Auto Trader, has rolled out Price Indicators across all consumer platforms to assist buyers and build confidence in sellers.
As a result of the move consumers browsing the online marketplace will have an indication as to whether the total price of the car they are looking at is fair. Auto Trader says that the addition of price indicators will help build consumer trust and confidence in the seller.
Indicators will take the form of a label that advises customers if an advert on Auto Trader has a “Great Price”, “Good Price” or is “Priced Low” in comparison to similar cars. The Priced Low label indicates that a vehicle is priced significantly lower than the market average.
The sales platform has based its price assessments on make, model, derivative, age, mileage, appropriately adjusted for any optional extras on the car. The analysis considers approximately 500,000 trade used car listings every day, ensuring indicators are an accurate reflection of the live retail market.
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.”
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