SAN FRANCISCO, March 30, 2016 /PRNewswire/ -- The Appraisal Lane™, a used car trade network for dealers, today announced significant milestones the company has achieved over the course of the past 12 months of its Beta period. The Appraisal Lane quickly places a cash offer on vehicles dealers submit from across the nation. The company's team of expert appraisers communicates about each appraisal, and a cash offer is sent back to the dealer.
Since April 2015, The Appraisal Lane has made over 15,000 cash offers on used cars, representing more than $200 million in total offers. What's more, the company said its fully mobile-optimized platform has executed over $27 million in wholesale transactions. The company is on track for record-breaking numbers in March with over 2,600 appraisals submitted by dealer customers.
"A cash offer from The Appraisal Lane ultimately provides our customers with complete confidence valuing vehicles at the curb," said Jeff Risner, Co-founder and CEO of The Appraisal Lane. "Having a figure dealers know they can transact on is unquestionably a value add, and leads to more retail deals. This is critically important when it comes to live trades, but equally helpful and efficient when it comes to a dealer's entire used car inventory and wholesale operations."
"The Appraisal Lane has been great for our business," said Tony Urrutia, General Manager of Plaza Auto Mall in Brooklyn, New York. "It helps us consistently provide our customers with the right numbers on all brands of trade-ins and it streamlines our operations by eliminating the time, energy, and expense of remarketing excess or unwanted units. We've seen incremental conquest and same brand sales, and better overall inventory management. The bottom line is that it enables us to focus on what we do best - see more customers and sell more cars. That's really what it's all about."
These milestones are even more significant when you consider that The Appraisal Lane Beta period involved just 50 – 55 rooftops primarily in the Northeast and Southeast regions. Risner says the company is currently expanding into the remainder of the East Coast, and a national rollout is underway with the guidance of Andrew Iorgulescu, Co-founder and President, and Ken Potter, Vice President of Sales, who are both 20-year automotive industry veterans.
The Appraisal Lane platform manages used car appraisal submissions, purchase offers, and communications between dealers, appraisers, and wholesale buyers. It also tracks sales information, such as costs, transportation, and profit and loss information, as well as fulfillment channels through which the vehicles are ultimately sold, including direct-to-dealer, physical auctions, and online auctions. In addition, dealer groups can white label the technology suite to power their own private networks.
About The Appraisal Lane™
The Appraisal Lane, a real-time used car trade network and communications platform, enables dealers to submit used cars for appraisal and receive cash offers from a network of experts who balance knowledge with market valuation data resulting in the most accurate used car valuations. Fully optimized for mobile, the platform manages appraisal submissions, purchase offers, and dealer, appraiser, and buyer communications, as well as sales and fulfillment channel information. Among many other benefits, The Appraisal Lane gives dealers the ability to move used car inventory by providing accurate valuations; provide consistent consumer trade-in offers; the opportunity to white label the technology suite to power their own private networks; and the confidence to take used cars on trade regardless of a new car sale, ultimately improving their business in the process.
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SOURCE The Appraisal Lane