Cox Automotive - Appraisal Masterclass - CDX 2018
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With a growing focus on used cars to drive revenue, its more important than ever to ensure your appraisal process is working overtime. All the profit in a deal can be wiped out in seconds by a poor appraisal. In this workshop, Cox automotive will use data led insight and leading industry experience to help you get appraisals right and unlock more profit from each deal. Turning a gamble into a calculated decision. You’ll leave with a clear understanding of how to get the most out of your tools and processes – helping you sell cars faster and drive profit. You’ll leave this session with new techniques and skills to drive conquest sales, manage inventory more effectively and yield hidden profits in fixed operations.
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Cox Automotive - Appraisal Masterclass - CDX 2018
- 1. Stop gambling with your used car appraisals P H I L I P N O T H A R D
- 2. Agenda • The evolution of technology • When do we need appraisals? • Technology is changing • So where is this all heading? • Q & A’s Stop gambling with your used car appraisals With a growing focus on used cars to drive revenue, it’s more important than ever to ensure your appraisal process is working overtime…
- 7. WHEN DO WE NEED APPRAISALS?
- 8. RETAIL End of Lease Inspect and Collect Into Defleet Centre Out of Defleet Centre Entry to Auction Centre Collection from Auction Centre Delivery from Transporter Dealership Valuation Consumer Online Valuations Valuation for Part Exchange Appraisal at drop off Dealership Valuation DEFLEET REMARKETING IN USE PART EX PROCESS RETAIL
- 9. Solutions in the fleet and lease sector • BVLRA trained inspectors, NAMA grading standards • Configurable applications that allow vendors to tailor their inspection • Damage lines captured via photographic evidence • Refurbishment quotes created in real time • Cloud based technology for real time visibility of the reports DOUBLE DIGIT REDUCTIONS IN DAYS TO SALE
- 10. The cost of incorrect grading… 6 daysin stock Grade 1 compared to 3 £470difference between grades
- 12. Guiding principals Technology is an important enabler and should focus on 3 key themes TECHNOLOGY Digital Adoption Data Integration FUTURE
- 13. • Building insight and expertise improves accuracy of the valuation • It’s all about the data • Data needs volume and variety to build trends and assumptions • This is a fast moving highly innovative area
- 14. The scale of the problem • For years there has been a dilemma in the vehicle appraisal • Vendors typically hide information • Buyers want all the information • The gap is the risk we all take on every car
- 15. SO WHERE IS THIS ALL HEADING?
- 16. The scale of the problem 1 in 16 mileage discrepancy 2016 c513,000 cars 25% increase from 2014 - 2016 £2-4k increase in valuation
- 17. • On Board Data (OBD) tools are emerging into the wholesale sector • Evolution into Telematics, mobile phone applications – fast and transparent • A shift to valuation gradings but with reduced risk • Buyers will demand - vendors embrace or accept • Honesty – provenance – confidence – trust Technology is driving the access to greater data
- 18. Case study Peter Vardy “To ensure that each customer gets the same level of exceptional customer experience we offer a complete end-to-end appraisal solution across the Peter Vardy group. We’ve been able to do this by using technology to standardise the process, thereby removing the subjectivity that used to be part of generating appraisals” “In addition, this has enabled us to be more transparent about our process, so our customers can see how we arrive at an appraisal, using the same consistent approach each time, which in turn builds trust and loyalty in the solution we offer”
- 20. Where the market is going… Summary • Customer confidence through assurance, innovation, and efficiency • Convenience with joined-up solutions and a multi-channel approach • Demand for higher margins through remarketing solutions and access to a thriving marketplace • Continual demand for accurate, high-quality digital images supported by market leading descriptions • Selling days for vendors will reduce, as a result of improved vehicle descriptions and condition reports (Days to sell will fall by 60%*) • Vehicle movements will reduce by 50%* *Stats from Manheim latest white paper -https://www.manheim.co.uk/news/2018/experience-better-140518?home
- 21. QUESTIONS AND ANSWERSManheim Stand F22 / NextGear Capital Stand G29 / Dealer Auction Stand A36