If you missed our PremiumXchange Webinar with Bruce Thompson, CarOffer’s CEO, we have recapped it below.
As you all know, the state of our industry has drastically changed significantly in the last year. Used car prices have dropped significantly causing dealers to be underwater with those vehicles. Based on this, CarOffer continues to adapt our platform to the used inventory market challenges. We have developed PremiumXchange as a solution to market disparity.
What is Market Disparity?
Our tool allows dealers to trade using market disparity. Market disparity is the retail price differences that exist from one market to another. With our partnership with CarGurus, our dealers can use IMV Data to see the price of a vehicle from one market to the next. For example, a Honda Civic retails for $8,514 more in Harlingen, Texas than it does in Lincoln, Nebraska. Dealers can leverage this market disparity to exchange vehicles and win!
What are the Benefits of PremiumXchange?
PremiumXchange mitigates wholesale loss and manages turn in a declining market. It allows dealers to exchange under-performing vehicles in their markets for performing ones. The tool leverages our CarOffer platform that has more than 13,000 rooftops to link our dealers into one giant trade group – the largest trade group in the nation. This allows dealers to trade non-performers for performers based on data from our partner, CarGurus.
We think this tool has a huge amount of potential and will help our dealer partners. If you want more information on how to mitigate wholesale loss and to see a demo on how PremiumXchange works, you can view the video or contact us.