Integration to help bring customized trade-in valuation

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LAWRENCEVILLE, Ga. – 

Black Book has integrated its vehicle valuation data with TradeVelocity, and the companies are describing the integration as an “online trade widget for lead capture combining with a closing tool on the showroom floor.”

TradeVelocity describes itself as a “trade widget” that allows consumers to see how time affects the value of their trade. The company says that with it being powered by Black Book’s vehicle valuation data and intelligence, that helps dealers speed the trade-in and purchase process by allowing consumers to see depreciation by month.

“TradeVelocity takes the next step in online consumer vehicle appraisal by allowing dealers to set the depreciation rate, average maintenance cost, and tax savings on their dashboard,” Black Book executive vice president, revenue Jared Kalfus said in a news release.

Kalfus continued, “With this tool, dealers can better offer consumers a trade-in value that matches the dealer’s needs and market.”

The TradeVelocity tool is now available to dealers nationwide.

To further customize their offered trade-in valuation to consumers, dealers can also set custom margins via the Black Book value.

Although TradeVelocity’s consumer facing trade in valuation tool can be implemented on the dealer’s website as a lead generation tool, a dealer can also use it on the showroom floor to show the consumer how much value their trade-in is depreciating if they keep it for just a few additional months.

“We’ve seen, on average, a two-to-three times increase in lead volume for dealers who are using our platform,” TradeVelocity founder Steve Knight said.

Knight continued, “Consumers don’t want to volunteer their information if they don’t receive anything in return. With TradeVelocity, we give consumers the value of their vehicle now, the value of their vehicle up to 12 months from now, and how much they can expect to spend on maintenance.”



Source : AutoFinanceNews