SANTA MONICA, CA — October 23, 2018 — Edmunds today announced the nationwide rollout of its next generation trade-in valuation tool for dealer partners. Optimized with artificial intelligence and predictive search, the Edmunds trade-in tool lives on a dealer's website and is designed to give shoppers a fast, trustworthy vehicle trade-in value whether on a desktop or mobile device.
"Today's web-savvy shoppers are conditioned for speed and aren't likely to complete slow, clunky web forms," said Nick Gorton, vice president of product innovation at Edmunds. "If dealers want to effectively attract, retain and convert mobile shoppers, implementing the most technologically advanced online tools is essential."
The new Edmunds trade-in tool leverages AI and predictive autocomplete to enable shoppers to complete the process quickly and easily. In pilot tests the tool led to an average form completion rate of 40-45 percent, significantly higher than the industry benchmark of 25 percent.
Built for speed and reliability, the tool also provides access to Edmunds' trusted True Market Value® data, ensuring shoppers get an accurate estimated value of their trade-in vehicle that they can trust. Since the tool is fully native, shoppers can launch it from anywhere on a dealer's site without having to navigate away from the page they are viewing.
With a focus on providing the best user experience for shoppers, the new Edmunds tool gives dealer partners the ability to generate more leads and more easily acquire valuable used inventory. Additionally, the tool uses Google Analytics to provide increased transparency and visibility into the shopping behavior on their site.
In early tests, dealer partners showed positive results using the new tool. "We have seen an increase in overall conversion and are getting more used cars for our lot, which no doubt saves us time," said Nathan Rodriguez, digital marketing manager for Lia Auto Group.
The Edmunds next generation trade-in tool is available now to dealers nationwide.
Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America's best workplaces by Fortune and Great Place to Work, Edmunds is based in Santa Monica, California, and has a satellite office in Detroit, Michigan. Follow us on Twitter, Facebook and Instagram.