ACV facts & figures
Lately, the leading conversations surrounding the automotive industry have been fiercely focused on inventory and shortages. As technology advances, these stories are being amplified to reach new audiences. Social media and online sources have provided consumers with insights as to just how badly dealerships are struggling to gain vehicles. This presents an opportunity to bridge the gap between how lots can work with consumers to stock up on inventory and how they build better relationships through a heightened experience at the dealership.
The automotive industry continues to skew more and more digital. Marrying a traditional approach with digital touch points helps dealers to create an environment where consumers get what they want most: trust and transparency. What does this mean for you as a dealer? It means that you need to come up with clever ways to attract consumers to your lot while delivering an experience like nothing they have seen before. Enter the live appraisal event.
What is a Live Appraisal Event?
In short, it is an opportunity for you to invite consumers to your lot so that they can get their vehicles appraised and sold…in only 20 minutes. The process is simple, provides trust and transparency, and brings a new level of consumer experience to your dealership. Your store is more than just a name on the side of a building. As a result, it is critical that you develop your brand and manage your reputation in the marketplace. A live appraisal is a perfect way for you to maintain your status in the community while delivering a unique opportunity for consumers to sell their vehicles. The stigma of being low-balled on a trade is stripped away as the seller will witness bids come in on their vehicle in real-time. In the end, the consumer is presented with the final bid and will have the choice to accept or reject the offer.
How Does this Process Work?
The first step is for the consumer to bring their car to the dealership on the day of the live appraisal event. Make a dedicated effort to market the event so you can attract as many people to your lot. You’ll want to make this part of the process unique to your brand. Leverage your marketing to cast a wide net. Hammer home the pain points and establish the benefits of participation for consumers. Highlight the trust and transparency while also illuminating the possibility of getting the highest price possible for selling their vehicle.
Next, a True360 inspector will use proprietary and cutting-edge technologies to conduct a full inspection of the car. This is critical in reporting the true condition of the vehicle. Because the consumer is involved with this step of the process, you help them set proper expectations for what they might receive from bidders. The inspection portion is quick but critical to understanding the overall quality of the car. Engage with the consumer during this portion so they feel comfortable and confident. Be honest with your feedback and encourage them when needed.
After the inspection, the consumer’s vehicle is put onto the ACV Marketplace where dealers from across the country will bid and compete to win the vehicle. This part can be exciting for the consumer, so go above and beyond to add to the experience. The more excitement you generate, but more fun the consumer will have. As the vehicle is bid on, consider having a live feed to share the bidding process as it unfolds. For the consumer, these 20-minute auctions will go quickly, so be there to support and navigate them through the auction.
At the end of the 20-minute auction, the potential seller will be presented with the final bid and be given the choice to accept the offer. There is no pressure here. It’s your job to focus on the consumer’s experience on your lot, so think of yourself as a trusted guide who can give sound advice on accepting the winning bid. If they do accept, the process for transitioning the vehicle begins. If the consumer doesn’t, they are free to go on their way. No strings attached.
A live appraisal event is truly your opportunity to flip the script on how consumers interact with your dealership in a positive manner. You create a bridge between buyers and sellers. Focus on the overall experience and make it fun. Do a live feed of the auction. Bring a food truck onto your lot. Have some live music. The possibilities are endless. The only obstacle here is your own imagination. Go beyond what consumers expect from your dealership to produce an event that will spark interest in the community, start conversations about your brand, and build relationships that will last for years to come.
ACV Live Appraisal Events are a surefire way to step into the modern way of engaging with consumers. Hosting one starts by simply reaching out to your ACV Sales Representative. Ready to get your exclusive live appraisal event up and running? Contact us today to learn more about how you can help your customers unload their vehicles and connect with dealers across the country to sell their cars at the most competitive price possible.
Jan 26, 2023