Retail Ratings and Pricing Strategies.

Pricing in particular seems to have been a main topic of conversation with a lot of people I'm talking to at the moment.

It can be difficult to understand the intricacies of retail ratings and, pricing used vehicles, in particular, is paramount for both buyers and retailers. Finding the true value of a vehicle, especially when compared to its competitors, goes beyond the surface level assessments often found on aggregated selling sites.

This week, I wanted to dive into the importance of discerning a vehicle's unique value proposition, exploring why relying solely on external rankings is not the way forward and why it might not capture the essence of what makes each vehicle special.

The Challenge of Face-Value Rankings:

Aggregated sales sites play a pivotal role in helping consumers navigate the stress of buying their next vehicle. However, these platforms often fall short in capturing the nuanced details that make a vehicle stand out.

Face-value rankings, while helpful to an extent, may not consider the individual merits that contribute to a car's unique value.

It's always much easier in the specialist sector. Specialist vehicles, whether they are niche performance cars, classics, or custom builds, tend to capture an audience that has more demanding requirements. There is less struggle against the backdrop of mainstream metrics.

The challenge for more volume based makes and models is in quantifying the distinct qualities that set these vehicles apart. This struggle is especially apparent when buyers don't understand the price difference that can set a car apart from its competition.

Crucial Elements of Unique Value:

1. Technology: Cutting-edge features and technological advancements often go unnoticed in generic rankings. Understanding the implications of a vehicle's technological benefits and its potential upgrades is key to unlocking its true value.
2. Ownership: Let buyers know more about the background of the vehicle. Try to tell a bit more of a detailed story and that alone will let the buyer know that you take more consideration with what you sell.
3. Condition: Aesthetics are an integral part of a vehicle buying journey. Yet we forget to highlight how genuine the vehicle is. This should not be undervalued and noted as part of a vehicle's appeal.
4. Demand: Demand for certain vehicles can vary from region to region. If you know that you always do well with the type of vehicle you are selling then price it accordingly.

The Customer Struggle:

We need to find ways to empower customers to understand the true value of a vehicle and education becomes the linchpin. Prospective buyers should and now often do dig deeper, seeking information beyond the typical rankings.

Using manufacturer testimonials, expert reviews, and firsthand experiences can offer a more holistic view of a vehicle's selling points.

I would strongly recommend that you go all in on your content creation to help get this message across.

Conclusion:

It has become harder but imperative for retailers to move beyond the surface-level evaluations that a vehicle has to offer.

We need to find ways to complement what is provided by aggregated selling sites because whether we like it or not, it doesn't look like it is going away.

Recognising inherent challenges should be the trigger to start on a journey of creating more detailed value for customers and the distinct value each vehicle brings to the table.

We need to highlight and help buyers to make informed decisions that go beyond the confines of conventional rankings.