Do You Buy Cars?

Derrick Woolfson

I was not for it at first, BUT - we have had a lot of success with being a KBB - Instant Cash offer Buying Center. We have been able to purchase great vehicles at a much lower cost than of what we would get at auction. However, as for the BDC handling the leads - while they are AWESOME at getting appointments - this is not a sales customer. It is a "purchasing" lead. That said, I want my BDC to focus on driving sales through appts on internet/phones. 

For those that also have a buying center does your BDC handle booking the appraisal appointments? 

Derrick, at what point in the process is the market value of the vehicle determined? 

Amanda Gordon

I think that's a stellar idea. Here in Denver the market is outrageously competitive and that would be a nice alternative to the auction.

Derrick Woolfson

@Scott, it depends. I say that because if the customer completes the instant cash offer we will offer them a value which is based on the information that they have entered. The offer is then based on their location, unit, and the condition they marked it as. That said, more often than not the customer's instant cash offer will either be really low or above the actual cash offer. As they may have entered *excellent* condition, which makes up less than 3% of vehicles purchased. Now as far as a final value goes - they receive that once we have appraised the unit. Or what we say "verify" the instant cash offer. We do get objections such as: well I am not coming unless you agree to "xyz" price to which we say: Sure, I understand. Now let me ask you this - would you purchase a vehicle without looking at it? Most likely not, no? So we want to see the vehicle. And if in fact all of the information you have provided is accurate then we should not have a problem. 

This does not always work, BUT more often than not it does. 

 

Derrick Woolfson

@Amanda, for sure! This can save you so much money! Auction fees, insurance, transport fees, and the worst: recon fees! If you are able to purchase a unit at the store with a customer you can generally get it a little bit lower, and save a minimum of $700 in fees! All of which is then added back into the gross! Kelly Blue Book Instant Cash offer is a GREAT program, and their support, marketing, and brand awareness are all great. 

Very interesting, I feel like that process got abrasive quickly... It seems like more of a way to schedule an appraisal than an instant cash offer. 

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