Sees 30% Increase in Sales with Help from CARFAX Canada’s Vehicle Valuation Report
The Results
Taylor AutoMall switched from an appraisal strategy that used multiple valuation tools to CARFAX Canada’s one-stop valuation shop – VVR. VVR provided third-party validation of trade-in offers, resulting in a 62% increase in their win/loss ratio and a 30% increase in overall dealership sales.
Taylor AutoMall was using a variety of valuation tools to gather detailed information for their trade-in appraisals. This strategy was not cost effective and did not provide the vehicle history information necessary to appraise accurately or set realistic customer expectations around trade-in values. It was difficult for the sales team to justify customer trade offers, resulting in lost trades, lost sales and shortage of quality inventory for the used car lot. The need for improved communication around trade-in value became clear.
The Approach
Streamline the valuation process with CARFAX Canada's VVR
Each sales person was given access to CARFAX Canada’s VVR, with the goal of creating a consistent appraisal process across the dealership. The sales team could now use values based on what similar vehicles actually sold for, providing customers transparency into their vehicle’s value from the very beginning of the sales process. The third-party validation provided by VVR helped the sales team build trust with their customers and gave them the confidence they needed to close more deals.
"It is better to provide customers with values based on data, rather than hopes and prayers."
- Travis Stevenson, Sales Manager, Taylor AutoMall
The Results
Premium pre-owned cars & higher sales
By implementing VVR into the trade-in process, Taylor AutoMall increased their win/loss ratio by 62%, helping increase overall sales by 30% YOY. This positively impacted new car sales and provided accurately priced, premium inventory for their pre-owned lot. Travis and his team now boast “we have more trades than we know what to do with.”
Win/loss ratios increased by 62%
Dealership sales increased by 30% YOY
"VVR keeps the Dealer Principal and OEM happy by helping us sell more new cars, and provides me with premium inventory for my used car lot – everybody wins."
- Travis Stevenson, Sales Manager, Taylor AutoMall
CARFAX CANADA SUCCESS STORY #3
Rive-Sud Chrsyler
Increases Sales by 30% with the Combined Power of CARFAX Canada Products
The Results
Rive-Sud Chrysler combined CARFAX Canada history and valuation reports to attract more online shoppers, improve trade conversations, reduce negotiations, win more trades and sell more cars.
The team at Brossard’s Rive-Sud Chrysler knew that adapting to increased demand for transparency in the used car purchase process would help them stand out online and stay ahead of their competition.
They also found it tricky to manage customer expectations around trade values and explain where their numbers came from. They often overpaid for trades just to get the deal done, and to make things worse, damage and liens were popping up later in the sales process causing lost deals or reduced margins.
The Approach
Putting all the information on the table
To build trust online, Rive-Sud Chrysler made it easy for customers to find the info they were looking for by attaching CARFAX Canada history reports to all pre-owned listings. They also integrated CARFAX Canada badges with their website to make easy for consumers to identify which vehicles had key attributes like No Reported Accidents and Low Kilometres.
To improve the in-store experience, the team started running history reports as soon as a potential trade arrived on the lot. They wanted to appraise quickly and build solid deals right from the start. They turned to CARFAX Canada’s Vehicle Valuation Report to increase confidence around trade values and reduce the risk of overpaying or losing deals. The goal was to make it simple for them to give customers a detailed breakdown of their offer, including what’s involved with getting the car ready to sell.
“A customer relationship is built on trust and transparency and CARFAX Canada is a tool that serves us well.”
- Stéphane Leblanc, Evaluation Specialist, Rive-Sud Chrysler
The Results
Better conversations and more sales
By combining CARFAX Canada history and valuation reports, Rive-Sud Chrysler is attracting more online shoppers to the store, improving trade conversations, reducing negotiations, winning more trades and selling more cars. They have become more competitive in the market while maintaining margins and improving their customer’s overall experience.
Here are the numbers: - 50% more traffic to vehicle detail pages - 20% more conversions from online leads to sales
11% increase in gross margins
30% increase in overall dealership sales
"We can convert more customers by offering as much information as possible and by applying the same process and strategy when assessing their trade vehicle."
Stéphane Leblanc, Evaluation Specialist, Rive-Sud Chrysler
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