus, when consumers bring in valuations based upon book data, which no dealer uses to price inventory, and you can’t honor that price, the consumer may still trust KBB, but now they don’t trust you.
Yes, the average consumer recognizes the Kelley Blue Book name but are consumers being issued accurate trade-in valuations? KBB builds their pricing based on book values, which poses a few issues. The lag time in their data doesn’t take into account economical conditions, industry issues, and location.
Picture this, you have a lead that’s ready to buy and they have a car that they would like to trade-in. They go to your website to do a little research, because 80% of all car purchases begin online. After following the necessary, lengthy process of entering the details of their vehicle, they their trade-in value. That value looks fantastic to them so they print out their estimate and head into the dealership. Uh, oh…that estimate ends up not matching what their car is actually worth. Consumers may trust the KBB name, but when they come into your dealership and get a different value than how you price cars…well, now they don’t trust you. Speaking of trust…
Trust is a hot topic in the automotive industry. If you can gain the trust of a customer you’ll have them for life. Transparency, simplicity, branding, and accuracy are all factors in building trust that will eventually deliver results in more quality leads, conversations, and sales.
Building Blocks of Trust:
- Data transparency that provides your customers true market values based on the temperature of the market and location.
- Simple forms that take seconds to fill out and seamlessly captures a lower funnel lead.
- A valuation tool for your dealership that doesn’t compete with your brand and keeps your customer on your site.
- Trade-in valuations that equip your dealership for better conversations and your customers with accurate information.