Cox Automotive has launched a new appraisal and valuation tool that’s designed explicitly for LCVs and said to be a UK-first.
The new LCV software builds on Cox’s existing eVA solution for cars and uses a bespoke question set to capture commercial vehicle-specific specification and condition information to generate a realistic and accurate trade-in valuation.
The question set aligns with the new NAMA condition grading for LCVs. Cox Automotive is a supporting sponsor of this project and its commercial vehicle team was integral to its development. Manheim Auction Services was the first auction provider to implement the NAMA LCV grading in July upon its launch.
The appraisal process factors in a greater tolerance for usage and wear characteristics (compared to a car appraisal), plus aspects unique to commercial vehicles, including load area, signwriting, racking and accessories.
Valuations are generated using Cox Automotive’s wholesale market database alongside third-party intelligence. The process ensures users receive an accurate valuation for their van, adjusted according to its derivative, specification and condition – said to be a first in the LCV market. eVA for LCV also supports online van-buying operations.
Stuart Perham, chief information officer at Cox Automotive, said: “This is a significant development for the wholesale commercial vehicle sector, overcoming a historic challenge commercial dealers have faced: how to accurately value a vehicle that’s not physically in front of them? Cox Automotive operates the number one commercial vehicle remarketing and vehicle services business in the UK and is heavily invested in commercial vehicles. We are also experts in appraising and valuing vehicles. eVA for LCV connects these two areas to benefit our customers.”
Matthew Davock, director of commercial vehicles, added: “Many retailers in our industry struggle with a lack of confidence around van valuations. Without a trusted solution, many have to resort to approaches designed for cars, which miss the nuances of van mechanics. Bringing together Cox Automotive’s breadth of industry experience, data and insights, this new tool from eVA will bridge this gap and give customers more trust and confidence in their van valuations from here on out.”
The new eVA for LCV tool can be used by commercial dealers and manufacturers to offer the same integrated part-exchange process as car buyers enjoy. The software integrates into the online retail journey and enables a customer to self-serve a thorough appraisal and receive an accurate valuation in minutes. The platform also connects with a dealer’s DMS to ensure data captured online feeds through to any offline interactions with a customer, including verifying the appraisal at the point of handover.
Sam Panayides, sales director at Cox Automotive, said: “We know that accurate valuations build trust and support better conversion rates. This applies just as much to commercial vehicles as it does to cars. The buying journey for vans is no different and users expect to be able to complete numerous steps of the process online, including getting an accurate part-ex valuation. Dealers who can best create a true omnichannel experience will have a competitive advantage.”
