1 00:00:00,000 --> 00:00:05,760 Hi and welcome to another episode of Selling in the Motor Trade. 2 00:00:05,760 --> 00:00:10,020 In partnership with Cazana, improve your margins with real-time, data-driven, retail 3 00:00:10,020 --> 00:00:13,160 valuations backed by the largest rule of data set in the UK. 4 00:00:13,160 --> 00:00:19,480 There are an evidence-based guide valuations for main dealers, car suit markets and independence. 5 00:00:19,480 --> 00:00:24,320 Along with sim code training, where we took that training in the real world, what's happening 6 00:00:24,320 --> 00:00:28,160 in the market today, not 10 to 15 years ago. 7 00:00:28,160 --> 00:00:33,560 Together, we're going to share tips and ideas on how to sell more cars, improve your service 8 00:00:33,560 --> 00:00:39,160 and parts operation and generally put more profit into your department, dealership or dealer 9 00:00:39,160 --> 00:00:40,160 group. 10 00:00:40,160 --> 00:00:43,720 Now I'm your host, Simon Bowkett, or some of you might already know me as Skippy. 11 00:00:43,720 --> 00:00:48,760 Firstly, I just want to say thank you for the people who died right from the beginning 12 00:00:48,760 --> 00:00:53,640 of this because we're past 250 episodes now and interviewed so many great leaders 13 00:00:53,640 --> 00:00:55,520 in the motor trade. 14 00:00:55,520 --> 00:00:56,520 Thank you for taking the time. 15 00:00:56,520 --> 00:00:59,640 For people who are new to this, please ask you to subscribe. 16 00:00:59,640 --> 00:01:04,000 You can't believe what it does to the algorithm and gets this podcast out to as many people 17 00:01:04,000 --> 00:01:05,960 in the motor trade as we can. 18 00:01:05,960 --> 00:01:14,160 Hi, welcome to another episode of Selling in the Motor Trade. 19 00:01:14,160 --> 00:01:20,880 Today we've got a panel discussion with Mark, Derren and Ian from Cazana. 20 00:01:20,880 --> 00:01:21,880 You might think, who's Cazana? 21 00:01:21,880 --> 00:01:24,240 Well, Cazana is our new partners. 22 00:01:24,240 --> 00:01:28,720 And I'm really excited to talk about why Symco training and selling in the motor trade 23 00:01:28,720 --> 00:01:29,960 we're working with these guys. 24 00:01:29,960 --> 00:01:35,640 You see, I interviewed Derren, Derren Martin, and must have been about two months ago. 25 00:01:35,640 --> 00:01:41,480 I got really excited about actually some of the data he talked about, some of the knowing 26 00:01:41,480 --> 00:01:47,400 how to value a car, not just from wholesale up, but retail down. 27 00:01:47,400 --> 00:01:51,760 It really hit a nerve with me about how so many sales managers, they haven't got access 28 00:01:51,840 --> 00:01:53,080 to the data. 29 00:01:53,080 --> 00:01:54,480 And I've got to be honest with you. 30 00:01:54,480 --> 00:01:56,280 So who's Cazana? 31 00:01:56,280 --> 00:01:56,800 Who are they? 32 00:01:56,800 --> 00:01:58,560 What are you actually doing there? 33 00:01:58,560 --> 00:02:02,200 He introduced me to Ian and actually one thing's led to the other. 34 00:02:02,200 --> 00:02:06,080 And we just had lots of common ground. 35 00:02:06,080 --> 00:02:07,360 And we both want the same things. 36 00:02:07,360 --> 00:02:09,480 We want to improve car dealerships. 37 00:02:09,480 --> 00:02:11,760 We want to improve profitability. 38 00:02:11,760 --> 00:02:15,120 And that's why they're the new partner in the podcast. 39 00:02:15,120 --> 00:02:17,880 So I just need to say, welcome to everyone. 40 00:02:19,640 --> 00:02:20,080 Thanks. 41 00:02:20,080 --> 00:02:21,560 I have to be honest. 42 00:02:21,560 --> 00:02:27,520 So I'm going to start off with you, Ian, if this is right, in a few words, for someone 43 00:02:27,520 --> 00:02:32,840 who's under a rock and doesn't know who Cazana was, who someone like myself, in a sentence 44 00:02:32,840 --> 00:02:34,080 and what can you tell us? 45 00:02:34,080 --> 00:02:35,080 Who's Cazana? 46 00:02:36,520 --> 00:02:42,960 So Cazana was, well, it started back in 2012 by a guy called Tom Wood, who's well known 47 00:02:42,960 --> 00:02:46,360 with everybody within the motor trade. 48 00:02:46,360 --> 00:02:53,520 He built a platform that was sold to Cazoo Data Services in 2021. 49 00:02:53,520 --> 00:02:57,920 And we bought that platform off Cazoo in 2023. 50 00:02:57,920 --> 00:03:03,680 And with the demise of the demise of Cazoo, we bought the platform. 51 00:03:03,680 --> 00:03:04,680 We dusted it down. 52 00:03:04,680 --> 00:03:10,720 I've got some experts involved in looking at how we could improve it technically and with 53 00:03:10,720 --> 00:03:16,640 all the products and services, two of them are on the podcast today. 54 00:03:16,640 --> 00:03:21,040 And yeah, we're just about to launch it back into dealer world, really. 55 00:03:21,040 --> 00:03:22,040 Yeah. 56 00:03:22,040 --> 00:03:26,720 So it's one of the things my agency and I thought, because I know it was part of Cazoo, 57 00:03:26,720 --> 00:03:27,720 but it wasn't. 58 00:03:27,720 --> 00:03:28,720 They actually acquired it. 59 00:03:28,720 --> 00:03:29,720 Is that right? 60 00:03:29,720 --> 00:03:30,720 It is indeed. 61 00:03:30,720 --> 00:03:31,720 Yeah. 62 00:03:31,720 --> 00:03:36,800 So we actually launched into the automotive landscape. 63 00:03:36,800 --> 00:03:42,920 This is where it gets in more complicated, 18 months ago with motors who are now Cazoo. 64 00:03:42,920 --> 00:03:47,600 So they are a key partner of ours and we share data with them. 65 00:03:47,600 --> 00:03:53,960 So Cazana and Cazoo are back together in a way, but not how it was before. 66 00:03:53,960 --> 00:03:55,560 It's a full circle. 67 00:03:55,560 --> 00:03:56,720 Full circle is good. 68 00:03:56,720 --> 00:03:58,440 And Mark, how did you get involved? 69 00:03:58,440 --> 00:04:00,800 Tell us a bit about yourself, Mark. 70 00:04:00,800 --> 00:04:08,680 So I worked for Experian Automotive and then Cap HPI, which is where I met Darren and in 71 00:04:08,680 --> 00:04:16,880 when they acquired the Cazana tech from Cazoo, needed somebody to help them take the solution 72 00:04:16,880 --> 00:04:21,720 to be market ready and then help them launch it back into the dealer world, the automotive 73 00:04:21,720 --> 00:04:22,720 space. 74 00:04:22,720 --> 00:04:28,920 And that's the background that I've got and my business partners have got at ADS. 75 00:04:28,920 --> 00:04:32,760 And so in contact with us and said, would we be interested in taking a look at this and 76 00:04:32,760 --> 00:04:34,080 helping them? 77 00:04:34,080 --> 00:04:37,600 When I'd been at Cap, I'd looked to try and get something very similar built. 78 00:04:37,600 --> 00:04:41,880 So I was actually quite excited when I first saw the solution, knowing the power that it 79 00:04:41,880 --> 00:04:45,040 had, the dates to it had and what it could do to help dealer's. 80 00:04:45,040 --> 00:04:48,520 So we were really keen to get involved and we've been involved for the last couple of years 81 00:04:48,520 --> 00:04:49,520 now. 82 00:04:49,520 --> 00:04:54,880 So Darren, if I know Sal's measure, listen this, okay, who is your competition, okay? 83 00:04:54,880 --> 00:05:02,320 Is it Cap you're replacing, is it order trader, how are you guys different? 84 00:05:02,320 --> 00:05:08,720 We're pretty much retail valuations, we do do trade valuations as well, but we firmly 85 00:05:08,720 --> 00:05:16,040 believe that retail valuations are basing your purchasing decisions of what you can advertise 86 00:05:16,040 --> 00:05:20,360 the vehicle for and then sell the vehicle for it from your forecourt or your website is the 87 00:05:20,360 --> 00:05:21,360 way forward. 88 00:05:21,360 --> 00:05:26,440 So what you can advertise it for and sell it for, then work your way back down for what 89 00:05:26,440 --> 00:05:30,280 you should pay for it, bearing in mind the margin that you want to make. 90 00:05:30,280 --> 00:05:34,800 The reason we're different is that we've got more data than anybody else. 91 00:05:34,800 --> 00:05:39,960 We get the data from every website in the country, we don't purely base it off trade 92 00:05:39,960 --> 00:05:44,280 and off what's happening in the auctions, we base it off real world and what's happening. 93 00:05:44,280 --> 00:05:50,880 There's a fantastic data science behind it and machine learning that produces the valuations. 94 00:05:50,880 --> 00:05:55,840 We've also got information on days to sell because we're independent, we have no vested 95 00:05:55,840 --> 00:06:01,480 interest in pricing vehicles, people pricing vehicles too high, it's too low, we want them 96 00:06:01,480 --> 00:06:08,840 to price their vehicles optimally, we haven't got what auto trader have got with their selling 97 00:06:08,840 --> 00:06:14,320 to dealers hoping that they'll put their cars on their website, we're just advising on prices. 98 00:06:14,320 --> 00:06:20,920 Yeah, to auto trader, they definitely did create some friction with all of their clients 99 00:06:20,920 --> 00:06:22,760 and whether they're trying to change the way they're doing. 100 00:06:22,760 --> 00:06:26,240 Mark, you're smiling there, there was definitely some friction out there on what they're doing 101 00:06:26,240 --> 00:06:27,240 that way. 102 00:06:27,240 --> 00:06:32,360 Mark, can I also ask you as well, it's the bit that really I love the idea of days to sell. 103 00:06:32,360 --> 00:06:37,000 So instead of just giving me a price as a sales manager, I can see that particular car, 104 00:06:37,000 --> 00:06:41,440 that Cayman, the average, what's the average number of days to sell, surely that's going 105 00:06:41,440 --> 00:06:45,800 to help me make the right decision when I'm valuing that car as a trade-in or I want 106 00:06:45,800 --> 00:06:47,360 to buy it? 107 00:06:47,360 --> 00:06:53,200 It certainly is, yes, in terms of how things used to be done, the deal would say that vehicle 108 00:06:53,200 --> 00:06:57,560 owes me or I've got a gut feeling about this car and that would then influence how they 109 00:06:57,560 --> 00:07:01,400 were prepared to take it in as a part exchange, what they would offer for it or what they 110 00:07:01,400 --> 00:07:03,200 would advertise it for. 111 00:07:03,200 --> 00:07:07,160 Now we're providing some science to this now in terms of being able to look back through 112 00:07:07,160 --> 00:07:13,400 the recent history using the Kuzana data and actually see individual vehicles that are 113 00:07:13,400 --> 00:07:19,280 the same make model derivative and how quickly they sold or how often the price was changed. 114 00:07:19,280 --> 00:07:23,520 But when you amalgamate all the data, you get a market view as to how quickly that vehicle 115 00:07:23,520 --> 00:07:29,240 is likely to sell and that can then give you a better indication as to how to price it 116 00:07:29,240 --> 00:07:31,560 or what to offer for it as a part exchange. 117 00:07:31,560 --> 00:07:35,360 Yeah, I suppose Ian, every now and then, long comes a miracle. 118 00:07:35,360 --> 00:07:40,000 I suppose as a sales manager, used car sales manager, I always remember the miracle. 119 00:07:40,000 --> 00:07:44,880 I had that car in stock for 90 days, okay, everyone's telling me to get rid of it, but 120 00:07:44,880 --> 00:07:50,600 some poor customer walked in and said, I'll have that full up and I was thinking, hold 121 00:07:50,600 --> 00:07:53,800 on, I remember that car four years ago, it actually sold. 122 00:07:53,800 --> 00:07:57,640 I suppose the data you have really does make the difference. 123 00:07:57,640 --> 00:08:02,320 Is it 900,000 unique VRMs every day? 124 00:08:02,320 --> 00:08:03,880 Is that number right, Ian? 125 00:08:03,880 --> 00:08:05,760 Is that what you scraped? 126 00:08:05,760 --> 00:08:10,840 It is, Simon, not all scraped, I mean, as I mentioned earlier, we have a good relationship 127 00:08:10,840 --> 00:08:15,120 with Cazoo, they provide us with over half a million vehicles a day and we have fees coming 128 00:08:15,120 --> 00:08:18,320 in from other areas and we also scrape as well. 129 00:08:18,320 --> 00:08:22,760 So, you know, 900,000 is where we're at at the moment and we want to get to beyond a 130 00:08:22,760 --> 00:08:28,200 million, but we're not too sure, I don't know anybody knows what the full market size 131 00:08:28,200 --> 00:08:32,480 is, but we're certainly closer than anybody and that's expanding every day. 132 00:08:32,480 --> 00:08:35,040 I was just thinking about that number, when there's what? 133 00:08:35,040 --> 00:08:42,360 2.1 million new vehicles were sold, how many used vehicles are on sale at any one point? 134 00:08:42,360 --> 00:08:45,840 We know how many used cars were sold, but that's got to be close to the whole market, 135 00:08:45,840 --> 00:08:46,840 hasn't it? 136 00:08:46,840 --> 00:08:52,600 It's not far off yet and, you know, these are the unique VRMs that we pull in every day 137 00:08:52,600 --> 00:08:56,920 and obviously they're going to be the same day on, until they sell or whatever, all new 138 00:08:56,920 --> 00:08:57,920 ones come in. 139 00:08:58,000 --> 00:09:03,440 Yeah, I think probably overall car park, circuit 1 million, I would say. 140 00:09:03,440 --> 00:09:10,160 OK, and again, I suppose you're giving regional variations as well, because in the middle 141 00:09:10,160 --> 00:09:14,880 of Wales that IZooZoo pick up is something that's going to move quicker, I'm guessing, 142 00:09:14,880 --> 00:09:22,160 then it's going to, in the edge where road, for example there, sorry, yeah, we don't, 143 00:09:22,160 --> 00:09:27,680 you know, it's all about the data, so we can show where vehicles are for sale, what vehicles 144 00:09:27,680 --> 00:09:32,400 are for sale, within your dealership, within 10 miles, 50 miles, 100 miles or nationally, 145 00:09:32,400 --> 00:09:38,840 so, you know, an independent dealer or dealer can just put his postcode in, pick up, you 146 00:09:38,840 --> 00:09:44,040 know, pick up radius to him and see what similar vehicles are for sale in the market and 147 00:09:44,040 --> 00:09:49,320 also what prices they're at, so we don't tell dealers what to price that, we just show them 148 00:09:49,320 --> 00:09:54,800 what prices are there currently, what's your live market price within your area for 149 00:09:54,800 --> 00:09:57,160 that particular car spec? 150 00:09:57,160 --> 00:10:01,600 Is it fair to say that when I was a sales manager, I'm looking at really what auction 151 00:10:01,600 --> 00:10:07,360 prices were, I suppose both Mark and Aaron working for some of those other providers, 152 00:10:07,360 --> 00:10:12,320 that really is the information that from the old book and yes, I'm old enough to have the 153 00:10:12,320 --> 00:10:15,880 books, all of my marks laugh and at me now, you're right though, I used to have all the 154 00:10:15,880 --> 00:10:22,280 books lined up on my desk, I took pride in them all there, but it's always what's happened 155 00:10:22,280 --> 00:10:23,280 hasn't it? 156 00:10:23,280 --> 00:10:24,280 It's old news. 157 00:10:24,280 --> 00:10:30,360 And I think the reason the trade valuations, you know, have been around for so long is, 158 00:10:30,360 --> 00:10:36,880 back in the day, a source of volume of data in order to produce a market value, the auction 159 00:10:36,880 --> 00:10:40,720 sites were the only place you could get it, the technology wasn't there, the websites 160 00:10:40,720 --> 00:10:47,960 weren't there to be able to get retail values and it's only in the last maybe 10 years that 161 00:10:47,960 --> 00:10:52,720 retail values have been accurate enough because of the volume of data that you can now get 162 00:10:52,720 --> 00:10:54,720 to power them. 163 00:10:54,720 --> 00:11:01,640 Okay, so you're not a new company, okay, your parent company, it's been around for a while, 164 00:11:01,640 --> 00:11:07,640 but Ian, you've got this 500 dealers, can you just talk me through what the programs you're 165 00:11:07,640 --> 00:11:14,080 about to launch, the 500 dealers and a little bit about what you're launching there? 166 00:11:14,080 --> 00:11:19,600 Yeah, certainly, so as I say, we have launched into automotive 18 months ago, we've got some 167 00:11:19,600 --> 00:11:26,760 key partners on board, you know, we've partnered with some big piece of the likes of Experian 168 00:11:26,760 --> 00:11:33,320 and others, Motor Check and Carter Trade, or a few other smaller partners that we've 169 00:11:33,320 --> 00:11:39,600 already partnered with over the last 18 months, but we want to offer our dealers direct, we 170 00:11:39,600 --> 00:11:46,360 want to get a direct offer into 500 dealers of which we've aptly called it the Qasana 500 171 00:11:46,360 --> 00:11:55,320 and that's going to be a promotion to initially the IMBA, who will get some exclusive benefits 172 00:11:55,320 --> 00:12:02,120 on price and various other things, and this is giving them access to our SUS platform, 173 00:12:02,120 --> 00:12:06,760 which will, you know, provide the full range of valuations, market insights, comprehensive 174 00:12:06,760 --> 00:12:12,120 vehicle history, all of that, which is going to be launched within the next couple of weeks. 175 00:12:12,120 --> 00:12:13,120 Okay, interesting. 176 00:12:13,160 --> 00:12:18,080 I too, Uma S is going to love that, he does such a good job, the IMDA does such a great 177 00:12:18,080 --> 00:12:22,600 job for independent dealers out there, and I think that's going to be absolutely brilliant 178 00:12:22,600 --> 00:12:23,720 for them. 179 00:12:23,720 --> 00:12:28,120 So dealers want to get involved with that, should they reach out to the IMDA, should they reach 180 00:12:28,120 --> 00:12:30,240 out directly to you guys? 181 00:12:30,240 --> 00:12:34,240 And when is it launched, okay, because, am I jumping the gun with this? 182 00:12:34,240 --> 00:12:37,800 You are, it's not launched yet, as I say, I'd like to think in the next couple of weeks 183 00:12:37,800 --> 00:12:44,680 from barely in mind from when this podcast will go out, we made the decision to launch 184 00:12:44,680 --> 00:12:50,000 it initially with the IMDA, because, you know, we've got a relationship with them and Uma 185 00:12:50,000 --> 00:12:56,280 and I think that's the best place to start, it is limited to 500, so outside of the IMDA, 186 00:12:56,280 --> 00:13:02,400 if there's still some spaces, we will launch it to, you know, non-IMDA members, but it 187 00:13:02,400 --> 00:13:07,760 won't, you know, that's, this is all to come, but not too long. 188 00:13:07,760 --> 00:13:14,360 Yeah, again, any independence out there that are not part of the IMDA, Uma, they just do 189 00:13:14,360 --> 00:13:19,200 a great job there, and you're right, 500 is not that many, okay, so I just know the number 190 00:13:19,200 --> 00:13:26,120 of members they have, I suppose people will have to be getting involved very quickly, to 191 00:13:26,120 --> 00:13:27,120 do this. 192 00:13:27,120 --> 00:13:31,120 So what's, this is a question for probably all of you then, what's one of the biggest 193 00:13:31,120 --> 00:13:34,880 misconceptions dealers still have about used car valuations? 194 00:13:35,880 --> 00:13:38,880 And don't you start with you on this one? 195 00:13:38,880 --> 00:13:43,760 Yeah, I don't know about misconceptions, everyone does it with their own way, the dealers 196 00:13:43,760 --> 00:13:48,800 are really good at what they do, but what we kind of believe in is, as I say, the retail 197 00:13:48,800 --> 00:13:53,760 approach, looking at the, what you can advertise them for and sell them for, and data is king 198 00:13:53,760 --> 00:14:01,080 now, so we provide, so we do provide with a guide valuation for a particular vehicle, 199 00:14:01,080 --> 00:14:06,640 but if they're still using other tools like auto trader or cap, then fine, but we want 200 00:14:06,640 --> 00:14:11,400 to become a source of data for them as well, and we think by using us, they will, they'll 201 00:14:11,400 --> 00:14:15,640 realise that our data is better than the others. 202 00:14:15,640 --> 00:14:21,240 One of the reasons I consult for Cazana is because having a conversation with Ian and 203 00:14:21,240 --> 00:14:25,680 seeing their platform, I realised how rich the data is and how good it is, and I'm the 204 00:14:25,680 --> 00:14:28,520 firm believer in the retail down approach. 205 00:14:29,520 --> 00:14:34,120 So I wouldn't say it's misconceptions on pricing or anything like that, I think everyone 206 00:14:34,120 --> 00:14:36,600 does it differently, but we can help them with that. 207 00:14:36,600 --> 00:14:43,440 I think it's the volume of data and the quality of the data that they have access to that influences 208 00:14:43,440 --> 00:14:46,920 the profitability of a particular vehicle or a dealership. 209 00:14:46,920 --> 00:14:51,000 If you've got good data that's close to what's going on in the market and you can make use 210 00:14:51,000 --> 00:14:56,840 of that, then you would expect to make more profit, more margin than if the data's out 211 00:14:56,840 --> 00:14:59,480 of date and not closing them to the market. 212 00:14:59,480 --> 00:15:03,440 Playing devil's advocate now, Mark, and yes, I understand the retail down, this is what 213 00:15:03,440 --> 00:15:06,920 they're selling for, this is how long it takes to sell, this is a number of days in 214 00:15:06,920 --> 00:15:11,560 the market, love that information, okay, regent, love that information, but playing devil's 215 00:15:11,560 --> 00:15:14,880 advocate, you might get the sales manager saying, Simon, you don't understand, if I 216 00:15:14,880 --> 00:15:19,320 don't get the sold in 60, 90 days, it has to go to the block, okay, so I want to know 217 00:15:19,320 --> 00:15:24,720 what it's going to trade, so I don't have my head handed to me on a platter. 218 00:15:24,720 --> 00:15:29,360 What do you say to that dare I say old fashioned sales manager, I'm going to upset 219 00:15:29,360 --> 00:15:33,840 some sales managers there, okay, and I was one of them, you're worried about if you don't 220 00:15:33,840 --> 00:15:38,000 sell it, surely I had to keep an eye on what this is. 221 00:15:38,000 --> 00:15:42,480 And there will be vehicles that the dealers will need to take in as a part exchange in order 222 00:15:42,480 --> 00:15:48,200 to be able to sell them the consumer, the next car, so a trade value is still relevant and 223 00:15:48,200 --> 00:15:54,160 still used, so if you are looking to retail it, having one eye on a trade value is always 224 00:15:54,160 --> 00:15:57,560 useful, if it's a car that you're going to send to the block anyway, then you absolutely 225 00:15:57,560 --> 00:16:03,720 need a trade value, and that's why we do provide a trade value as well as the retail value, 226 00:16:03,720 --> 00:16:07,800 but in our view, you're not really going to want to take too many cars in that you just 227 00:16:07,800 --> 00:16:14,040 have to send to auction, you really do want to retail as many as you can, so our emphasis 228 00:16:14,040 --> 00:16:18,720 is always on the retail price and not the trade price. 229 00:16:18,720 --> 00:16:23,080 I love that retail price, it should be, I suppose what is driving out there is, if 230 00:16:23,080 --> 00:16:28,600 it has to go to the block because I've kept it for 60, 90 days, whatever my policy is, 231 00:16:28,600 --> 00:16:33,640 you just want to make sure that you have that safety blanket there, and two times I get sales 232 00:16:33,640 --> 00:16:37,920 and it's probably relied too much on that, and we would argue that if you see what they're 233 00:16:37,920 --> 00:16:43,160 selling for in the retail world, you're seeing how long they're selling for, price it appropriately, 234 00:16:43,160 --> 00:16:48,120 you won't have to worry about that side of it, and it's seeing how many days it takes 235 00:16:48,120 --> 00:16:54,040 to sell the average one, and I think that's just information that's just so valuable. 236 00:16:54,040 --> 00:16:59,400 I think that the added beauty is with our platform, again, it's about the data, but you 237 00:16:59,400 --> 00:17:04,920 can see so many similar vehicles within a certain radius of your dealership, and you can look 238 00:17:04,920 --> 00:17:09,480 at the history of that vehicle, you can look at it from when it was first registered, how 239 00:17:09,480 --> 00:17:14,600 the owners, where it's sold, what it's sold for, has it gone in and out of franchise 240 00:17:14,600 --> 00:17:21,080 dealerships, has it been sold on bobs under the arches, and all of this data is available, 241 00:17:21,080 --> 00:17:26,200 which ultimately determines the price of the vehicle that you've got, because it's not just 242 00:17:26,200 --> 00:17:33,240 about age, model, and mileage, as you appreciate, so it's just having that rich provenance data 243 00:17:34,200 --> 00:17:39,240 helps to either justify the value, or you have to look at it and go, you know what, we can clearly 244 00:17:39,240 --> 00:17:45,160 see that it's failed, it's MOT, 10 times in a row, and it's had multiple issues, is somebody 245 00:17:45,160 --> 00:17:52,120 going to pick my car to one that's 30 miles away that's had clean MOT history, just as one example? 246 00:17:53,080 --> 00:17:58,600 What a lot before this, and this is part of Darren talking about you guys, he said, 247 00:17:58,600 --> 00:18:03,480 give me a registration number, I gave him a registration number on my son's car, and we had 248 00:18:03,480 --> 00:18:08,280 look, he said, right, these are the cars that sell in the marketplace at the moment, within this 249 00:18:08,280 --> 00:18:15,480 region, way up to, and just as it sells, measure to value your car to have confidence, it just is, 250 00:18:15,480 --> 00:18:21,640 actually, is it too strong word to say game changer, but for me, it really did feel like 251 00:18:21,640 --> 00:18:25,560 that game changer, I just had so much confidence exactly what I'm going to bring that car into 252 00:18:25,560 --> 00:18:29,400 stock for, if I had to bring that car into stock for, or if I'm actually buying it. 253 00:18:30,280 --> 00:18:36,280 So Darren, lots of use car measures, listen to this now, what's hot out there in the market, 254 00:18:36,280 --> 00:18:44,120 right now, we're in June, 2026, okay, can I ask you what's looking strong right now? 255 00:18:45,720 --> 00:18:51,000 Well, you've used the right word hot there, because it certainly is, it certainly is, 256 00:18:51,880 --> 00:19:02,680 but I would say the EV world is really going well at the moment, it has been strong, we predicted 257 00:19:02,680 --> 00:19:07,160 it and obviously we weren't alone in predicting it, but demand was always going to improve this year, 258 00:19:07,720 --> 00:19:13,000 as more and more people start to look into buying EVs and consider EVs, and if you look at the whole 259 00:19:13,800 --> 00:19:18,520 total cost of ownership of an EV, it certainly makes sense, people are still put off by 260 00:19:18,600 --> 00:19:23,720 range anxiety and the complete range of a vehicle, if you can't charge it at home, 261 00:19:23,720 --> 00:19:28,920 but what's happened since the unfortunate events in the Middle East with the war there and the 262 00:19:30,120 --> 00:19:35,480 petrol and diesel prices and the pumps going up is more and more people are looking at EVs, 263 00:19:35,480 --> 00:19:41,640 and we're seeing that EVs are going up in price, certainly on the retail world dealers are buying 264 00:19:41,640 --> 00:19:47,960 them, they're putting the prices up, they're selling them, they're replacing it with a similar one, 265 00:19:47,960 --> 00:19:51,800 and they're putting the prices up again, I was speaking to a dealer a couple of weeks ago 266 00:19:51,800 --> 00:19:55,480 who just said I just can't find them, I just can't get them, they're being snapped up so quickly 267 00:19:55,480 --> 00:20:01,000 these cars, so if you can get EVs, now do your due diligence for them, look on our platform, 268 00:20:01,000 --> 00:20:04,440 look at how much you think they're worth, look at how quickly they're selling, but they are great 269 00:20:04,440 --> 00:20:09,960 news, hybrids similarly, especially plug-in hybrids, they're going well as well, but electric vehicles 270 00:20:09,960 --> 00:20:16,200 and I know some independents are scarred by, they don't particularly want to, want to stock them, 271 00:20:16,200 --> 00:20:20,040 but they should be not, they don't want to, they don't need to film their forecast with them, 272 00:20:20,040 --> 00:20:25,000 their shirt certainly should be dipping their tie-in and seeing how quickly they sell, because 273 00:20:25,000 --> 00:20:32,440 they will sell. See it's amazing, it is June 2026 and it was just my father-in-law, there's another 274 00:20:32,440 --> 00:20:38,840 guy down at a club this weekend and said oh you drive an electric vehicle, it's my wife's car, 275 00:20:38,840 --> 00:20:43,480 so don't like about that, they're going to catch fire, you know that, you don't pile that in a garage 276 00:20:43,480 --> 00:20:49,160 and it's like come on guys, this is June 2026, I mean you remember the airport where the car 277 00:20:49,160 --> 00:20:55,080 park burnt down three years ago, I mean that was a diesel Range Rover, but still the press jumped 278 00:20:55,080 --> 00:20:59,880 on about an electric vehicle, the same guy said oh if you have an accident, okay electric cars, 279 00:20:59,880 --> 00:21:04,760 you can't open the doors, okay they just won't get along, and you think where does this come from, 280 00:21:04,760 --> 00:21:10,520 but I'm going to say he's less and less now, because when people go electric they don't go back, 281 00:21:10,520 --> 00:21:17,080 if people can charge at home it's almost a no-brainer, but here Mike, is it a situation where 282 00:21:17,080 --> 00:21:23,560 electric vehicles prices have come down to a point that they just make good sense for customers, 283 00:21:23,560 --> 00:21:32,120 is that why we're getting the used EV vehicle? Resurgence in EVs, absolutely, I think the view 284 00:21:32,120 --> 00:21:37,240 from the press seems to have improved, so me people are more comfortable in looking at an EV, 285 00:21:38,120 --> 00:21:44,360 I think the prices as you say have come down, the technology has improved, so at the moment 286 00:21:44,360 --> 00:21:50,280 used EVs up to three years old perhaps are good news, and those older EVs that don't have quite 287 00:21:50,280 --> 00:21:55,160 such good tech in them, they're going down in price and they're attracting a different sector of 288 00:21:55,160 --> 00:22:01,720 the consumer who perhaps hasn't got the ability to buy a newer one, they're now in a price 289 00:22:01,720 --> 00:22:06,920 bracket where they can buy an EV, so the whole market is moving and everybody is now in a position 290 00:22:07,000 --> 00:22:13,000 where they can actually seriously consider moving to an EV. Again, trying out from a sales point of 291 00:22:13,000 --> 00:22:16,760 view, because we're a sales training company, I'm sorry I can't help doing this, but what we're 292 00:22:16,760 --> 00:22:21,720 doing at the moment is just using simple technology, Claude and AI with all the sales people, when 293 00:22:21,720 --> 00:22:27,320 customers saying it's my first EV I'm not sure, yes there's so many fuel consumption calculators 294 00:22:27,320 --> 00:22:34,600 out there and savings, but all you need to do is speak to AI, Claude if you want, I love a 295 00:22:34,600 --> 00:22:39,560 Claude I think it's better than chat GPT, hit the little microphone button, you can do this in 296 00:22:39,560 --> 00:22:46,760 front of a customer and say I'm driving a BMW 440i doing 25,000 miles a year, okay I'm thinking 297 00:22:46,760 --> 00:22:56,360 about going to an AX2, whatever it is, okay can you tell me what am I likely to save every month 298 00:22:57,000 --> 00:23:02,440 in fuel costs alone, but again the AI will go and find out the average price of electricity 299 00:23:02,440 --> 00:23:08,120 per kilowatt, the average price of fuel there and in front of a customer, so the independence 300 00:23:08,120 --> 00:23:14,120 listen to this, it's just such a great sales tool, just to let people know that yeah you might want 301 00:23:14,120 --> 00:23:19,720 to spend a little bit more on an EV, but actually look what you're saving every month in fuel, 302 00:23:19,720 --> 00:23:24,680 especially with the Strait of Humas, which I've never heard of three months ago, I still can't 303 00:23:24,680 --> 00:23:31,160 pronounce it correctly, but that's got to help as well isn't it with the resurgence, is it a 304 00:23:31,160 --> 00:23:36,520 resurgency in or has the prices just got to a point that they make real good sense? 305 00:23:37,880 --> 00:23:43,800 I think so yeah as Mark said you know they work historically expensive right, so more Chinese, 306 00:23:45,320 --> 00:23:51,960 more price you know appealing vehicles coming to the market, more second-hand vehicles on the 307 00:23:51,960 --> 00:23:57,560 market, I mean look personally you couldn't sell me one regardless of how good a salesman you are 308 00:23:57,640 --> 00:24:03,240 because I'm not into EVs but that's because I like ice engines you know sorry polar bears and everything 309 00:24:03,240 --> 00:24:07,800 but I feel running through your blade, yeah I just well you know I like the style, I like dials 310 00:24:07,800 --> 00:24:13,480 and I don't want to be sitting in a square box with a screen in front of me because that but that's 311 00:24:13,480 --> 00:24:18,840 totally my own opinion and there will always be people that like you know there'll be people 312 00:24:18,840 --> 00:24:24,600 that like ice cars and there'll be people that like electric cars and more people will start to 313 00:24:24,600 --> 00:24:30,280 move over to electric cars definitely as you say they get cheaper they get more reliable or people 314 00:24:31,160 --> 00:24:35,160 perceive that they're more reliable and you know all the things that we're learning now. 315 00:24:35,800 --> 00:24:39,800 Well I just want to talk about the residual value of these cars, this comes from the 316 00:24:39,800 --> 00:24:47,960 Financial Times okay if you look a car that's three years old okay an EV car is actually 317 00:24:48,040 --> 00:24:57,720 retaining 38% of its original list price. A petrol car is retaining 45% of its original list price 318 00:24:57,720 --> 00:25:05,480 and a plug in hybrid is retaining 51% the highest. So I suppose from that data the 319 00:25:06,440 --> 00:25:12,840 used electric vehicles are still depreciating quite a lot but is that just because the newer 320 00:25:12,840 --> 00:25:18,280 models are coming out is the the ranges are getting better and better all the time which 321 00:25:18,280 --> 00:25:23,960 again this is the UK it's not America it's not Canada it's not Australia it's a small island right 322 00:25:23,960 --> 00:25:31,320 there's there's not too many places you couldn't get to without charging on a day-to-day journey 323 00:25:31,320 --> 00:25:37,560 okay and but is that reflecting that I don't want to get your views maybe Darren this is one for 324 00:25:37,560 --> 00:25:43,720 you looking at day in day out these figures here is it because the newer EV vehicles come 325 00:25:43,720 --> 00:25:51,080 along and BYT at the moment has just launched a new car what's their slogan they can ready to go 326 00:25:51,080 --> 00:25:57,320 in five fully charged in nine or something like that that's quick Darren is that going to have an 327 00:25:57,320 --> 00:26:03,160 effect on my car that's just 18 months old that's not going to be fully charged in nine minutes 328 00:26:03,160 --> 00:26:09,880 it's going to be fully charged in two hours well I think firstly that the stats there that 329 00:26:10,440 --> 00:26:15,240 no one buys a car off a percentage of your list for a start so that that's sort of 38% 330 00:26:16,200 --> 00:26:21,560 51% is is almost irrelevant really and they're looking at the list price a lot of list no one 331 00:26:21,560 --> 00:26:25,560 buys a car off list price at the moment anyway you're buying it off a monthly payment or you're 332 00:26:25,560 --> 00:26:30,360 you're buying a discounted car the new brands that have come in over the last 333 00:26:30,360 --> 00:26:34,760 couple of three years they have hugely changed the landscape they were working in 334 00:26:34,760 --> 00:26:41,720 EVs used to be expensive as a list price now they're not anymore not and the legacy brands 335 00:26:41,720 --> 00:26:47,960 they've reduced their prices so that 38% I would imagine is based off cars that were more expensive 336 00:26:47,960 --> 00:26:51,800 a few years ago what we have to the three years ago they were weren't they let's just have a look 337 00:26:51,800 --> 00:26:58,280 at what's happened across the board yeah yeah so what what you have to look at is a petrol car 338 00:26:58,280 --> 00:27:03,960 and a similar EV they'll have to have some sort of hierarchy there people won't go and pay 339 00:27:03,960 --> 00:27:09,240 two or three grand more than a petrol car for an EV if it's the same size and does the same sort 340 00:27:09,240 --> 00:27:13,960 of job for them they'll look at almost like parity with those so that's what you need to look at is 341 00:27:13,960 --> 00:27:19,960 whether those cars are comparable with each other whether a I don't know a golf and an e-golf 342 00:27:19,960 --> 00:27:25,640 they have to have a hierarchy that the e-golf has got a lower range than the petrol car so 343 00:27:25,720 --> 00:27:31,480 that's what what they need to look at I wouldn't be concerned that EVs are depreciating quicker 344 00:27:31,480 --> 00:27:37,320 they are just having to having to fight with petrol cars in the used car market and be it's 345 00:27:37,320 --> 00:27:43,160 be similarly priced for a consumer to to consider them when you ask the question about tech yes 346 00:27:43,160 --> 00:27:47,960 tech is improving all the time you could you could almost argue that the tech is almost over 347 00:27:47,960 --> 00:27:51,800 engineering them now you're getting a car it's like getting in a spaceship especially some of my age 348 00:27:51,800 --> 00:27:56,520 trying to work out what's going on give me a button back please just give me the buttons 349 00:27:56,520 --> 00:28:02,440 absolutely yeah yeah I don't want to say it but everybody likes a knob don't they but 350 00:28:03,400 --> 00:28:11,080 something something you can turn so sorry I just got a jump in there sorry I know you work with 351 00:28:11,080 --> 00:28:17,800 oj okay chinese brand and they're they've done brilliant okay was it j7 was number one selling 352 00:28:17,800 --> 00:28:25,000 new car in march i think it was four percent market share great great car but even when i have 353 00:28:25,000 --> 00:28:31,560 to adjust the mirrors through the screen it's just like no give me a knob because yes everyone 354 00:28:31,560 --> 00:28:37,320 loves a knob as you said there it's just surely they're gonna come back now aren't they 355 00:28:38,280 --> 00:28:44,360 I think i think they consider obviously what the consumers want and yeah if you want to turn 356 00:28:44,440 --> 00:28:48,440 the radio up you want to twist something probably don't you well i certainly do but yes who knows 357 00:28:48,440 --> 00:28:52,200 whether that's where that's going to end up but what i guess the point is that on an older 358 00:28:52,200 --> 00:28:57,400 tech vehicle even a Nissan LEAF people still buy an old Nissan LEAF a 10 or 15 year old Nissan 359 00:28:57,400 --> 00:29:01,960 LEAF though the only ones in the market so if you if you've only got a few grand to spend you can 360 00:29:01,960 --> 00:29:07,320 still get an EV and the batteries are great on them still and those those EVs those Nissan's you've 361 00:29:07,320 --> 00:29:11,720 got them out there you've got Teslas that have done 160 000 miles and they're still running you 362 00:29:11,720 --> 00:29:17,000 those sorts of stats are out there so um the tech is improving all the time but that doesn't 363 00:29:17,000 --> 00:29:22,120 mean that people won't still want to buy an older one with with less tech might be a bit more simple 364 00:29:22,120 --> 00:29:27,640 to use might be a second car might be a little run around or something like that it works yeah okay 365 00:29:27,640 --> 00:29:32,520 and on the show we had Oli who is developing and working with the IMDA as well 366 00:29:33,640 --> 00:29:39,560 talking about how very quickly and easy a dealer can test the health of a battery and i know that 367 00:29:39,560 --> 00:29:45,240 and Umash he'll be listening to this he always does last time i interviewed him he was still 368 00:29:45,800 --> 00:29:51,640 reticent to get involved with the used EV market okay because of what if i buy the car with the 369 00:29:51,640 --> 00:29:58,360 batteries not right and there's lots of ways you can test it nowadays very quickly and cheaply but 370 00:29:58,360 --> 00:30:04,520 in the real world the electric battery markets got eight year warranty on right okay are they 371 00:30:04,600 --> 00:30:10,520 degrading as as bad as some people might be nervous about i think so i think the 372 00:30:11,240 --> 00:30:17,720 the research that's being done shows that you know for a three-year-old electric vehicle for example 373 00:30:17,720 --> 00:30:23,320 the degradation in the battery is minimal so somebody buying and driving a three-year-old EV 374 00:30:23,320 --> 00:30:28,600 and probably quite a lot older would really not notice the difference the certainly isn't the 375 00:30:28,600 --> 00:30:32,920 degradation that people were expecting in them five years ago and you know you weren't going to be 376 00:30:32,920 --> 00:30:36,680 able to drive very far on them if they were that old and there'd be that much degradation that's 377 00:30:36,680 --> 00:30:42,280 just not happened in your views and this is probably for the three of you i've got a view because 378 00:30:43,000 --> 00:30:48,840 in i have to tell you it's i've reviewed give me horizontally opposed air-cooled six i would 379 00:30:48,840 --> 00:30:56,280 love that all day long okay electric vehicle but hey maybe i'm a dinosaur okay i'm 52 years old now 380 00:30:56,280 --> 00:31:02,440 okay the younger generation coming in if the EV mandates i think it's no way at the moment 381 00:31:03,240 --> 00:31:10,040 the new car market they sold zero ice vehicles everything was electric i don't know how much that 382 00:31:10,040 --> 00:31:17,400 is legislation i'm guessing it was a lot push that they're definitely taking them on board more 383 00:31:17,400 --> 00:31:24,520 so the question is and this is for all of you is an electric vehicle going to become like a mobile 384 00:31:24,520 --> 00:31:32,600 phone and what i mean by that is how quickly does a mobile phone seem quite old now because there was 385 00:31:32,680 --> 00:31:38,280 a time there where the iphone three and then five and then said i mean it's up to iphone 386 00:31:39,160 --> 00:31:45,960 probably 368 now okay but they keep on changing all the time because the technology changes quick 387 00:31:46,520 --> 00:31:55,000 therefore the old iphone is almost worthless do you find a 10 or 15 year old EV vehicle is it 388 00:31:55,000 --> 00:32:02,040 going to be worthless is it something a dealer should worry about i don't think a dealership would 389 00:32:02,040 --> 00:32:07,160 worry about it particularly because they will either buy an EV or not and if they buy it they'll 390 00:32:07,160 --> 00:32:11,640 know what they're buying and they will turn it fairly quickly so it'll be in and out it's more 391 00:32:11,640 --> 00:32:16,840 a consumer concern in terms if i buy this car what's it going to be worth in two three years time if 392 00:32:16,840 --> 00:32:22,280 it's quite an old EV already but as as we've alluded to earlier in the in the discussion 393 00:32:23,240 --> 00:32:28,760 there's there's probably going to be a market for older EVs where people then they will know 394 00:32:28,840 --> 00:32:32,600 what they're going to be getting but they prepare to buy them because they don't want to spend as 395 00:32:32,600 --> 00:32:39,480 much as they would on a newer one so i think you know you look at various resale markets for 396 00:32:39,480 --> 00:32:45,160 mobile phones people can still buy the iphone eight the iphone eight and they still do and i think 397 00:32:45,160 --> 00:32:52,600 the the EV market will go the same way i was just driving out are they going to continue to devalue 398 00:32:52,600 --> 00:32:58,760 quicker than what the ice vehicles were in the past and will that affect residual values 399 00:32:58,760 --> 00:33:05,320 Darren for people shaking his head at me there the thing is with um with a an electric vehicle 400 00:33:05,320 --> 00:33:10,360 it's got a big lump of metal in it called the battery and that battery will probably outlive 401 00:33:10,360 --> 00:33:17,240 the rest of the car so you could argue that an EV has got sort of floor value say of um of an 402 00:33:17,240 --> 00:33:22,360 ice vehicle that's got is scrap yeah that's it's worth the metal that's in its scrap whereas 403 00:33:23,240 --> 00:33:28,440 an EV will still have a battery that could potentially be have a secondary use so ignoring 404 00:33:28,440 --> 00:33:32,600 the fact that it's a car it's still got a battery in there that the in future will be used for other 405 00:33:32,600 --> 00:33:38,760 things so i wouldn't worry too much about the the depreciation of them and them dropping down to 406 00:33:38,760 --> 00:33:42,920 almost zero because i don't think that will happen and i think they're always going to be worth 407 00:33:42,920 --> 00:33:47,080 something even if the rest of the car is falling apart they will still have that battery as 408 00:33:47,160 --> 00:33:53,560 we've said it will still have use it will still have a value based off the fact that people want to 409 00:33:53,560 --> 00:33:58,280 buy it and as long as it's drivable we'll still use it and the difference between a battery and a 410 00:33:58,280 --> 00:34:03,400 car and a battery and an iPhone is that they don't degrade anywhere near as much iPhone batteries 411 00:34:03,400 --> 00:34:08,600 if you charge it up all the time all night every night and by the time you've got you've finished 412 00:34:08,600 --> 00:34:12,440 your car on track it's not as good cars online they're different batteries there's different 413 00:34:12,440 --> 00:34:17,000 tech i'm not going to get into all of the chemical side of things but they are they are different 414 00:34:17,000 --> 00:34:23,720 and the i know you're talking about ollie from generational it's great yeah yeah they they have 415 00:34:23,720 --> 00:34:28,600 a very important role to play especially at the moment and there are other companies that are 416 00:34:28,600 --> 00:34:33,960 measuring battery health it's to give the consumer peace of mind my view is going forward battery 417 00:34:33,960 --> 00:34:38,600 health will not be an issue but initially when you're buying your EV it is and you want to have 418 00:34:38,600 --> 00:34:42,200 that peace of mind but as i think my heart said i've got eight year warranties and 419 00:34:42,200 --> 00:34:49,000 that type of thing but they they don't degrade like an iPhone does and the tech will potentially be 420 00:34:49,000 --> 00:34:53,160 less than in the new ones but it would still be good tech and it would still be useful and people 421 00:34:53,160 --> 00:34:57,480 will just want it because it's a car and it will have a floor value at the end of it as well 422 00:34:57,480 --> 00:35:01,960 isn't it great for what we do as dealers and this is what you help dealers the overall trend 423 00:35:01,960 --> 00:35:06,360 who really cares if you're selling the car within 30 days that's what you want right 424 00:35:06,440 --> 00:35:11,080 okay and there's the trends going up or down it doesn't matter i suppose the reason why i'm 425 00:35:11,080 --> 00:35:15,480 harping on this i i just know for the independence they need to get involved with that market and 426 00:35:15,480 --> 00:35:21,000 there's still some out there scared and reticent about it and maybe they've been caught years ago 427 00:35:21,000 --> 00:35:26,040 but i suppose what you're doing you can actually see exactly how long that car is taken to selling 428 00:35:26,040 --> 00:35:31,560 the marketplace okay what's the price of them and it's um you've got that data that information to 429 00:35:31,560 --> 00:35:37,400 make the decision there and then the other the other thing away from EVs is that we see 430 00:35:37,400 --> 00:35:41,720 estate selling quicker now because there's fear of them in the market we see saloon selling 431 00:35:41,720 --> 00:35:47,400 quicker now because every car is an SUV that gets built now that gets sold over two sides of the 432 00:35:47,400 --> 00:35:54,600 market is SUVs yeah so a small course or a small fiesta um as long as at certain age and certain 433 00:35:54,600 --> 00:36:00,360 mortgages and things like that they sell well so those I mean could you describe them as niche 434 00:36:00,360 --> 00:36:07,320 not really but you know what you're saying yeah it's a small hatchback small petrol hatchback 435 00:36:07,320 --> 00:36:12,680 sells fast and that's what our dates will show and estate will sell quickly and if you want an 436 00:36:12,680 --> 00:36:18,360 estate as a consumer you've got to pay the price so dealers can buy them and put the prices up those 437 00:36:18,360 --> 00:36:22,840 sorts of things within our data it's not all about EVs EVs are obviously important 438 00:36:22,840 --> 00:36:27,640 deputarian but the bread and butter stuff still there's some real opportunities with different 439 00:36:27,720 --> 00:36:33,480 body styles and engine sizes and your first car is still still going to likely to be a course or 440 00:36:33,480 --> 00:36:38,920 a fiesta or a clear note or something like that so um this is for all of you what's some best 441 00:36:38,920 --> 00:36:45,000 practices now now I'm a sales manager listen to this okay yes I know I'm used cars I need to 442 00:36:45,000 --> 00:36:49,880 get sold I need to get money back in the bank okay what's some of the daily weekly monthly 443 00:36:49,880 --> 00:36:57,480 disciplines you'd recommend and and how can your system help for me to look at this okay um so 444 00:36:57,480 --> 00:37:01,240 that's a question for all of you what some of the daily disciplines there we'd look at 445 00:37:01,240 --> 00:37:05,960 Mike maybe I can start with you on this so I think one of the key things is to know your market 446 00:37:05,960 --> 00:37:10,280 and know what's going on in your market so if you've got a load of vehicles in stock you need to know 447 00:37:10,280 --> 00:37:15,240 what's happening around you with those vehicles and using the Cazana solution and the Cazana data 448 00:37:15,800 --> 00:37:21,080 it will automate a lot of that for you so you you can see what we would call an exceptions report 449 00:37:21,080 --> 00:37:26,680 where the market is moved and you need to pick up those top six of your hundred vehicles or 50 450 00:37:26,680 --> 00:37:31,000 vehicles in stock and do something with those based on what we're telling you in the market 451 00:37:31,720 --> 00:37:36,680 so I think I think it's just being on top of your stock and using a system that will allow you to 452 00:37:37,320 --> 00:37:42,440 manage the ones that are at risk to you and leave the others to later on in the day or later on in the 453 00:37:42,440 --> 00:37:48,520 week yeah it reminds me of uh umesh he wants everything to be in the red can you just relay 454 00:37:48,520 --> 00:37:53,720 that story and sorry umesh we're picking on you again but we just I just love the way that you 455 00:37:53,800 --> 00:38:00,040 think about this it's not a race to the bottom it really is people still buy people okay do you 456 00:38:00,040 --> 00:38:05,160 want to realize that's true we talked about before we hit record mark yeah so so from umesh's 457 00:38:05,160 --> 00:38:12,440 perspective he he will look on um auto trader or look at the Cazana data and he will be comparing 458 00:38:12,440 --> 00:38:18,760 his stock to the market prices that are produced by the systems and effectively he doesn't want 459 00:38:18,760 --> 00:38:23,320 a race to the bottom he believes because of the service that he provides his customers 460 00:38:23,320 --> 00:38:29,640 because of the quality of the prep work that he does on his vehicles he his view is that they 461 00:38:30,520 --> 00:38:37,720 uh attract a premium so he's looking to price his vehicles right at the top of the pricing bracket 462 00:38:37,720 --> 00:38:42,920 in terms of what you see in the market so I think there are dealers out there and they will have a 463 00:38:42,920 --> 00:38:49,080 strategy in terms of where they want to appear in in the the listings and some will some will 464 00:38:49,080 --> 00:38:53,800 make the decision we're going to be right at the top some want to be slightly below the the likes 465 00:38:53,800 --> 00:38:58,760 of oomish and some will say we want to pile them out and sell them cheap and they will look to be 466 00:38:58,760 --> 00:39:03,640 towards the bottom of that so it's not only just having the data it's having a strategy 467 00:39:03,640 --> 00:39:07,720 around the data and implementing that and keeping on top of that that I think is so important 468 00:39:08,520 --> 00:39:13,320 yeah you write about the data when it comes to the sales process I'm going to be old-fashioned 469 00:39:13,320 --> 00:39:18,680 now but people still buy people okay it's still when that inquiry comes through how quickly it's 470 00:39:18,680 --> 00:39:24,360 dealt with how a sales person gets the video to the customer straightaway how they get a bomb 471 00:39:24,360 --> 00:39:30,040 in a seat how old-fashioned is this Ian but bombs and seats still sell cars they still raise 472 00:39:30,040 --> 00:39:35,080 desire there and it's so don't take the wrong I love the idea of the day there to help me make 473 00:39:35,160 --> 00:39:40,520 that decision the right decision but I suppose it's having the ability to say no I have price 474 00:39:40,520 --> 00:39:47,640 this car right I know where it is in the marketplace this is fair value and that people buy from 475 00:39:47,640 --> 00:39:54,040 people isn't just between dealer and customer it's also dealer and partner and data supply so you 476 00:39:54,040 --> 00:40:00,200 know we're here we're easy to talk to that's the way we approach the you know that's how we will 477 00:40:00,200 --> 00:40:05,400 approach the dealers that will be part of the kazara 500 and it's how we work with all our 478 00:40:05,400 --> 00:40:10,440 existing dealers and partners that we've been working with for the last 18 months in the sector people 479 00:40:10,440 --> 00:40:18,680 do like to to buy off people but they you know people need to you know be quick to respond always 480 00:40:18,680 --> 00:40:25,960 open to have a conversation and listen to issues if issues arise yeah but but again having the data 481 00:40:26,040 --> 00:40:31,800 to back it up not that gut feel that's what I just love what you guys are doing and it just makes 482 00:40:31,800 --> 00:40:37,480 makes so much sense there so if I suppose this is probably Mark and Darren for this one if you're 483 00:40:37,480 --> 00:40:44,600 sitting with a dealer board tomorrow what three data points would you want to talk to about these 484 00:40:44,600 --> 00:40:49,560 people before they start talking about reprising cars or anything that are there three data points 485 00:40:49,560 --> 00:40:54,760 you'd really want to focus in on who wants to take that mark Darren do you want to take that 486 00:40:56,360 --> 00:41:02,760 I'll jump in there first off and I think if we're going in to see a dealer's board for the first 487 00:41:02,760 --> 00:41:09,720 time we would want to know what stock they've got by model the valuation movements for those 488 00:41:09,720 --> 00:41:15,720 vehicles and their stock turn at the moment so that we can gauge what they're doing how good 489 00:41:16,920 --> 00:41:22,760 they are compared to their peers and then we can then tailor the solution that they want 490 00:41:23,320 --> 00:41:29,800 by providing them such things as the volume of local stock to them or you know we can see what 491 00:41:29,800 --> 00:41:33,720 the valuation movements have been over the last few months for the vehicles that they've got 492 00:41:34,600 --> 00:41:39,800 and then there's also the click through data so that we can identify that the vehicles they've got 493 00:41:39,800 --> 00:41:44,760 the consumers are actually interested in and then really it's a partnership in terms of moving 494 00:41:44,760 --> 00:41:50,600 forward and helping them address the issues that they've got and finding out what's important 495 00:41:50,600 --> 00:41:55,560 to them in terms of you know what markers they put in place to make sure that they're 496 00:41:55,560 --> 00:42:03,960 adhering to their strategy for stock turn and things like that good advice Darren do you want 497 00:42:03,960 --> 00:42:09,720 to add anything to that? Mark's pretty much covered it but I think obviously you want to 498 00:42:09,720 --> 00:42:16,280 you've got the due diligence on service history on provenance on but I think looking at your local 499 00:42:17,000 --> 00:42:23,480 area that our tool that's our companion tool it's there for them just to look at it they don't 500 00:42:23,480 --> 00:42:27,640 need to talk to us about it you don't need to go in and see at board level they can see the 501 00:42:27,640 --> 00:42:32,600 values of theirs cars versus the value of all of the cars in the market however we've talked about 502 00:42:32,600 --> 00:42:36,760 regionality and all that sort of stuff that's all there for them if they want to talk to us we're 503 00:42:36,760 --> 00:42:41,880 here to see Ian's point about people buying off people but the information is a website they'll 504 00:42:41,880 --> 00:42:45,640 go on to a website they'll put a registration number in they'll put the mileage in and they'll 505 00:42:45,640 --> 00:42:53,000 see how much that car is worth a market a market figure on how quickly that car is going to sell 506 00:42:53,720 --> 00:42:58,520 and all of the history around that car with its past its MITs whether it's got advisories on it 507 00:42:59,400 --> 00:43:05,240 and what's what's happened with its history and in the local area so there's a lot of data there but 508 00:43:05,240 --> 00:43:09,400 there's also if they only want to use one bit of that data look at the price of that car and we give 509 00:43:10,040 --> 00:43:18,280 a figure a guide figure for independence for supermarkets and for franchise dealers use it as a guide 510 00:43:18,280 --> 00:43:23,560 gut feel is great use your gut feel but we've given data to help them with that gut feel as well 511 00:43:23,560 --> 00:43:28,520 and if you are on a board of a big group we we also have data that will show 512 00:43:29,560 --> 00:43:33,880 whether lookers are pricing similarly to Arnold Clark and similar to Vertu and things like that 513 00:43:33,880 --> 00:43:38,680 we've got so much data that we almost don't know what to do with it there's so much there we just 514 00:43:38,760 --> 00:43:43,320 want to speak to people but it can be very simple oh it can be a bit more complicated 515 00:43:44,280 --> 00:43:48,440 Ian just the quality of your data am I right in thinking that you're dealing with insurance 516 00:43:48,440 --> 00:43:54,520 companies now because every year there's so many complaints people get about the price they're given 517 00:43:54,520 --> 00:43:58,760 because insurance companies have just gone from a trade value customers are complaining and 518 00:43:58,760 --> 00:44:03,560 you're actually getting involved with more and more insurance companies now is it right in saying 519 00:44:03,560 --> 00:44:08,680 eight of the top 10 insurance companies will come to you guys to get exactly what a car is selling 520 00:44:08,680 --> 00:44:13,880 from the marketplace have I got that right yeah I mean when Percayso when we purchased 521 00:44:15,640 --> 00:44:21,640 Cazana from Cazoo what we put it into insurance because you know that's Percayso's sector is 522 00:44:21,640 --> 00:44:28,520 insurance so yeah we deal with you know eight the tops and largest insurers provide them vehicle 523 00:44:28,520 --> 00:44:35,400 data for you know write-offs write-off valuations and things like that the historical valuations 524 00:44:35,400 --> 00:44:43,080 of vehicles the financial ombudsman uses as probably as this primary source I would say to double check 525 00:44:43,080 --> 00:44:48,360 vehicle valuations I mean looking sure as they've been pulled over the coals over the last couple of 526 00:44:48,360 --> 00:44:53,640 years you know three years probably with the valuations they were giving to people at write-off 527 00:44:53,640 --> 00:44:58,760 right and we're all aware of that so they now need to be very realistic with the with those 528 00:44:58,760 --> 00:45:06,200 with those values so that's where Percayso originally started to use this data set it was as I say a 529 00:45:06,200 --> 00:45:13,000 couple of years ago when I introduced ourselves to Mark and more recently Darren that we've we've 530 00:45:13,000 --> 00:45:18,360 gone into the automotive sector because now we're dealing with you know leasing finance some some 531 00:45:18,440 --> 00:45:25,000 really large customers other than avenues yeah yeah so listen I've really enjoyed this okay use 532 00:45:25,000 --> 00:45:30,280 cars close my heart because I just think you got to use car department working in a car dealership 533 00:45:30,280 --> 00:45:37,080 it flows on to everything else uh successful dealers they know how to retail use cars okay and 534 00:45:37,080 --> 00:45:42,680 of course buy it right it's almost sold before you buy it right and that's where I just love 535 00:45:42,760 --> 00:45:48,520 what you guys are doing don't don't worry about the problem once you've got it buy it right this 536 00:45:48,520 --> 00:45:54,760 is very wrong but my very first boss said if you buy the cars right you can have monkeys selling 537 00:45:54,760 --> 00:46:00,280 the cars okay that's not the issue it's buying it right there and that's why I've always loved 538 00:46:00,280 --> 00:46:06,440 the idea of tracking it looking at the individual return on investment on each use car tracking 539 00:46:06,440 --> 00:46:12,360 this top turn all the time and daily checking it and that was bloody hard work to do you guys 540 00:46:12,680 --> 00:46:19,240 you have just just access that straight away so Ian if I'm a dealer here how do I reach out 541 00:46:19,800 --> 00:46:25,880 to you to be one of these 500 club members the first 500 because I love the idea of this data 542 00:46:25,880 --> 00:46:32,760 how do I get hold of this okay well as I said it will be for IMDA members initially so we're going 543 00:46:32,760 --> 00:46:38,680 to offer that through their usual route of promotion which within a couple of weeks they'll all get 544 00:46:38,680 --> 00:46:43,000 emails and you know they'll be able to look at videos and also take a trial of the platform 545 00:46:43,000 --> 00:46:50,760 for seven days free trial the beauty of all of this is you know we get we we're basically giving the 546 00:46:50,760 --> 00:46:57,560 first 500 members access to our platform for a hundred pounds a month wow so 200 pounds a month 547 00:46:57,560 --> 00:47:02,440 yeah and that's fixed for two years so they haven't got to worry about price increases they can use 548 00:47:02,440 --> 00:47:08,600 all the data they can see what it does for them and it's a bit of a no brainer but we want to get 549 00:47:08,920 --> 00:47:15,240 this as I say core of dealers that we can talk to directly we can help launch new products and 550 00:47:15,240 --> 00:47:20,760 services with them and you know it gives us the opportunity to build a relationship and to see how 551 00:47:20,760 --> 00:47:25,960 things are going in the market directly for as you probably you know I think you'd probably agree 552 00:47:26,680 --> 00:47:32,520 not too much money yeah yeah no again the gut feel is that it's not even the price of an old 553 00:47:32,520 --> 00:47:37,320 super guard or something like that a month okay I thought it at least me the price of a 554 00:47:37,320 --> 00:47:40,920 super guard but but a hundred a month it's like why wouldn't you have a go at that 555 00:47:40,920 --> 00:47:45,000 can they look like what are you paying we know the dealers have you know are using other 556 00:47:45,960 --> 00:47:50,840 companies or and you know they may not have heard of us so just put put us in with those 557 00:47:50,840 --> 00:47:56,040 have a look at the unique data that we've got and have a comparison and you know let's not make 558 00:47:56,040 --> 00:48:00,760 expensive let's just give get get it out there and let people see the benefits themselves 559 00:48:01,640 --> 00:48:06,760 guys listen thank you very much that it's um as I said before I love the motor trade 560 00:48:06,840 --> 00:48:12,120 you guys come from a tech point of view okay and also you got mark and again love the motor 561 00:48:12,120 --> 00:48:17,400 trade and pricing they are it's as I said it's the use car department it's get that right in the 562 00:48:17,400 --> 00:48:22,520 dealership every other part of the dealership so much easier so I've really enjoyed that today 563 00:48:22,520 --> 00:48:27,080 and look forward to working with you guys not just over the next 12 months but going forward as well 564 00:48:27,080 --> 00:48:32,360 so thank you very much all for your time I really appreciate it thanks so I thank you so much 565 00:48:33,160 --> 00:48:37,880 we look forward to seeing how we progress and let's get some dealers on one so use the platform 566 00:48:37,880 --> 00:48:41,800 and tell us what they think about it that's the real proof that put it on great to have some case 567 00:48:41,800 --> 00:48:47,160 studies here that sounds absolutely brilliant excellent thank you that just leaves me to say 568 00:48:47,160 --> 00:48:52,840 that all details of this episode and other episodes on the selling in the motor trade can be found on 569 00:48:52,840 --> 00:49:01,400 our website Symcotraining.co.uk go there to get a copy of our book words that sell cars go there to sign 570 00:49:01,400 --> 00:49:07,640 up to a free trial of our sales fitness online sales training program easiest way to get hold of 571 00:49:07,640 --> 00:49:13,240 me is Simon Bowkett through LinkedIn thank you