Oct 19, 2011
ATLANTA – Oct. 19, 2011 – AutoTrader.com’s revolutionary Trade-In Marketplace tool is now available on Kelley Blue Book’s www.kbb.com, the companies announced today. As the only tool available that gives consumers an instant offer—sight unseen—on their used cars, the Trade-In Marketplace takes online trade-in valuation to the next level and provides transparency and value for dealers and consumers alike.
A recent study conducted by AutoTrader.com shows that there is only a 20 percent overlap in shoppers between AutoTrader.com and kbb.com. By integrating the Trade-In Marketplace into kbb.com, dealers who subscribe to the expanded service will have the opportunity to be exposed to an additional 10 million shoppers online, nearly 60 percent of whom are looking to value their trade-in. This translates into greater opportunities for dealers across the U.S. to attract millions of additional serious shoppers to their lots, and an opportunity for dealers to acquire much-needed pre-owned inventory.
For consumers using kbb.com to value their vehicles, the Trade-In Marketplace is a next step that takes consumers from a trade-in value to an instant offer. By seeing both the Kelley Blue Book® Trade-In Value and having an actual instant trade-in offer on their cars, consumers will gain an increased understanding of the value of their vehicles and be able to approach the trade-in process with more options, certainty and confidence.
“We have always believed that the Trade-In Marketplace is truly revolutionary, and joining forces with Kelley Blue Book to bring this tool to kbb.com creates a win-win-win situation,” said Brian Skutta, Trade-In Marketplace general manager at AutoTrader.com. “For AutoTrader.com, we’re able to strengthen the value of the Trade-In Marketplace tool for our dealer customers and provide them access to a whole new segment of vehicle acquisition opportunities and in-market shoppers; Kelley Blue Book is able to offer its users an additional valuation tool that complements its existing offerings; and consumers are able to get a comprehensive understanding of the value of their vehicles and have an instant offer that they can redeem at thousands of dealerships nationwide.”
The Trade-In Marketplace takes the Kelley Blue Book valuation process one step further, moving consumers from trade-in values to actual instant offers that can be used toward the purchase of another car or redeemed for cash. The offers generated through the Trade-In Marketplace are based on an extensive set of parameters, including VIN-specific information, details surrounding the condition of the car and the impact that the specific vehicle’s history as well as after-market equipment have on the value of the vehicle.
Here’s how it works:
1. When shoppers go through the valuation process on kbb.com, they are presented with the traditional range of values for their used cars and the option to “Get an instant offer”
2. When shoppers elect to get an instant offer, the Trade-In Marketplace tool will launch, prompting the shopper to enter additional details about the car, including the options, upgrades and maintenance information and details about the condition, including any major repairs or accident damage.
3. The Trade-In Marketplace tool will calculate a price based on historical transaction data for hundreds of thousands of vehicles and up-to-the-minute supply and demand information and produce a printable purchase offer, which can easily be compared to the kbb.com valuation.
4. The shopper can take that offer to a participating dealer in the area, where the dealer will inspect the car to confirm that it matches the description provided by the shopper.
5. Once the car’s condition is confirmed, the dealer will write the shopper a check for that amount, which can be used towards the purchase of the next vehicle, or the shopper can simply walk away with the check.
“For us, this was a logical connection to make between two of the most recognizable online automotive brands,” Skutta continued. “Kelley Blue Book is a time-honored and unbiased resource for consumers to determine the market value of their vehicles, and the Trade-In Marketplace takes that process to the next level.”
This is one of the first and most visible results of the collaborations AutoTrader.com and its subsidiaries have embarked upon thus far. In the latter half of 2010, AutoTrader.com acquired Kelley Blue Book, vAuto and HomeNet Automotive; earlier this year, AutoTrader.com acquired VinSolutions.
Atlanta-based AutoTrader.com, created in 1997, is the Internet's ultimate automotive marketplace and consumer information website. AutoTrader.com aggregates in a single location millions of new cars, used cars and certified pre-owned cars from thousands of auto dealers and private sellers and is a leading online resource for auto dealers, individuals and manufacturers to advertise and market their vehicles to in-market shoppers. The company also provides a robust suite of software tools for dealers and manufacturers to help them manage and market their vehicle inventory and display advertising on the Internet. AutoTrader.com continues to grow key business metrics, including revenue, profitability and site traffic. Today, AutoTrader.com attracts more than 15 million unique monthly visitors who utilize the site to review descriptions, photos and videos of vehicles for sale; research and compare vehicles; review pricing and specials; and read auto-related content like buying and selling tips and editorial coverage of major auto shows and automotive trends. AutoTrader.com operates two other auto marketing brands, AutoTraderClassics.com and AutoTraderLatino.com. AutoTrader.com also owns used vehicle management software company vAuto, Kelley Blue Book (Kbb.com), HomeNet Automotive, a leading provider of online inventory management and merchandising solutions for the automotive retail industry and VinSolutions, a leading provider of end-to-end solution platforms for dealers. AutoTrader.com is a majority-owned subsidiary of Cox Enterprises. Providence Equity Partners is a 25 percent owner of the company and Kleiner Perkins Caufield & Byers is also an investor. For more information, please visit www.autotrader.com.
About Kelley Blue Book (www.kbb.com)
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the only vehicle valuation and information source trusted and relied upon by both consumers and the industry. Each week the company provides the most market-reflective values in the industry on its top-rated website www.kbb.com, including its famous Blue Book® Trade-In and Retail Values and Fair Purchase Price, which reports what others are paying for new cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies as well as governmental agencies. Kbb.com provides consumer pricing and information on minivans, pickup-trucks, cars, hybrids and SUVs. Kelley Blue Book Co. Inc. is a wholly owned subsidiary of AutoTrader.com.