More than 20 dealer groups, operating 740 showrooms, are making use of Cox Automotive’s eVA Valuations and Appraisals tool.
The company says it is receiving record demand for the tool, which was launched two years ago.
Paul Humphreys, managing director of car buying and mobility services at Cox Automotive, said 18 months of inconsistent lockdowns forced dealerships and OEMs to accelerate their omnichannel retail offerings and fuelled demand for new tools such as eVA.
He explained: “Dealerships have had a hugely challenging eighteen months with showrooms repeatedly being hit with closure and limitations on traditional vehicle purchasing. As a result, many were forced to accelerate their adoption of digital tools, in an attempt to better connect the online and in-store customer journeys.
“Many are migrating over to eVA, and they’re doing this because we ensured the product was fit for purpose, complete with an effective proposition that they could invest into. We had to be the answer to the question dealers were asking; how can I maximise sales opportunities whilst improving the online and in-store vehicle transaction experience for all involved?”
Using a combination of Cox Automotive wholesale data and Auto Trader retail data, the eVA tool provides real-time vehicle valuation data that is up to 99% accurate. It offers a range of part-exchange valuation tools that feed into the full ecommerce offering of OEMs, allowing online customers to complete their new and used vehicle transactions, from purchasing, through to delivery.
eVA Valuations allows dealers to offer this service to customers looking for a new car, through a white label tool that integrates with their website. In addition, it empowers consumers to self-serve an accurate valuation for their part exchange and build the valuation into a deal themselves.
Businesses looking to dispose of unwanted part-exchange vehicles or to free-up cash flow, are already relying on eVA. The tool generates a guaranteed price, with Cox Automotive underwriting the valuation and purchasing the vehicle, with payments made within 24 hours of collection.
Humphreys added: “The unique selling point of eVA is that we aid the e-commerce checkout journey. Dealers love the flexible rule-builder as it assists them with the car buying journey which increasingly starts online and ends offline at the showroom.
“Most consumers begin their car-buying journey online, so it makes sense for them to get a part-exchange valuation in the comfort of their own home, against a vehicle they are interested in upgrading to. Therefore, eVA assists the dealer with more leads and ultimately helps them sell more vehicles.”