It’s a potential clash that can lead to frustration for both potential buyers and dealerships — haggling over what a trade might be worth.
According to a recent survey conducted by Black Book, consumers believe a vehicle trade-in quote that’s far from expectations remains the second-most likely reason to kill a deal. Editors acknowledged the trade-in process remains largely inefficient, which is why Black Book and The Appraisal Lane have teamed up to give consumers what the company say is an enhanced trade-in experience while improving dealer efficiencies.
The Appraisal Lane launched a mobile app — accessible from dealer websites and the app store — providing consumers with cash offers for their trades, in minutes, from a live team of experts. With this new platform, consumers can start their research with Black Book’s precision-based values to get the most market-reflective price range for their used vehicle.
When ready to transact, individuals can connect in real-time with The Appraisal Lane by answering simple condition questions, uploading photos of their vehicle and getting a guaranteed offer. The offer is redeemable at a participating dealer as money toward the purchase of a replacement vehicle, or as cash in hand.
The Appraisal Lane team utilizes Black Book valuation data in conjunction with market insights and deep appraisal knowledge across all makes and models to assess each used vehicle on its own merit and provides consumers with the best possible cash offer.
Real time communication between consumers and a live team of appraisers can give consumers the confidence and transparency that they have been missing in current online vehicle valuation processes.
“Black Book and The Appraisal Lane share the same fundamentals of combining data science with human touch to most accurately determine a vehicle’s value,” said Jared Kalfus, executive vice president of revenue for Black Book.
“Our values, coupled with The Appraisal Lane’s live cash offers, effectively put the dealership trade-in process right in the palm of a consumer’s hand,” Kalfus continued. “Dealers that offer this experience are poised to improve customer engagement, increase business, and stand apart from the competition.”
Jeff Risner, a 30-year auto industry veteran, and co-founder and chief executive officer of The Appraisal Lane, says the launch his company’s consumer app was designed to improve a process that has been largely underserved by technology.
“There are two universal truths in our industry,” Risner said. “Every used car is as unique as the person driving it, and a used car is only worth what someone is willing to pay for it, at any given time. These truths involve human interaction — a live appraisal and a cash offer from experts who incorporate quality vehicle values in their toolset.
“When you use technology to connect with consumers in real-time and make them a fundamental part of the process, you provide an exceptional trade-in experience and create a much deeper level of engagement before they visit the dealership,” Risner continued.
Dealers currently use The Appraisal Lane’s industry products to manage, move, and source inventory and are now utilizing the company’s consumer app to streamline the trade-in process, improve customer satisfaction and make more retail deals.
Launched a little more than three years ago, The Appraisal Lane community consists of more than 1,000 members and is growing.