Trade Appraisal Leads

Evan Brown
Most of us have a trade appraisal app on our sites; something like "we buy your car" and then a lengthy form that doesn't get filled out that often.. But I was wondering if anyone buys trade appraisal leads. If so have you had success converting them into buyers? Where do you buy them from? Who handles them?
Ron Henson
This is a great question Evan and I look forward to the responses. My two cents: The form would get filled out more often if it wasn't lengthy and cumbersome.
Russ Chandler
Agreed, great question. A dealer I spoke to the other day said that all of his trade in leads were low quality and that he didn't see value in them because they weren't willing to pay more than competitors for trades. I'm curious what actually makes a trade-in lead good? Is it more about the vehicle they're trading or the customer and what they want to buy? What's the difference between a good trade-in lead and a bad one? If current trade-in tools have no problem generating leads then what is missing from those tools that could make them better?
Chris K Leslie
So let me get this straight. There is a dealer who has a thing that lets people value their cars on his site? But, instead of giving them the value he instead tricks the customer into thinking they were going to see something when in fact they just actually filled out a lead form and are getting phone calls. He thinks that the leads he is getting from that game of Tom Fool-ery are low quality? Hmmm,
Evan Brown
Ron I agree.. Forms should be short, sweet and easy to use - unfortunately with most website providers this is not the case. Russ, you are right it is a tough thing to determine a good lead from a bad one. I think its smart to focus on the trade in to restock used vehicles if possible, or stock your wholesale department if you have one. However the more important component is the possibility that the customer selling their vehicle will be in the market to buy another vehicle. This is an opporunity to create a new customer relationship with the hope they will then deal at your store from then on. I'd be interested to know if the dealer you were speaking with has a trade appraisal follow up in place? Does he use a BDC to answer the lead? How fast does he evaluate the trade? When does he give the customer a valuation?
Russ Chandler
His current tool does provide a value as the customer expects to see after sharing information. The dealer says that these leads are not converting because they're not able to offer as much for the vehicle as competitors are offering in his market. I know there is follow up happening but it doesn't seem tailored to trade-in leads specifically. It sounds to me like even with customers sharing their information they aren't really requesting someone contact them or are given an expectation that someone would contact them and why. His current tool is also more of a 'value your vehicle' tool rather than specifically leading them down the 'trading your car in' path. I feel like most customers have done significant research on their own vehicle before arriving on a dealers site. If that holds true to the majority then wouldn't customers be more interested in what the dealer is offering them on trade rather than just the general market value for their vehicle? He is receiving 100+ of these 'bad leads' which to me would be worth figuring out. What if his trade-in tool came with a concierge type service that came with his trade-in tool that called/emailed these leads to turn them into lot ups? Seems like there has to be a better way than just turning off the tool.

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