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PART-EXCHANGE APPRAISAL TRAINING Failing to give the vehicle a thorough
Page 87
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going-over before offering cash is inconceivable for BOA and its UK dealer training manager Les Butler.
The two-day course focuses on making sure you do your groundwork before getting to the question of money. As Butler points out, if you miss anything during a deal with part exchange it will cause you trouble when you try to shift the vehicle as it'll require time and money to fix, losing you some or all of your profit.
Giving a van the once-over and offering a derisory cash payment will mean you get hit from two sidesyou could buy a stinker or lose the deal because your offer was too low.
Basics such as chassis numbers, how to find and check them, checking the legitimacy of the tyres and whether the tread is legal, authenticating the mileage, working through the V5 documents and researching its finance status are all worthwhile. And If the owner is trying to pull a fast one, then all of the above should scare them into leaving before you talk money.
When it comes to evaluation, most dealers are pessimists but the alternative is going over the top, getting your hand bitten off and losing money on the deal. For BOA, appraisal isn't the sole means of evaluation; guide price experts such as OAR trade publications, underwriting and in-house figures are some of the guides used to help determine the right price.
Intuition can give you the first indication of whether the vehicle is for you. That sixth sense is greatly helped by attendance and watching your remarketed vehicles going under the hammer. Plus, you can give the nod if prices don't match your initial ones exactly.
Publications such as the CAP Red Book can give you an idea of clean, average and disposal values, enabling you to estimate what you will need to spend to turn a part-exchange van from average to clean and still turn a nice profit. Model, derivative, condition, age and mileage all play a part.
Golden rules of part-exchange appraisal • Use a professional appraisal form • Take the customer with you on appraisal • Never criticise customers' vehicles • Do the appraisal before the demonstration • Always drive the part-exchange vehicle • Look for extras you can include on the vehicle you are selling • Don't rush • Always ask to see the documents • Ignore prompting on prices • Don't ask what the customer wants for the vehicle