Guest Expert: Micah Tindor, Senior Director of Strategic Planning at Kelley Blue Book Instant Cash Offer discuss the importance of consistent appraisals, the evolving consumer expectations in the automotive industry, and the latest trends in EV adoption and battery health scores, providing actionable steps on how dealers can enhance their appraisal processes, build trust with consumers, and leverage new technologies to drive profitability.
About Our Guest:
Micah Tindor
Senior Director of Strategic Planning
Kelley Blue Book Instant Cash Offer
Key Takeaways
Consistent Appraisals for Profitability: Accurate and consistent appraisals are crucial for determining profit potential. Dealers who standardize their reconditioning process and provide consumer offer certificates can win two times more cars on average.
Building Trust Through Transparency: Transparency and trust are key to meeting evolving consumer expectations. Providing clear information and a physical certificate explaining the vehicle’s value can significantly enhance consumer confidence and satisfaction.
EV Adoption and Battery Health: With 45% of consumers considering EVs, it’s essential for dealership staff to be knowledgeable about EVs, including tax credits, total cost of ownership, and charging. Accurate appraisal of EV battery health is critical for building consumer trust.
Leveraging New Technologies: Dealers can use advanced tools and technologies to ensure accurate reconditioning estimates and provide consumers with reliable information. This approach helps streamline the appraisal process and enhances the overall customer experience.
Consumer Engagement and Differentiation: Educating consumers about new tools and metrics, such as battery health scores, can drive more value and improve the dealership’s competitive edge. Providing clear and accessibl
Timestamps:
0:00 – 0:57
Introduction
Jade Terreberry introduces the podcast and the guest, Micah Tindor, Senior Director of Strategy at Kelley Blue Book Instant Cash Offer with Cox Automotive.
0:57 – 1:49
NADA Sessions Overview
Micah shares his experience at NADA, highlighting the importance of consistent appraisals and the big releases that will be game changers for dealers.
1:49 – 3:49
Consistent Appraisals
Micah discusses the importance of consistent appraisals in determining profit potential and aligning with consumer expectations. Key takeaways include understanding consumer expectations, identifying reconditioning (recon) accurately, and providing a physical certificate for vehicle value.
3:49 – 5:57
Consumer Expectations and Trust
Jade and Micah talk about the evolving consumer expectations and the importance of transparency and trust in the appraisal process. Micah emphasizes the need for dealers to provide clear information and build trust through transparency.
5:57 – 8:40
Appraisal Consistency and Profitability
Micah explains the steps dealers can take to ensure consistent and accurate appraisals, including standardizing the reconditioning process, aligning people, process, and pay, and generating consumer offer certificates. He highlights the impact on profitability, with dealers winning two times more cars on average.
8:40 – 11:10
Enhanced Appraisal Process
Micah introduces the enhanced appraisal process, which includes the consumer offer certificate and the importance of bringing the customer along the journey. He explains how the process addresses consumer needs and provides a consistent appraisal experience.
11:10 – 12:30
EV Adoption and Battery Health
Micah and Jade discuss the trends in EV adoption, the importance of understanding tax credits, total cost of ownership, and charging. Micah emphasizes the need for dealership staff to be knowledgeable about EVs and the significance of battery health in appraisals.
12:30 – 15:01
Battery Health and Consumer Confidence
Micah explains how dealers can accurately appraise an EV battery’s health and the tools or metrics they should use to provide consumers with a reliable battery health score. He highlights the importance of battery health in consumer decision-making.
15:01 – 17:15
Kelley Blue Book and Autotrader EV Advancements
Jade and Micah discuss the initiatives by Kelley Blue Book and Autotrader to address battery health, including the introduction of battery health superlatives on listings. They emphasize the importance of educating dealers and consumers about these new tools.
17:15 – 18:33
Closing Remarks
Jade wraps up the episode, thanking Micah for sharing his insights and encouraging listeners to subscribe to the podcast for more valuable content.
