CHICAGO, Jan. 24, 2024 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) (d/b/a "Cars Commerce Inc."), an audience-driven technology company empowering automotive, today announced that FordDirect has selected AccuTrade, a Cars Commerce solution, as its preferred vehicle acquisition and trade and appraisal solution for The Shop, a newly launched e-commerce platform for 3000+ Ford dealers and Lincoln retailers.
More than half of car buyers plan to trade-in a vehicle prior to purchase, and AccuTrade speeds transaction time by enabling digital instant offers for consumers while equipping everyone in the dealership with turnkey and transparent acquisition solutions that complete an accurate appraisal in under five minutes – from anywhere. In 2023, AccuTrade generated more than 275,000 Instant Offers for consumers and retailers completed more than 1 million appraisals¹, unlocking new growth for their business by acquiring inventory directly from their service drives. Half of the retailers leveraging the AccuTrade solution in the service drive in 2023 at least doubled their volume of service drive appraisals from January to December².
"FordDirect's mission as a trusted partner and resource to our retailers is to work with the best vendors in the market to support the needs of all Ford Dealers and Lincoln Retailers. Acquiring and quickly turning high-quality inventory is critical right now for dealerships, and we are providing a new marketplace of vetted partners to meet those needs," said Dean Stoneley, CEO of FordDirect.
"We're thrilled that FordDirect sees the value in AccuTrade, and we look forward to helping more Ford and Lincoln retailers take their inventory acquisition strategy to the next level," said Doug Miller, president and chief commercial officer of Cars Commerce. "AccuTrade allows dealers to turn vehicle acquisition into a true profit center, ensuring they secure a healthy margin at the point of acquisition with a guaranteed offer backed by Cars Commerce."
Ford Dealers and Lincoln Retailers will gain access to four main pillars of the AccuTrade solution:
- Advanced Vehicle Appraisal Engine: AccuTrade's state-of-the-art appraisal technology allows dealers to identify, find and procure the exact vehicles they want for their lot. Dealers can provide consumers with 100% confidence in any vehicle they appraise and simply leverage Cars Commerce's no-risk vehicle divestment options for any vehicles they've procured that they don't want to retail.
- Direct Access to Consumer Inventory: Instant Cash Offer capabilities provide the 26 million in-market consumers on Cars.com – most of whom have to trade in a vehicle before they buy – instant and transparent cash offers for their exact vehicle identification numbers (VINs).
- Integration on Any Dealer Website: The AccuTrade appraisal engine and Instant Cash Offer capabilities integrate into any dealer website, as well as in-store processes, providing a consistent in-store or online vehicle valuation experience for consumers.
- Plug-in Appraisal with OBD Scanner: Dealers can generate a VIN-specific valuation with AccuTrade's Onboard Diagnostics tool, which is a physical product that plugs into the vehicle right from the service drive or any preferred location and enables dealers to obtain vehicle condition data directly from the vehicle's electronic control units to quickly create a tailored and transparent consumer-facing condition report.
Ford Dealers and Lincoln Retailers that are interested in learning more about AccuTrade, can visit the Cars Commerce booth (#3421W) at the 2024 NADA Show in Las Vegas Feb. 2-4 or visit www.carscommerce.inc.
ABOUT CARS COMMERCE
Cars Commerce is an audience-driven technology company empowering automotive that simplifies everything about buying and selling cars. The Cars Commerce platform includes the flagship automotive marketplace and dealer reputation site Cars.com, innovative digital marketing technology and services from Dealer Inspire, industry-leading trade-in and appraisal technology from AccuTrade, an exclusive in-market media network, and powerful and predictive AI technologies that enable more efficient and profitable retail operations. Cars Commerce is the essential partner to stay one step ahead in automotive. Learn more at www.carscommerce.inc.
FordDirect, headquartered in Dearborn, Mich., connects the worlds of data, analytics, and technology to provide best-in-class digital marketing and advertising solutions exclusively for Ford Dealers and Lincoln Retailers. FordDirect is a joint venture between Ford Motor Company and its dealers with a mission of helping Ford and Lincoln dealerships sell more cars and trucks. Learn more at www.forddirect.com.
¹Internal Cars Commerce Data, Total Instant Offers, January-December 2023
²Internal Cars Commerce Data, Total Service Drive Appraisals, January-December 2023
SOURCE Cars Commerce