Friday, July 25, 2008

Your Questions, Answered

The Top Two Questions asked of our account representatives go something like this: "What buys the car now?" and "What's the deal on that car?"

The cars in the iLUXCARS Live Trades list are, well, Live Trades. This means that on many cars, we don't actually know the answer to these questions. That's because the seller doesn't know. And the seller doesn't know because their customer doesn't know.

Starting today (July 25th), when we DO know "What buys the car now" AND we have a real commitment from the seller AND the target price is on the money, we're moving the car to the top of the list. Cars with this sort of commitment and price are now in the "Buy it Now" group at the top of the Live Trades list in a friendly green color. Click the "Buy It Now" button and you win. No bidding, no waiting, you don't even need to call us.

For the FEW of you who haven't logged in today it looks like this:

Also starting today you'll notice that we've added the status of every deal in red bold letters right on top of the vehicle description. The "deal status" will be one of the following:
  • Target price buys car - This means we have a solid commitment from the seller and the car is priced on the money. These cars are in the "Buy It Now" list.
  • Client committed at target price - The seller has a commitment at the target price to make the deal. Needs the target or close.
  • Need buy bids to work with, no commitment from client - The seller has NO commitment from the customer and is looking for buy bids to start their deal.
  • Need buy bids to work with, client commitment price is over market value - The seller has a commitment from their customer but it is over market value. They need buy bids to start the deal.

To help answer another question we hear on a regular basis - "What do I tell the customer" we've improved and renamed the Appraisal Report.

The Appraisal report can be a powerful tool you can use when starting your deal with today's, how should we say, optimistic customer. Selling a Car 101 - always blame the market.

To print a report, click on "Appraisals" from iLuxCars Offers, select the deal you are working on, and click the "Report" button (circled in red below). To see a sample, click here.

As always, we're open to suggestions on how to make the System better. And, as always, we're happy to answer any questions.


Monday, July 21, 2008

Texas Wisdom

There is an old saying in Texas that goes like this: “If all you ever do is all you’ve ever done, then all you’ll ever get is all you ever got.”

Yes, the market is a little rough. Yes, prices have dropped. Yes, everybody is scared. But, cars are still being sold when you can put the right number on the trade.

And, there is no better way to ensure the right number than to put every trade into the iLUXCARS system. Simple. Risk free. Every time.

Today is, after all, the start of last 10 days of the month. You need to finish strong. There are deals that will be made and, we're quite confident, iLUXCARS can help you make these deals. Assuming, of course, you're willing to change what you normally do.

Just like they say in Texas.

Friday, July 11, 2008

Do-it-yourself

Shortly after we made our 5 Minute Appraisal Commitment the number of appraisals entered into the system got a big bump. And, the number of requests we received about allowing you to convert an appraisal to a Live Trade increased as well.

So, we're going to let you do it. Last night we added a simple, do-it-yourself way to convert any appraisal into a Fresh Trade. To do this, select the appraisal in the list and click 'Convert.' You'll have the chance to adjust your target price and we'll do the rest. The network will be notified immediately and we'll get to work on your deal.

For the visual minded group - it looks like this: 


Tuesday, July 8, 2008

Something Different

The first of every month we sit down together - sales, logistics, development, accounting, administration, marketing, and management - and ask the same question: "What are we going to do different this month?"

Last month, no matter how bloody it was, is all over but the counting. And if you're in the car business, well, there probably isn't that much to count. So while you could trudge along doing business the same way you did last month – it might be time for a small, but potentially very positive improvement.

Why not enter every high-end trade into the iLuxCars System as an appraisal? Just spend 2 minutes to enter every trade (even if you haven’t taken it in yet), and get an immediate appraisal from our extensive, nationwide market data in a guaranteed 5 minutes (Our Commitment).

Print it out. Educate the customer. Make your deal. Once you make the deal, give us a call and we'll open the vehicle up for bidding to the entire iLuxCars Network – nearly 1,000 members strong. Accept the iLuxCars offer – and we take care of everything. The car is off your lot - fast. Fax your title – get paid – fast (48 hours or less). Now that's something different, right?

And here's another benefit: entering your car into the System gives you a permanent record of every car. So, if your negotiation drags on for a few days – you'll have an easy way to re-start your deal.

If you’re not running every luxury and/or exotic trade through iLuxCars before you try to put a number on that car in today’s market, you are taking a serious risk. One of those money-losing sort of risks.

So, what are you going to do different this month?

Wednesday, July 2, 2008

10-Year Low

We're more than sure that you don't need the New York Times to tell you this, but times are a little tough right now in our industry. (But, it is an interesting article, if you want to read it: "New York Times - Car Sales at 10-Year Low")

Prices, no matter what you want to believe, have slid.

In case you're still in denial, here's an example: yesterday (July 1), we had a somewhat desperate inquiry on an '04 360 Spider, Red / Black, racing seats, F1, 9,000 miles, all service. The minimum the customer has to have is $160k. This is the amount left on the customer's loan. This car, we can say with absolute certainty, isn't worth any more than $140k, best case, wholesale. $155k, best case, retail.

Silly, optimistic customer, you say? Unfortunately, it isn't that simple. 

First - if the customer can't get his $160k on the trade (and he won't) someone doesn't make a deal. Second, and far more sinister, it isn't just uneducated customers that are in denial (by 12.5%). Our members - that would be you guys - are in the same boat. 

Why? Nobody is buying. Unless - and this turns out to be the important bit - unless the car is already sold. Which means when you DO get a buyer, you need access to good cars. Nationwide access. iLuxCars access. Because, as it turns out, if you aren't buying and selling cars you aren't in business.

Like we keep saying - Faster. Safer. Better.