Reducing the risk of undervaluing high-specification, part exchange vehicles and maximising sales opportunities
Valuing new stock can be challenging, especially if a vehicle has a number of factory fitted options on it that could influence the price. But the launch of HPI Spec Check, a unique valuation support service from vehicle information expert HPI, simplifies the process of valuing vehicles by drawing upon manufacturer build specification to identify the optional extras fitted on an individual vehicle.
HPI Spec Check provides details of any cost options fitted to a vehicle at the time of build, including the list price of that option. It also gives the total price for that particular vehicle when it was new and a ‘star rating’ from one to five, where one star means a totally standard vehicle, and five stars shows it has a significant quantity of cost options fitted. By taking into account optional extras, dealers can accurately identify a vehicle that will stand out to buyers and command a higher price.
HPI Spec Check will also allow dealers to select only those manufacturers they want to receive factory fitted options data on. For example, a BMW dealer may want to run an HPI Spec Check on all Audi, Mercedes and Porsche vehicles before underwriting them, but not BMWs.
“Using HPI Spec Check minimises the risk of under-valuing high specification, part-exchange vehicles and missing out on valuable sales,” explains Daniel Burgess, Managing Director for HPI. “Now dealers can identify high spec vehicles quickly and easily, ensuring they buy in the best retail stock. A vehicle with added extras can command a higher price, but it’s not always easy to account for a vehicle’s full spec. HPI Spec Check changes all that, helping dealers market their vehicles correctly to maximise its appeal and reducing the risk of under-selling a vehicle.
“For dealers who want to ensure the price is right and spot the difference between an average model and one with all the bells and whistles, HPI Spec Check is a fast and accurate valuation support tool providing factory fitted options data. This launch forms part of HPI’s ongoing commitment to bringing dealers a flexible range of solutions, designed to help them sell with confidence and boost their bottom line.”