COMPETITIVE SET

1.

What is the purpose of the Competitive Criteria?

To capture a vehicle's features for use in its description

To justify your selling price with a wholesaler

To determine a competitive set of vehicles in your market based on your vehicle's specific features

To determine the factors that go into creating a vehicle's ProfitTime score

2.

Select all types of competitive criteria.

Check all that apply.

Active or recent vehicles

Specific vehicle features

Vehicle make

Distance

3.

Is it recommended to use "recent" or "active" as a competitive mode?

Active: As we only want to see vehicles that are currently listed for sale online

Recent: As it will include active listings and those recently sold, giving us a more robust set of competitive vehicles

4.

How does selecting vehicle features help you determine your retail market for a specific vehicle?

Allows you to decide what features appear in your vehicle descriptions online to draw in more online and in-store traffic

Allows you to see accurate wholesale book values for your vehicle

Vehicle features do not help determine a vehicle's competitive market

Allows you to customize your competitive set to be inclusive of other vehicles in your market with similar features potential buyers want

5.

When you update your Competitive Criteria, what metrics and data could you also expect to see change?

Check all that apply.

ProfitTime Score

Price to Market/Cost to Market

List price

Price Rank/vRank

6.

What are some pitfalls to avoid when creating your competitive market?

Check all that apply.

Adding too many competitive criteria, resulting in an overly restrictive competitive set and insufficient market data for comparisons

Expanding your market geography too much, resulting in an overly broad competitive market that's less relevant for comparison

Adjusting your market to achieve a desired ProfitTime Score or pricing range

Overlooking competitive criteria, resulting in an overly large competitive market that's less relevant for comparison