TrueCar, Inc. and Accu-Trade, LLC announced Feb. 14 that TrueCar has acquired a 20 percent stake in Accu-Trade, a best-in-class vehicle appraisal technology.
Accu-Trade’s user-friendly, mobile-first product offering features a transparent valuation process backed by a guarantee, designed to revolutionize appraisals and valuations for dealers and consumers.
“This partnership with Accu-Trade will allow us to continue innovating towards our vision of creating an end-to-end shopping-to-showroom car-buying experience,” said Chip Perry, president and CEO of TrueCar. “The TrueCar Trade platform, powered by Accu-Trade, is designed to serve as a modern tool for consumers and a cost-effective vehicle acquisition engine for dealers. TrueCar Trade’s user-friendly design and transparent, real-time valuations enable dealers to build greater trust with consumers who want strong third-party validation of the trade-in value of their car.”
Accu-Trade, leveraging Galves Market Data, provides instant, VIN-specific appraisals anytime, anywhere on any device with first-of-its-kind insights including:
- Real-time mileage, option, history and condition-specific valuation adjustments
- Local market data, common problems, recall notices and historical trends
- Vehicle history reports and guidebook integrations.
Using the TrueCar Trade platform, consumers will receive a guaranteed offer for their used car. Key platform features include:
- Offers that can be delivered through TrueCar.com, the dealer’s website or on the showroom floor
- Real-time valuation ranges that will adjust as the consumer makes changes to the condition and option sets of the vehicle
- Liquidity backed by a guarantee provided by an Accu-Trade affiliate once the vehicle’s condition is confirmed side-by-side with the dealer
“From the sofa to the showroom floor, both dealers and their customers using Accu-Trade experience a seamless process,” said Bob Hollenshead, president of Accu-Trade. “Our VIN-specific product enables, encourages and requires rational value validation. More than a book, it provides a skin-in-the-game checkbook, because appraisals are backed by a guarantee.”
“In addition to the user-friendly consumer interface, when a dealer provides a VIN through the TrueCar Trade product, substantial value is provided, including full retail market data, days’ supply, local and national pricing, and the VIN-specific ‘melt rate’ (or the daily depreciation that requires a new, realistic perspective of inventory),” Hollenshead continued. “Profit compression is on the tip of everyone’s tongue. The Accu-Trade process and unique data set mitigate the never-addressed but frequently encountered truth about used car operations: needlessly overtrading units further exacerbates profit compression.”
When dealers use the Accu-Trade side-by-side appraisal process at their dealership — designed to seamlessly transition consumers from online to offline — consumers are 1.5 times more likely to sell or trade in their vehicle and three times more likely to provide the dealership with a five-star rating, the company said. Consumers who go through the online process are typically highly qualified, transacting within an average of seven days.
Dealers interested in receiving additional information regarding the TrueCar Trade product can call 877-313-6673, email [email protected] or visit truecartrade.com/dealer.
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