We all try to deliver the ultimate car buying experience to our customers. In a word-of-mouth industry like auto sales, these “magic” moments are as important as ever.
The problem is, customers are less impressed by our “tricks” than they used to be. Back in the day, a dealer could do a customer a favor by dropping the price or throwing in extra financing. Today, though, the best deal is simply expected. Customers have perfect insight into local market prices. They know if your offer is really a “deal” or not.
This new reality means dealers have to be more precise when it comes to controlling costs. We have less wiggle room on margins. Dealers have to be on-point with every vehicle they buy and sell, which means we need better data to make decisions.
There are many tools on the market that help dealers make better decisions. Two of the most popular tools are Laser Appraiser and VinCue. Let’s look at each tool to see what they offer to dealers.
What is Laser Appraiser?
Laser Appraiser is a pricing and appraisal app became popular for their mobile VIN scanner. The VIN scanner made it really simple to get price guide valuations for any vehicle. Laser Appraiser has since built out their service offerings.
How it works:
- The app lets you scan the VIN barcode usually located on the driver’s door.
- When the VIN is detected, the app will display detailed information about the make, model and trim-level of the vehicle, as well as a options to adjust, like mileage.
- When the variables are dialed in, the app will display price information from industry sources like KBB, Cars.com, Black Book, and more.
The Laser Appraiser mobile app is designed to give you key information on the go. You can make quicker, more accurate appraisals and win better deals for your dealership.
The desktop version, Dealer Studio, adds more features for dealers, including real-time market reports.
What is VinCue?
VinCue is a pricing and appraisal tool for new and used cars markets. VinCue helps you develop an inventory and pricing strategy based on hyper-local market data and trim-level insights. See what competitors are stocking, how they’re pricing, and how fast customers are buying.
Like Laser Appraiser, VinCue comes with a VIN scanner. However, VinCue’s mobile app does much more. You have access to all of VinCue’s market and appraisal data wherever you go. The VinCue mobile app is great to have at auctions or out on the lot.
The DealerCue Suite
DealerCue offers a few multiple tools that integrate seamlessly with VinCue. All of these tools actually live inside VinCue, so it’s hard to tell where one tool ends and the other begins.
- RevCue – Inventory management and websites
- BidCue – Intelligent auction sourcing
- AdCue – Online Ad management
These tools expand VinCue’s capabilities to cover the most important aspects of dealership management.
Laser Appraiser vs. VinCue
In general, Laser Appraiser is a “lite” version pricing and appraisal tool. While cheaper than VinCue, dealers get limited insight and functionality with Laser Appraiser, plus quite a bit of stock data you can find elsewhere.
Let’s look at key features of each tool more closely and see how they compare.
Real-Time Market Data
Laser Appraiser only shows you market reports on its desktop client, Dealer Studio.
Dealer Studio works in alongside with the mobile app and offers extended features:
- In-depth valuation tools
- Market reports
- Auction sources and run lists
- Integration for inventory management solutions.
When you scan a vehicle with the app, Dealer Studio can plot its price on a chart with the prices of other similar vehicles. It’s very useful when adjusting the prices taken from your favourite industry guide.
The market shortage report will show you how the sales performance of different vehicles. You can identify quick sellers and fill your inventory with vehicles in high demand.
A big drawback to Laser Appraiser is you can’t use these extended features on your mobile phone or tablet, making them useless if you’re in the field.
Real-time market data is where VinCue really delivers
VinCue offers a ton of information about local, regional, and national car markets. You can find virtually any data and examine it from any angle:
- Market day’s supply
- Average days on market
- Brand days on market
- Market share and national sales
- Shortage reports
- Number of competing vehicles in your local area
- Individual prices listed by your competitors
- Average time on the lot
The best part is that VinCue market data is available on all devices. Regardless if you’re on mobile or desktop, you get access to all of the tools and information that’s available. A knowledgeable manager can use this data to sculpt a winning strategy for their dealership: what cars to stock, how to appraise, what prices to list.
With VinCue, appraisals are computed using real-time market data.
The tool will intelligently compare all similar vehicles and calculate a true market value. You can input mileage, reconditioning costs and desired profit margin and VinCue will give you a wholesale appraised value.
With Laser Appraiser, the mobile VIN scanner will give you appraisal data from the price books like KBB and NADA. The in-depth valuation tools are only available only on the desktop version, Dealer Studio. Dealer Studio collects market data and compiles a few useful reports. However, you still don’t get the same level of detail provided by VinCue.
Laser Appraiser displays auction information from Manheim, Adesa, and Auction Edge. The vehicle shortage report will help you stock up the right vehicles, but you cannot actually place bids inside Laser Appraiser.
DealerCue auction tool, BidCue, offers vehicle sourcing and bidding in the largest auctions in the country. BidCue actually lives inside the VinCue app and lets you use VinCue data to make better sourcing decision based on real-time market pricing.
Additionally BidCue offers multiple reports:
- Local supply and demand
- Competing dealerships
- Average days to turn
- Price history
- Sales volume of particular vehicles
You can buy vehicles directly in the BidCue app, making the sourcing process even easier.
Laser Appraiser offers integration with 3rd party inventory management solutions like Dealertrack and First Look. This means you will need an account with one of these tools to manage your inventory.
DealerCue has RevCue, a website and inventory management tool that lives inside VinCue. It tracks and reports on your dealerships activities:
- Turn rates
- Pricing age
- Inventory age
RevCue also grades your sales and inventory performance. For example, it will tell you how you stack up to local competition on sales of SUVs. You can set up RevCue to receive alerts when vehicles have stale pricing, or if a car has been sitting on your lot for too long. RevCue ensures your website is always updated and manages your listings simultaneously.
It’s hard to compare Laser Appraiser and VinCue. In many ways, they are on two different levels. Laser Appraiser does well for the price, but many dealers find that it isn’t enough. From mobile capabilities to detailed market data, VinCue is a notch above in almost every aspect.
The most exciting thing about DealerCue is the regular addition of new tools. AdCue, the newest tool in the fleet, is a game changer for automotive marketing and integrates seamlessly with VinCue. This is another point for VinCue, especially for dealers who run ads.
You now have the details on VinCue vs. Laser Appraiser, but don’t take our word for it. Schedule a demo of VinCue and see for yourself.