Auto Trader has just added a new feature to their platform that gives a clear indication as to how reliable the advertised pricing of a vehicle is.
They report that the indicator is there to assist buyers browsing vehicles on the website, and helps to build consumer confidence.
The Price Indicators now appear as a large label underneath the price of a vehicle, and come in three varieties. They will either state “Great Price”, “Good Price”, or “Priced Low”. Auto Trader reports that these are calculated based on a comparison between similar cars.
Auto Trader, has rolled out Price Indicators across all consumer platforms to assist buyers and build confidence in sellers.
Auto Trader have announced that the categories in which it makes the assessment as to how good your deal is are based off of the model of vehicle, its derivative, mileage and age, and the platform have also stated that their Price Indicator also takes into consideration any optional extras that the car has to offer.
With such a huge volume of listings on the website – approximately 500,000 per day according to data analysists, this new tool acts as a welcome helping hand to those that are unsure whether they are paying the right amount of money for a vehicle that they have had their eye on. Indeed, such a huge volume of vehicle listings help to ensure that the indicators reflect the live retail market as it shifts and changes from month to month.
Karolina Edwards-Smajda, Auto Trader Retailer & Consumer Products Director, commented: “In an increasingly competitive market where car buyers are savvier than ever before, price transparency is vital in building trust. It’s simply no longer an optional extra, but standard spec. That’s why we created Price Indicators, to not only help our customers’ advertisements stand out from the crowd, but to also build that all important trust, helping them to sell more cars, more quickly.
“We know that value is subjective and a buyer will make up their own mind whether the car they’ve seen represents good value for them or not. However, by labelling an advertisement based on the price of the car compared with the rest of the live market today, dealers are empowering them to make an informed decision – creating confidence in their brand in the process.”