How To Appraise Cars for Your Market

November 12, 2018

When customers bring vehicles to your dealership to trade in, it’s crucial to have an accurate appraisal process in place. Precisely appraising vehicles for resale helps protect your profits and keeps you competitive in your market.

Keep reading to learn why appraisal is so crucial to your car sales strategy and how MAXDigital’s tools can help you with your approach.

Why Are Appraisals So Important?

Paying a fair share for a vehicle that you know you’ll be reselling is critical to the car-buying process. You want to offer a fair, honest price, but you know that undervaluing the vehicle could result in losing the initial sale. Today’s car customers have more knowledge available to them at home and on their smartphones, and they’ve done their homework to find the best value before even stepping foot in your dealership.

Monitor the Market Trends

Appraising cars isn’t just about what you think is a good deal. You need to take the market data into account, too. By looking at general area markets and internal markets together, you’ll get an understanding of what cars are selling in your area as a whole and which ones dominate your dealership.

Consulting the numbers helps you stay competitive and maximize your profits. By accurately appraising vehicles that you know will do well — or move slowly — you can protect your profits. Why offer a high trade-in, only for it to sit on the lot for a few months? Similarly, you can offer a fair appraisal on a vehicle that you know will be sold in 2 weeks.

How Can MAXDigital Help?

MAXDigital’s Cost-to-Market Appraisal tool is a quick and easy item that gathers an accurate collection of vehicle market data in one spot. By comparing historical data to the market data, you’ll be able to offer an honest appraisal to your customer.

Plus, the MAXDigital Inventory Management Tool lets you find a fair price point for vehicles in your inventory by combining the historical sales data and market trends. Again, is a certain sedan out-performing the SUVs? A look at the market trend will allow you to find which vehicles are popular with your customers.

MAXDigital Does More Than Appraisals

Want to minimize haggling and maximize customer enjoyment during the car-buying process? Check out MAXDigital’s services, including our dealership appraisal tool. We aim to streamline the car sales process so the customer and the sales team walk away satisfied. Contact us to schedule a demo today.