Updated January 6, 2019
It is harder than ever for dealerships to make money. As local and national competition heats up, dealership margins are becoming slimmer. Customers are also better informed and expect the best deal every time. For a dealership to succeed, they need to be on their A-game.
Pricing and appraisal tools have become the cornerstone of a successful dealership strategy. Dealers need to make data-driven decisions on buying, selling, and stocking vehicles. Tools like VinCue and Laser Appraiser help dealers do just that.
VinCue and Laser Appraiser are two of the most popular tools on the market. 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 known for their mobile VIN scanner. The VIN scanner made it simple to get price book valuations for any vehicle. Laser Appraiser has since built out their service offerings.
How it works:
- Scan the VIN barcode using the Laser Appraiser app.
- When the VIN is detected, the app will display detailed information about the make, model and trim level of the vehicle. Dealers can adjust factors like mileage and condition.
- When the variables are dialed in, the app will display price information from industry sources like Kelley Blue Book, NADA, 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 several tools that integrate seamlessly with VinCue:
- RevCue – Inventory management and websites
- BidCue – Intelligent auction sourcing
- AdCue – Online Ad management
All of these tools actually live inside VinCue, so dealers can use them all without switching apps. 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. A lot of the information provided by Laser Appraiser can be found elsewhere.
Let’s look at the key features of each tool more closely and see how they compare.
See how VinCue stacks up to other tools like vAuto, Vin Viper, CDK Global, and Autoniq
Real-Time Market Data
Laser Appraiser’s mobile app only provides pricing information from pricing books like KBB and NADA. For extended features, dealers have to use the desktop client, Dealer Studio.
Dealer Studio works in alongside the Laser Appraiser mobile app to provide features like:
- 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 similar vehicles. This is a useful complement to pricing book valuations.
A big drawback to Laser Appraiser is that you can’t use the extended features on your mobile phone or tablet.
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 point 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
- Inventory age
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 VinCue tools and information. A knowledgeable manager can use this data to sculpt a winning strategy for their dealership: Stocking the most profitable vehicles, accurately appraising trade-in, and wholesaling vehicles at the right time.
Used Car Appraisals
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 NADAguides. The in-depth valuation tools are only available on the desktop client, Dealer Studio. Dealer Studio collects market data and compiles several 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’s auction tool, BidCue, offers vehicle sourcing and bidding in the largest auctions in the country. BidCue actually lives inside the VinCue app, which means you can use real-time market data to make better sourcing decision.
Additionally, BidCue offers multiple reports:
- Local supply and demand
- Competing dealerships
- Average days to turn
- Price history
- Sales volume of particular vehicles
You can participate in online auctions from directly inside BidCue, making the sourcing process even easier.
Laser Appraiser integrates 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 real-time 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 online 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.