Black Book, a division of Hearst Business Media that provides industry-leading used vehicle valuation and residual value forecast solutions, has signed a partnership agreement with Autosoft, a leading national dealer management system provider. Under the agreement, Black Book will integrate its vehicle valuation data into Autosoft’s DMS offering for dealers around the country.
Today, auto dealers use robust DMS systems to handle everything from inventory management, customer information, credit reports, finance and reporting documentation. With the integration of Black Book’s data, Autosoft’s dealer partners have access to accurate vehicle values when working with a customer during the trade appraisal process. Trade valuation can create an adversarial relationship with each customer, therefore having the right, accurate value can be incremental to the success of each customer transaction.
The trade appraisal process is one of many critical components in completing a vehicle purchase from a franchised or independent dealer. Results from a recent Black Book survey showed consumers feel a vehicle trade-in quote that’s far from expectations is the second-most likely scenario to kill a possible deal. Many consumers cited specific frustrations with the valuations they often receive from a dealer. 36 percent of those polled said their researched quote was $1,001 – $1,500 apart from the dealer’s offer; and another 27 percent said their quote was more than $1,500 apart. Nearly half (47 percent) said they need the dealer’s offer to be between $501 – $1,000 of their research quote for it to be acceptable.
“Our dealers rely on us for a complete end-to-end dealer management system that allows them to run their business seamlessly, efficiently and profitably,” said Autosoft Connect Program Director Dale Novotniak. “With the integration of Black Book’s vehicle valuation data, our dealers can trust the fact that we’re giving them every opportunity to maximize their profit potential with access to the most accurate valuation data in the industry.”
“Today’s technology offerings are critical for every dealer looking to gain a competitive edge in their market, especially from an operational standpoint,” said Jared Kalfus, executive vice president, revenue at Black Book. “More importantly, having access to the right vehicle valuation data goes beyond a single transaction since it helps create a stronger, less adversarial relationship with each customer, opening the opportunity for future transactions with them, as well as their friends and family.”
