How to save time, money and effort with part-exchanges and deliver a brilliant customer experience remotely
In a time when physical contact must be limited – and will remain the case when forecourts reopen in April, handling part-exchanges is understandably an obstacle to selling safely and efficiently. Yet sales are currently operating between 60-80% of normal sales volumes. Some retailers are even operating at record sales volumes. If you’re looking to implement a process for managing part-exchanges remotely now and more efficiently when forecourts reopen, then read on to find out how our Guaranteed Part-Exchange solution can help you right now.
Part-exchanges can be a challenging event at the best of times
A recent survey with retailers revealed that two-thirds of retailers have turned sales away because they didn’t want the part-exchange. Clearly, that’s a lot of potentially lost sales. Another survey revealed that 54% of retailers find part-exchanging to be the most challenging part of operating remotely and offering services such as home delivery and click & collect.
Retailers successfully adapting their processes
There are many retailers out there who are turning challenges into opportunities, and opportunities into sales. Phil Weaver Automotive for example, quickly pivoted his business to offer nationwide delivery, whilst continuing to offer part-exchanges as standard during those nationwide handovers. Car Synergy UK achieved record sales volumes in February by adapting their part-exchange processes to be digital-first. There are many more examples of retailers of all shapes and sizes that have proactively adapted their businesses to capture their share of sales now, rather than wait for forecourts to reopen.
A new way to manage your part-exchanges
Our all-new Guaranteed Part-Exchange product is a perfect example of that. With part-exchanging causing a headache for consumers and retailers alike, we’ve created the technology to reduce those issues. The technology allows you to ask potential buyers a few simple questions about the condition of their part-exchange – this can be done over the phone, in person (when safe) or anytime via your adverts. We’ll generate a guaranteed price for the part-exchange based on its condition, which is underwritten to reduce the risk to you. Think of it as an insurance policy for unwanted part-exchanges that’s available 24/7. Once the deal’s 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.
Over 1,000 retailers are already engaging with the product. In our Wednesday Webinar at the end of February, we were joined 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.
Watch the conversation with Car Synergy owner, Gavin Kelly
How can it be used right now, whilst operating remotely?
We’ve been developing Guaranteed Part-Exchange for some time now, so whilst it wasn’t in response to the pandemic, it can certainly be used to your advantage right now. Got a potential customer who has a part-exchange? Use the Guaranteed Part-Exchange technology to agree on the part-exchange price upfront and save time during the handover. We’ve heard from several retailers who have adapted their use of the product for the current circumstances 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. You can hear more about how Car Synergy achieved record sales volumes in February with support from Guaranteed Part-Exchange, click here to watch the video.
“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.
Interested? Get your first 60 days 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.
*Get your first 60 days free. As part of the introduction of Guaranteed Part-Exchange, new customers can benefit from their first 60 days free, after which point a charge for the product will be automatically applied to your invoice, unless you notify us before your 60-day period ends. In addition, a charge will be also applied by our partner for all disposals through Guaranteed Part-Exchange which take place after your 60-day period. The 60-day period runs from the first day the product is applied to your Auto Trader account. Offer isn’t available to returning Guaranteed Part-Exchange customers. Auto Trader reserves the right to refuse to allow any customers to participate at our sole discretion. Please take some time to familiarise yourself with the Guaranteed Part Exchange / Disposal Product Business Rules located here which will govern the provision of and your use of this product.