Developing a digital trade-in solution
Market data and user research have shown around that 50% of car buyers trade in their old car to finance a new one. In addition, trade-in is one of the most important sourcing channels for dealers. That means it’s a huge priority for both buyers and dealers. In mid-2022, our users had no way of quickly and easily signaling to the dealer that they wanted to trade in their old car, resulting in an unnecessarily time-consuming offline process.
We knew this was something that could be handled quickly and easily using digital, saving time and money for both parties. Our Product team collaborated with our User Research, Data Analytics and Strategy teams to develop an initial trade-in concept that put the customer first. The concept went through several rounds of feedback, and was further refined until finally, we presented it to our management team.
It took 3 months to develop the first MVP and over a year to reach its current form. Seven different teams were involved. The cross-functional team includes a wide variety of departments, from Product Management and Tech to Strategy and Marketing. The product itself has been so well received by users that trade-in became the core message of our last brand campaign.