How to calculate True Vehicle Value

What is True Vehicle Value, and Why Does it Matter?

The current problem of inventory shortage among auto dealerships can be solved by capitalizing on purchasing in-demand vehicles from customers in the service drive. Providing an accurate vehicle value is essential for the customer to make decisions on selling or trading in their car. Inaccurate or seemingly unfair estimates of the vehicle can discourage the customer from selling, delaying their decision, or selling to a competitor. You can effortlessly calculate the actual vehicle value with AI-powered RObot and engage your service drive customers to build loyalty.

To calculate the True Vehicle Value of a used car you need to do the following.
⦁ Pull OEM Data so you know all the features, trims, and upgrades the vehicle came equipped with.
⦁ Look at the Vehicle History Report to determine if there have been any accidents or salvage issues.
⦁ Review the vehicle’s Service History to see true mileage and the service and maintenance that has been performed.
⦁ Confirm the Book Value of the vehicle based on the above results.

The importance of accurate vehicle value in establishing trust among customers

Every vehicle is unique in its journey, and so is the value attributed to it. As an auto dealer, if you want to build your inventory with in-demand quality vehicles, you need to make a fair offer to the seller, who in this case, is your service-drive customer.

An inaccurate or exaggerated estimate of the vehicle value can delay the buy/sell decision of the prospect. If the prospect doubts the accuracy of the value, it may also encourage them to sell the vehicle to a competitor.

How to arrive at the most accurate vehicle value using AI-powered tools

Thanks to new generation AI-powered tools like Cognitgo’s RObot, an accurate estimate of a vehicle is no longer dependent on the experience and skill of any individual. RObot from Cognitgo continuously scans the repair orders of the service drive and estimates their value by accessing the vital information on the car found within OEM data, Vehicle History Report, Service History and Book Value. The RObot can touch every repair order and gathers all of this information within minutes.

Our RObot will then send a text to the service drive customer asking if they would like to know the value of their vehicle. Once we have the hand raisers our in-house BDC team goes to work getting appointments for your sales team to close.Our AI technology frees up your team from wasting time on mundane repetitive tasks and allows them to focus on the customer!

The agility of the automated process informs your customer that you are interested in purchasing their car/truck. It also helps the customer to make swift decisions based entirely on facts and not on subjective estimates.

The vehicle value is calculated entirely on the data extracted from authentic sources and without any doubts about its accuracy, leaving little room for negotiations, hence saving time and effort.

This one-of-a-kind seamless process to buy/sell a vehicle enhances the customer experience significantly. Customers are impressed with businesses that leverage the latest technology and pass the benefits to the customer. RObot, quickly extracts the data needed to give an accurate vehicle value, communicates, and informs your service drive customers that you are interested in buying their vehicle, builds inventory, and increases customer loyalty and sales.

By reaching out to customers right away armed with data you can quickly identify who is in the market to buy/sell and get to them before a competitor does.

Benefits of True Vehicle Value generated by RObot

⦁ Boost your credibility with the most accurate estimates of the service drive customers’ vehicles.
⦁ Help your customers decide faster with a fair and profitable vehicle value.
Utilize AI-powered tools like RObot to provide them with an estimate based on factual data captured in real-time.
RObot’s workflow to generate the accurate vehicle value.

Achieve peak operational efficiencies with Intelligent Process Automation