How to convert any deal that comes with a part-exchange, wherever the deal is done
Handling part-exchanges can be challenging even at the best of times, never mind during a global pandemic. Your ‘jobs to be done’ with part-exchanges range from appraising the condition of the part-ex, to valuing it accurately and deciding whether it’s even a part-ex that you want to take in. All of which were understandably difficult with forecourts closed and physical contact limited. In a recent survey with 900 retailers, 62% said they’ve had to turn sales away because of the part-exchange. Clearly, that’s a lot of potentially lost sales. Which is why we’ve been delighted to see and hear about how hundreds of retailers have been using our brand-new Guaranteed Part-Exchange service to help them convert any deals that come with a part-exchange with complete peace of mind, whether they want the part-ex or not. Read on to find out more.
Solving retailer and consumer pain points
Part-exchanging is riddled with pain points for retailers and consumers alike. As revealed above, many retailers are turning sales away because of unwanted part-exchanges, and 54% of retailers felt that the part-exchange is the most challenging aspect of offering services like click & collect and home delivery. Whilst 1 in 3 consumers walk away from deals because of disagreements over part-exchanges with the retailer. With Guaranteed Part-Exchange, we wanted to give you the power to convert more of these previously lost sales and remove some of the headaches from part-exchanging to reduce your risks and save you time.
What is Guaranteed Part-Exchange, and how does it help with converting sales?
In its simplest form, Guaranteed Part-Exchange is powerful software that enables you to offer condition-based guaranteed prices for part-exchanges that are underwritten. And it’s the underwrite service that gives you the peace of mind to do the deal even with unwanted or risky part-exchanges. Think of it like a built-in insurance policy, resulting in fewer lost sales when handling part-exchanges. If you don’t want the part-ex after you’ve done the deal, simply dispose of it through our underwriting partner, Manheim – they’ll collect it and pay you the guaranteed price within 5 working days of the deal being accepted.
So how does it work?
Our Guaranteed Part-Exchange service gives you two powerful tools. Firstly, participating retailers get a new addition to their Auto Trader adverts, which enables potential buyers to answer a few simple questions about the condition of their car to get a guaranteed price for their part-exchange, 24/7. But the real power of the service is the software that retailers get in Portal, which enables you to create a guaranteed price to help you convert any deal that comes with a part-exchange. Watch this video to see how it works. With circa 70% of customers having a part-exchange, that’s a lot of opportunities to reduce lost sales. As you’ll see in the video, you just ask the customer a few simple questions about the condition of their part-exchange. This can be done face to face at the forecourt or over the phone – ideal for customers who remain nervous of physical contact or if they’re buying from a distance. Once you’ve asked those questions, we’ll generate a guaranteed price instantly. Once the deals done, you get a happy customer and a part-exchange which you can retail on, or simply dispose of through the underwrite service to get your cash back quickly.
Top tips for using it when distance selling or for nervous customers
If you’ve got a customer who’s buying from a distance, or if they’re just nervous about physical contact still, you can use Guaranteed Part-Exchange to your advantage to help give the customer confidence in the deal and save time during the handover process. We’ve heard from several retailers who have adapted their use of the service by asking the customer to send pictures of their part-exchange to save even more time during the handover. You could even ask the customer to send you a video of their vehicle running, to ensure there are no lights illuminated on the dashboard and it sounds as it should mechanically.
“Use technology to simplify”
In an interview with Daksh Gupta back in October, he spoke of the importance of using technology to drive efficiencies, to simplify and to improve the customer experience. Not all retailers have the resource and infrastructure to build and maintain such technology though. That’s one of the many ways we believe we can help those retailers, by using our resources to build the technology for you – and enabling you to plug it into your business to drive sales and reduce lost effort.
What retailers are saying about it
Hundreds of retailers are already using the service daily to help them convert sales simpler and source stock smarter. We were delighted to be joined on our recent Wednesday Webinar by Gavin Kelly, owner of Car Synergy UK. He spoke about how he’s using Guaranteed Part-Exchange to help him convert sales faster, more easily, and source stock more cost-effectively through more efficient part-exchanges. And importantly, how he’s fully integrated the product into his part-exchange process. You can watch the conversation in full here.
What car buyers are saying about it
“A very efficient experience with the dealership”
“A very easy transaction”
“The experience was easy and transparent”
Interested? Get your first 60 days of Guaranteed Part-Exchange free*
Guaranteed Part-Exchange is now available to all car retailers. To get your first 60 days free, simply complete this short form (takes 10 seconds) and we’ll be in touch to get you set up. Alternatively, contact your account manager. You can see more information about Guaranteed Part-Exchange here.