Launching our new Part Exchange journey
Our brand-new Part Exchange journey will be going live week commencing 26th June. Here’s what’s changing…
Almost 3 in 4 consumers have told us that they want to get a valuation for their current car online, before visiting the forecourt*. When it comes to obtaining this part exchange valuation purely online, consumers are looking for increased confidence in the process and in the price.
Building a slicker Part Exchange journey
We know that consumers trust Auto Trader’s brand when submitting a part exchange vehicle, but the current process is lengthy, and they can find it tricky to accurately appraise their vehicles.
So, we’re enhancing the process, based on feedback from retailers and consumers, to increase engagement with Part Exchange.
Here’s what’s changing from 26th June:
Using an industry-trusted source of valuations
The Part Exchange journey will now be powered by Auto Trader’s Part Exchange Valuation – based on a live reflection of the retail market on Auto Trader. Having previously been powered in collaboration with a 3rd-party partner, this new source of valuation will allow retailers to source stock based on what that vehicle is worth on the live market today.
Condition adjusted valuations
The Part Exchange Valuation given to the consumer will be based on a streamlined appraisal process which will make it easier for them to accurately judge the condition of their vehicle. They will grade their vehicle on a condition banding scale and given a price which reflects this. The consumer is then notified that this valuation is subject to confirmation of the vehicle’s condition.
As the retailer you can then choose to:
Accept the part exchange vehicle
Offer a new price for the part exchange vehicle, based on the minimum valuation of the given band
Reappraise the vehicle, using the same condition bands as the consumer for consistency
Retail Check the vehicle directly from the Part Exchange tool*
*where Retail Check functionality is available
Utilising Enhanced VIN Spec data
Part Exchange valuations will be automatically adjusted based on the optional specification of that vehicle*, saving time and increasing transparency between retailer and buyer.
*where Enhanced VIN spec data is available for those brands. VIN Spec data will be available for additional manufacturers throughout the rest of this year and beyond.
Bringing in MOT data
MOT data will be pulled into the part-exchange journey, highlighting how long the current MOT is valid for and flagging if the MOT has expired. Part Exchange valuations will also now be available where a vehicle’s MOT has expired.
By broadening our coverage of valuations, including increased coverage of Enhanced VIN Spec data, providing valuations for vehicles with expired MOTs and providing valuations for electric vehicles, we’re bolstering part exchange opportunities for retailers on Auto Trader.
We are continuously looking to increase the scope to develop our Part Exchange journey for Deal Builder. As always, we’re keen to hear feedback from members on the trial on how we can enhance the proposition. If you’d like to speak to us about this, please reach out to your account manager.
*Auto Trader Car Buyers Tracker, July ’22