• AutoTrader has launched all-new Price Ratings to allow buyers to better compare used cars.
• It is a first for SA, and offers price ratings on similar vehicles on the market.
• The aim of this new tool is to provide greater transparency for buyers and sellers alike.

AutoTrader has debuted an interesting new tool for those in the market to buy or sell used cars.

This as the online platform has all-new Price Ratings that will provide in-market car shoppers with a definitive answer on whether the car they are interested in is priced in relation to similar cars on the market.

It is also said to be a first for the South African motoring industry, and is aimed at offering greater transparency for buyers and sellers alike.

According to AutoTrader CEO George Mienie, Price Ratings has come about thanks to the company’s ability to track every interaction on every search filter a customer uses. “This pertains to every car at virtually every auto dealership nationwide,” he notes.

“This serves as an ideal proxy for live market data, which is very important because it helps consumers make an informed decision based on market activity in real time. Our data – pertaining to both supply and demand – is constantly updated according to the most recent market activity. This particularly helps dealers make informed business decisions relating to pricing and stocking,” adds Mienie in a press release sent to Hypertext.

Further unpacking this new tool, AutoTrader ranks cars by four main rating parameters – great, fair, low, or high price – each factoring in make, model, variant or trim specification, registration year, mileage, transmission, and fuel types.

“If a car has a “great price” rating, this means the car is priced below the market average of similar cars. A ‘fair price’ rating means that the car is priced in line with or slightly above similar cars in the market.” the platform points out.

“In the case of cars with a “low price” rating, AutoTrader recommends that in-market car shoppers take a closer look – because a car with this rating is priced much lower than similar cars. And what about a car with a “high price” rating? Should it be avoided? Not necessarily. While this vehicle is priced higher than the market average, it may not necessarily be a bad deal,” it continues.

You can see the new Price Ratings tool in action by visiting the AutoTrader site here.

[Image – Photo by Jim Witkowski on Unsplash]