DC Market Pricing: Your Key to Competitive Vehicle Pricing

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IN THIS ARTICLE:

1. Introduction to Market Pricing
2. Where to Access Market Pricing
3. Exploring the Market Pricing Tool
4. Using the Mobile App
5. Leveraging the Auction Run List

Introduction to Market Pricing

Market Data looks at a vast number of vehicles across dealership sites, pulling in millions of VINs daily. You can immediately see the market average price based on the range of similar vehicles in your area.

DealerCenter Market Pricing gives you insights into how vehicles are priced in your market in real-time, ensuring your pricing is competitive and on point. It’s an essential tool to help you appraise, price, and sell your vehicles.

Use Market Pricing at the point of appraisal and when pricing existing inventory to see where vehicles are priced within the market. You can even use Market Pricing as a compelling sales tool to work with customers who are accustomed to doing online research.

Where to Access Market Pricing

DealerCenter Market Pricing is simple to use. You’ll have access to Market Data across DealerCenter, for example:

• Appraise a Vehicle: To start an appraisal, select Inventory then Appraise New Vehicle from the menu. Next, just enter the VIN and vehicle mileage, and the Market Pricing Data will automatically be displayed.
• Vehicle Detail Page: From your Homepage, go to the Search Bar and type information like the make, model, stock number, or VIN to pull up a vehicle.
• Auction Run List: Select Inventory then Auction Run List from the menu.

Exploring the Market Pricing Tool

The Market Pricing Tool provides a comprehensive view of the current market for similar vehicles. Key features include:

• Filters: Market Pricing looks at vehicles of the same make and model with comparable mileage. You can adjust the filters as needed to fine-tune the scope of your market area. Keep in mind the filter options you see here may vary depending on certain factors like the market pricing source data.

• Average Price: The average price of similar vehicles in your area.
• Price Spectrum: A range showing the lowest to highest prices of similar vehicles.
• Slider: Use the slider to set your asking price within the market range.
• Calculator: Helps you determine how much you should pay based on your asking price and costs. Your costs plus the appraisal value instantly show you what the total cost to market would be and the corresponding cost to market percentage. Conversely, the calculator can show the target appraisal value based on the price.

As you update any of these values, the others are automatically recalculated. For example, if you update the appraisal value, the asking price adjusts to meet your gross profit target. Similarly, changing the percentage of market value updates the asking price, which in turn updates the projected appraisal value.

Using the Mobile App

Of course, you can use the DealerCenter mobile app to scan a VIN and appraise a vehicle, access any vehicle in your active inventory, and research cars at auction using the Auction Run List. The DC Market Pricing features are available directly from the DealerCenter Mobile app. Just look for the Market Data button and tap to access all the great tools we just covered.

Leveraging Market Pricing in the Auction Run List

These same tools and features are also available right from the Auction Run List, so you can know what price a vehicle can get in your market and exactly what you should be paying for a vehicle at auction.