In this vAuto podcast, Micah Tindor, AVP of consumer vehicle disposal for Cox Automotive, details the factors driving a higher share of vehicle buyers in negative equity positions and the impact the trend creates for consumer pocketbooks and dealer conversations with their customers. Tindor offers practical pointers to help dealers turn this market dynamic into an opportunity. Here how you can:
Bring more empathy to your lead/engagement process as you work with equity-challenged customers; use the “market” to serve as a primary driver of a customer’s negative equity position—not a bad decision they made years ago; develop a “blend”-minded approach to your inventory strategy to put equity-challenged buyers into vehicles they can afford; ensure your appraisal process delivers a clear understanding of a vehicle’s value and the reasons behind your offer to each customer.
