Rapid Recon and Velocity Automotive Close the Trade Appraisal Gap

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Jan 24, 2024, 08:31 ET

Provides accurate, not estimated, reconditioning costs for predictable profit per vehicle

KNOXVILLE, Tenn., Jan. 24, 2024 /PRNewswire/ -- Rapid Recon and Velocity Automotive, driven by Vehlo, will announce an integrated system for closing the trade appraisal gap at the National Automobile Dealers Association convention on February 1.

This powerful appraisal-assist system delivers deep internal vehicle diagnostics and incorporates accurate, not estimated, reconditioning costs for predictable profit per vehicle.

The appraisal gap system costs dealerships hundreds to thousands of dollars per trade due to the variance between appraiser-estimated and actual recon costs.

Called ASPIRE, this integration consists of three solutions:

Robust internal vehicle systems diagnostics and inspection report
Accurate repair costs extracted from the Rapid Recon workflow system
Digital Vehicle Portfolios that educate sales staff and customers about in-depth vehicle VIN, OEM window sticker and service, vehicle accident condition and reconditioning reports, and more.

ASPIRE's diagnostic tool, VINSight, powered by VinTel and from Velocity Automotive, is a unique OBD-2 scan device. It provides appraisers VIN-specific, mechanical, and electrical system appraisal "X-ray" diagnostics and accurate, not estimated, reconditioning costs for the make, model, and year of the vehicle.

"All managers across the United States of America share a big fear – we don't want to make a mistake. This profit per vehicle strategy couldn't have come at a better time," said Jared Ricart, President of the Ricart Automotive Group, whose used car operation sells 600 to 800 used cars monthly.

"Profit per vehicle is about accuracy and saving that one vehicle –we appraised it for this number, and we estimated this profit, and can we execute that promptly?" said Matt Hubiak, the director of preowned operations for the Swickard Auto Group. It operates 50 franchises across 33 rooftops in Alaska, Washington, Oregon, California, and Texas.

General managers committed to the consistent practice of this appraisal advantage:

Create a perfect opportunity for appraisers to rise to the status of trusted advisors and close the sale.
Neutralize trade concerns and deliver a customer-centric hospitality experience.
Increase profits from parts, customer-pay services, and used cars.
Eliminate chargebacks to sales.

Appraisers at dealerships using Rapid Recon reconditioning software and VINSight now have quantifiable data to make more informed trade offers and disposition decisions: retail, wholesale, or part-out trade, whichever approach maximizes profit.

VINSight is easy to use. A quick explanation to the vehicle owner and the shared scan inspection report relieves emotions. It provides transparent, actual repair costs, not what the appraiser or the owner wants it to mean. Plugged into the vehicle's OBD port, VINSight extracts systems diagnostics and error codes -- including recent reset codes – in 30 seconds. General managers who insist their appraisers use VINSight:

Address shopper concerns upfront -- what will they offer me for my trade?
Shorten the sales process for customers and staff.
Improve reconditioning time-to-line speed—VINSight orders parts through Rapid Recon when the offer is accepted, effectively starting the reconditioning clock.

The third phase of ASPIRE is Engage Digital Vehicle Portfolios (DVP) from Velocity Automotive. It helps make salespeople inventory experts on all brands, makes, and models -- and elevates how you and your customers engage with your inventory.

"The number one reason to have vehicle portfolios is that cars sell faster and give us remarkable insight when appraising. Without them, a used car is just a used car," said Jeromie Allan, partner and executive manager for Gary Yeomans Ford of Daytona Beach, Florida. "And, as no two used cars are alike, these portfolios enable us to speak more intelligently with customers about any car in our inventory."

Engage digital vehicle portfolios as part of your website or online listings to enable interested shoppers to access complete vehicle presentations from a single source. This information describes the car down to its VIN-explosion features and, with OEM sticker pulls, reveals the window sticker details on the vehicle when new. These portfolios provide reconditioning inspection and costs spent on the vehicle by the dealer to make the car stand tall. Condition reports detail any physical or flood damage to the vehicle. Third-party price information helps calculate budget needs.

Rapid Recon and Velocity Automotive serve auto dealers' fixed and variable operations. They are part of Vehlo, a leading software solutions provider for customer pay, service lane opportunities, customer engagement, and vehicle reconditioning. Visit at NADA '24, Booth 3363W.

Media Contact
Jim Leman
847-840-0784 - mobile
[email protected]

SOURCE Rapid Recon