You asked and we listened. CarGurus is excited to announce the launch of IMV Scan, a new tool that allows our dealer partners to use a VIN to get an estimated Instant Market Value (IMV) and receive a breakdown of the price ranges for each deal rating – all before adding the vehicle and price to their inventory feed. IMV Scan lives within the CarGurus app and is available to dealers who are currently enrolled in Enhanced, Featured, and Featured Priority packages on a trial basis.
What are the key benefits for dealers?
Price Confidently. By understanding how a vehicle will be rated on CarGurus, IMV Scan empowers you to price strategically and competitively.
- Sample scenario: you have a new vehicle on your lot that you need to price. Since you know that there aren’t a lot of these cars in your market, you decide you want to price it as a “fair deal’, which will still be seen as competitive within your area and offer you a higher margin. By scanning the VIN using IMV Scan, you can see the estimated price range needed for it to show as a fair deal in CarGurus search results.
Make Data-driven Decisions. IMV Scan allows you to use price data to inform potential vehicle acquisitions at auctions and make smart trade-in decisions.
- Sample scenario: you find a car at auction that you think would do well in your market. Using IMV scan, you can quickly see the estimated IMV for this vehicle and the price range that will establish it as a “good deal” rating on CarGurus. With this in mind, you can be strategic about the price you want to pay at auction to ensure a healthy margin and quicker time on lot. Note – the price that is provided is the estimated IMV for consumers to help you price the vehicle on CarGurus, not a recommendation on the amount you should pay at auction.
Here’s how to get started with IMV Scan in four easy steps:
- Download the CarGurus app on your smartphone and log into your account using your Dealer Dashboard credentials.
- Navigate to the IMV Scan tool in the side bar menu and capture the VIN using your smartphone camera (or by entering the VIN manually).
- While waiting for the results, dealers can enter in additional information to get more accurate data, including zip code, mileage, and features/options.
- Once processed, view the estimated IMV of this vehicle and the price range for each deal rating.
No need to request access, IMV Scan will be available on an unlimited, trial basis to any dealers who are enrolled in Enhanced, Featured, and Featured Priority packages through the end of 2020.
Want to learn more? Check out the video below, or reach out to your CarGurus account rep with any questions.