New Diagnosis Software Closes Trade-in Appraisal Gap
"This profit-per-vehicle strategy couldn't have come at a better time,” says Jared Ricart, president of the Ohio-based Ricart Automotive Group.
Rapid Recon and Velocity Automotive will highlight an integrated system built to close potential trade-in appraisal gaps at this year’s NADA Show, Feb. 1-4 in Las Vegas.
Called ASPIRE, the software does deep internal vehicle diagnostics and incorporates accurate – not estimated – reconditioning costs. That translates into predictable profit per vehicle.
The so-called appraisal gap can cost dealerships hundreds to thousands of dollars per trade due to the differences between appraiser-estimated and actual recon costs.
ASPIRE's diagnostic tool, VINSight, powered by Velocity Automotive’s VinTel, is a OBD-2 scan device.
It provides appraisers VIN-specific, mechanicaland electrical system appraisal diagnostics for reconditioning costs of any make, model and year of the vehicle.
“This profit-per-vehicle strategy couldn't have come at a better time,” says Jared Ricart, president of the Ohio-based Ricart Automotive Group, which sells about 600 to 800 used cars monthly.
“Profit per vehicle is about accuracy,” says Matt Hubiak, director of preowned operations for the Swickard Auto Group that operates dealerships in Alaska, Washington, Oregon, California and Texas. “We appraised it for this number, and we estimated this profit, and can we execute that promptly?”
The system is touted as:
Creating an opportunity for appraisers to enhance their status to trusted advisers in the eyes of customers.
Neutralizing trade concerns and delivering a customer-centric hospitality experience.
Increasing profits from parts, customer-pay services and used cars.
Eliminating chargebacks to sales.
Plugged into the vehicle’s OBD port, VINSight extracts systems diagnostics and error codes – including recent reset codes – in 30 seconds.
“These portfolios enable us to speak more intelligently with customers about any (reconditioned used car) in our inventory,” says Jeromie Allan, partner and executive manager for Gary Yeomans Ford of Daytona Beach, FL. “No two used cars are alike.”
Rapid Recon and Velocity Automotive are part of software provider Vehlo. They will display and demonstrate the system at booth 3363W on the NADA show’s expo floor.
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