By Kristen Judd
What’s your car worth? Most people are curious about the trade-in value of their vehicle.
3 Birds now offers a trade-in valuation tool that is available for use in various types of email communications to owners and prospects. This brief paper introduces the tool and explains both how it organically integrates into media as well as what makes it a product of first impression in the marketplace. Furthermore, the results of this integration convincingly establish that, for owners and prospects, quickly and easily learning the current value of their vehicle creates a compelling reason to engage with dealers.
Finally a transparent trade-in tool for today’s consumers.
- Fully responsive and mobile-optimized. With nearly 60% of all email being opened and read on a mobile device, the importance of providing mobile-friendly tools simply cannot be overstated.
- Full transparency promotes consumer confidence. The tool extrapolates value based on similar cars currently for sale in the market. Customers are presented with the sales prices of similar vehicles in and around their zip code instead of a regional or national book value that does not account for local market conditions and supply issues.
- One click to convert. The tool requires just a single click by the customer to access the market report on their vehicle and initiate the lead process on the dealer’s side (think Amazon’s One-Click Ordering). Customers receive a market report without being forced to painstakingly re-enter information that the dealership has in its possession (name, email, phone number, make, model year, model, trim level, etc.) into another valuation tool that is often not mobile-optimized. The integration makes better use of existing data to reduce friction for consumers and results in a better experience for the shopper and better results for the dealership.
- Enhance customer data. The market report allows consumers to query the value of other vehicles in the household, leading to the collection of other valuable data concerning household vehicle ownership.
- Better user experience on the website. The trade-in valuation tool offers predictive type-ahead functionality, which leads to higher completion on the website and reduces form abandonment.
- Click-to-open conversion ratios as high as 23%. Nearly 1 in 4 people who open the email communications click to view a market report on their vehicle, thereby generating a lead for the dealership.
- 65% of the conversions came from consumers using smart phones or tablets. This underscores how critically important it is for any trade in application to be mobile optimized and designed to facilitate mobile conversions.
- More than 21% of the customers and prospects who were presented with the lead opt-in form completed it and agreed to send their information to the dealer.
- More than 2.5% of people who viewed the trade tool on the dealership website, ran a report to see their market value.