Sales of both new and used vehicles have been reduced to practically zero in our Covid 19-ravaged business environment so anything that can help car dealers in these extremely difficult trading conditions is to be welcomed, writes Trish Whelan.
Step forward appraisee’s Price My Car App and website widget that allows dealership staff and prospective customers alike to quickly and reliably assess the up-to-date market value of any UK or Irish-registered car.
Appraisee is the brainchild of Galway native and entrepreneur, Colm Murphy, who established his start up in 2017. With a background in financial services software, Murphy developed the Price My Car (PMC) product following an extensive experience working within the car rental and leasing tech industry.
He saw that there were outdated paper processes that could be brought online, immediately improving the efficiency and profitability of the car buying process. “For the consumer, so much of that process has moved online, so developing the PMC solution was a logical step that benefits both the consumer and the car dealer, streamlining the whole process for all parties.”
Murphy said replacing outdated paper-based systems enables adherence to Covid-19 social distancing protocols and safety for both staff and consumers.
Research by Google has shown that 92 per cent of Irish consumers who are interested in buying a new car begin their search / research online, spending on average 14 hours online over 1.3 months before they visit an actual car dealership showroom or forecourt.
The benefit of PMC for the consumer is that, during that online research phase of their car search, they have access to an accurate valuation of their trade-in quickly and safely at a time that suits them, giving them a clear picture of their likely budget when looking at prospective new or used car purchases. PMC means it can all be done online in under two minutes saving the consumer the time and hassle of driving to various locations, finding parking etc.
For the car dealer, PMC speeds up and simplifies how they evaluate trade-ins. The PMC app and widget can digitally connect and integrate all elements of the sales cycle for the dealer, including negotiations on price while ensuring an accurate record of the process through all stages.
Appraisee’s PMC app is accessible from any internet-enabled device.
It provides immediate access to all the key data points about a vehicle and ensures the salesperson can identify the margin potential before a price is agreed on. Murphy says “With retailers making approximately 1.5 per cent net margin on a new car sale, maximising profits on part-exchanges is critical to a business’s profitability.
Each dealership gets a unique PMC link that can be included in all CRM outbound communications and responses. Dealers save time and money, where the sales team can instantly assess the car’s condition and trade-in potential, consulting with colleagues, sending to the trade and receive live bids back.
Appraisee and the PMC facility are being used by car dealers across Ireland with many crediting the service as a valuable add on to their business tool box.
Brian Downes, General Manager at MSL Grand Motors said: “For the duration of the Covid-19 lockdown, the PMC tool was the driving force for us to continue selling used cars via our website. Thanks to the benefits that PMC provided for both our customers and our sales team, I am proud to say that our closing ratio during the period was 43 per cent - a huge thank you to the appraisee and PMC team!”