Dealers have submitted over 100,000 live trades on the Appraisal Lane app since its launch in just over two years, the company announced Tuesday.
This follows The Appraisal Lane’s September announcement that it recently expanded into the Upper Midwest.
The company now has markets across the entire Eastern Seaboard, Pennsylvania, Ohio, Illinois, Michigan, Indiana, Wisconsin and Minnesota.
“The dealers in our community have put in the effort and submitted over 100,000 cars independently, and they’ve incorporated The Appraisal Lane into their process, which demonstrates the value they see in it,” The Appraisal Lane co-founder and president Andrew Iorgulescu said in a news release. “Our community is both a sales channel and a used car inventory acquisition channel, and dealers use it differently depending on their needs. What’s important is that they’re using it to make more retail deals and improve their business and that’s what makes this milestone so significant.”
The Appraisal Lane app connects dealers with appraisers and buyers to receive real-time cash offers on inventory.
“We incorporated The Appraisal Lane into our process across all of our stores because it helps our business in a number of ways,” said Rob Iacono, vice president of BRAM Automotive Group.
In addition to four of five New York City Boroughs, the group also has stores in Westchester County and New Jersey, according to The Appraisal Lane.
“The expert cash offers we get while we’re working a live trade help us structure better retail deals. We’re also moving a lot of used car inventory through the app, we’re buying inventory we need, and we’re way more confident taking cars on trade. This is the best technology we’ve seen in over a decade,” Iacono continued.
AuSM will host a webinar on appraising trades with The Appraisal Lane co-founder and chief executive officer Jeff Risner on Tuesday.