Cox Automotive launches LCV appraisal and valuation platform

Cox Automotive has launched an appraisal and valuation tool designed for light commercial vehicles (LCVs). 

The software uses a bespoke question set to capture commercial vehicle-specific specification and condition information to generate a trade-in valuation.

The question set aligns with the new National Association of Motor Auctions (NAMA) condition grading for LCVs. 

Cox Automotive is a supporting sponsor of this project and its commercial vehicle team was integral to its development. 

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 a combination of Cox Automotive’s wholesale market database and third-party intelligence. 

The process, it says, ensures users receive an accurate valuation for their van, adjusted according to its derivative, specification and condition.

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’s eVA for LCV aims to allow 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, says Cox. 
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.

Matthew Davock, director of commercial vehicles, explained: “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.” 

Cox Automotive’s eVA Valuations and Appraisals tool is used by over 450 dealerships and has served more than 10 million valuations to date.

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.”