Auto Trader makes its valuation data available to all retailers to maximise margin potential of every sale
Next installment of Auto Trader Connect to seamlessly integrate the most accurate valuations data into retailers’ processes and systems to maximise profit potential on every sale
Early access available from 1st November 2022
Over 5,000 retailers already benefiting from real-time data sharing
At a time when accuracy and efficiency is more important than ever to safeguard margins, Auto Trader is introducing the next iteration of its retailer solution, Auto Trader Connect, incorporating our award-winning market valuations. This new phase will seamlessly integrate the industry’s most accurate pricing data into retailers’ existing processes and systems, enabling them to buy and price their stock with confidence, whilst maximising the profit potential of every sale.
Auto Trader Connect - Valuations, will be available to retailer partners as part of core advertising packages¹ as standard in April next year and technology partners can have early access from 1st November 2022. Since the launch of the first phase of Auto Trader Connect, Retail Essentials, in November 2021, more than 77 providers have integrated it into their platforms, including the likes of Click Dealer, Dragon2000, SalesMaster, eDynamix Global, Nexus Point, and The Whole Caboodle, enabling over 5,000 retailers to benefit from real-time data sharing.
Auto Trader Connect utilises the full scale of Auto Trader’s data capabilities. By integrating richer data and enabling faster connectivity between third-party system providers, retailers can update multiple back-end and consumer facing systems with advanced vehicle data in real-time, ensuring consistency and accuracy with minimal effort, and in doing so, remove some of the biggest pain points for both consumers and retailers alike.
Unparalleled accuracy
Auto Trader Valuations are calculated from daily pricing analysis of circa 1.3 million vehicles, including 116,000 pricing updates and an average of 39,000 vehicles added or removed from Auto Trader. Coupled with circa 450,000 live listings on our marketplace, as well as retailer, OEM, fleet, and auction data, it’s the most comprehensive and accurate view of the live retail market. This accuracy, combined with Auto Trader Connect’s real-time capability, means retailers can immediately respond to changes in today’s fast-moving market, helping to drive more sales, improve stock turn, and as a result, increase profits.
Profitable sourcing and pricing strategies
Auto Trader Connect, Valuations, will feature core components designed to inform retailers’ sourcing and pricing strategies with the most accurate and current view of the market: Retail Valuation will guide retailers on how much they should sell a vehicle for based on the live retail market; and Trade Valuation will help retailers accurately appraise wholesale stock, informing them on either the projected trade price of a vehicle, or the anticipated trade disposal value. Such is the benefit of Auto Trader’s live market view, three in four² retailers already use them above any other data when sourcing stock, whilst 85% rank them as extremely important or important in the decision-making process.
A third component, Part-Exchange Valuation, will provide retailers with an accurate guide of what to offer a consumer for their trade-in vehicle. It will also power their consumer facing part-exchange journey on their website , utilising the strength and trust of the Auto Trader brand to drive consumer confidence in the valuation price. In fact, more than one million people go to Auto Trader every month to get a fair and accurate valuation for their vehicle.
To ensure accuracy, both the trade and part-exchange components can also be adjusted to reflect the condition of the vehicle; ranging from ‘Excellent’, ‘Great’, ‘Good’. ‘Fair’, and ‘Poor’.
Auto Trader’s Chief Operating Officer, Catherine Faiers, said:
“This next phase of Auto Trader Connect is an example of how we’re combining the scale of our data and the power of our technology to address key challenges our retailers face. We believe this is amongst the most powerful ways we can help our partners given the unpredictability of today’s market, and the unprecedented speed in which it’s moving. We know that those businesses that have already enabled Auto Trader Connect are driving better margins, greater efficiencies and an improved consumer experience. But by integrating our valuations, retailers will now be able to respond immediately and easily to changes in the market with the most accurate real-time valuations data available.”
As well as surfacing its data and insights in the most impactful way for its retailer partners, Auto Trader is committed to making its valuations as accurate as possible. To that end, it recently added another layer of precision to its valuations and taxonomy, by incorporating enhanced VIN Specification data (optional specification items added to each vehicle as they were built in the factory) across its platforms³, including Auto Trader Connect. This enhanced precision will further add to margin potential by enabling retailers to price their stock using accurate valuations adjusted for the exact specification of each car, as well as drive greater efficiencies by including optional specification details to listings automatically.
¹Applies to core advertising packages, which refers to customers on Bargain, Basic, Starter, Standard, Enhanced, Super and Ultra packages, but excludes bespoke contracts
² Conducted via Portal and email July 2022 n=240
³ Currently, the enhanced VIN Spec data is available from BMW, MINI, Fiat, Abarth, Alfa Romeo, Jeep, and Chrysler, with additional brands joining the list over the coming months