Motor vehicle valuation with a difference!

Photo credit: Capital Alliance Valuers and Assessors

By Jane Njoroge, Managing Director, Capital Alliance Valuers and Assessors Ltd

In this era, customer’s needs are dramatically changing, triggered by developments in emerging markets, the accelerated rise of new technologies, and shifting consumer preferences.

Digitisation, increasing automation, disruptive technology, and new business models, have transformed operations in all industries world over, and the motor industry at large has been no exception.

Long gone are the days when a customer in our industry would spend time trying to understand what motor valuation entails. This is not to mean that the information is irrelevant, but it is a call to everyone to pursue their line of duty with much more diligence.

Clients havetheir work to do, and hence we handle valuation with excellence. It can no longer be business as usual. Our industry is ripe for disruption, just like all other sectors.

In cognizance of the need to set the stage, it is important that we unpack the what and why of motor valuation.

Motor vehicle valuation can be defined as the science and art of estimating the value of a motor vehicle. The process combines professional motor engineering knowledge, judgment, and expertise, with set scientific parameters, to get the most accurate value. Valuation of motor vehicles can be done for various purposes, such as sales/buying of second-hand vehicles, trade‐in transactions, taxation, insurance, for use as collateral for a loan, and repossession, among others.

The factors/conditions that can affect the value of a motor vehicle are age/length of usage, mileage/extent of usage, condition of engine/transmission train, body condition, tire condition, maintenance history, and functionality of accessories

Today’s clients demand excellence. They understand excellence and will go to any measure to get what they want. Our approach has been how our clients get support with their most basic needs and issues, like setting up an appointment to have their car inspected, sharing with us KYC documents, among others. It’s about convenience. Can we offer our service to them efficiently and effectively?

Our key differentiator has been about forming an emotional connection with our customers, going above and beyond for our customers when they really need it.

It has been evident that when we care for our customer like this, we build a mutually beneficial relationship and we become a trusted authority, not simply another valuer.

One of our winning pillars is the ability to be flexible, such that as and when we encounter customers who need a different kind of help, we swiftly accommodate them.

Photo credit: Capital Alliance Valuers and Assessors

We are cognizant of the fact that the ordinary customer service journey map can’t take all of these unique and complex problems into account. Hence, we more often than not get off the map and go off the script to help these customers. Our approach has been not only to create and follow a script, but most importantly to train and empower our employees to take the actions needed to care for our customers with excellence. 

Our employees, whom we refer to as the “heartbeat at work”, understand that caring for our customers isn’t just a pleasant idea, but the way we do business to stay ahead of the pack.

Extensive research has found that a customer is four times more likely to switch to a competitor if the problem they're having is service-based, and hence it is the duty of each of our employees to ensure that does not happen.

Our other critical success factor is convenience.Owning a car offers  one plenty of freedom, but it also comes with regular hassles such as service or maintenance, and hence the mandatory annual valuation can add stress to every car owner. We have therefore made it our business to offer convenience by scheduling the valuation exercise at the client’s preferred time and location. This saves our client’s a round-trip and the waiting time, and makes them feel cared for, a sure bet they would never go back to the old way of driving in and waiting. With our approach, we sure got these loyal customers for a lifetime!

Finally, our success story now and into the future is built on a robust IT system that enables us to be accurate and efficient, and significantly improves timeliness and authenticity.

There is no doubt in our mind that the motor vehicle valuation of the future must be unique, enjoyable, easy, and seamless, and that is the secret to our huge growth and success into the next decade and beyond. 

Improving and refining the way we care for our customers at their convenience will have a huge impact on loyalty and satisfaction. In this century and beyond, the only sure bet for growth is doing it differently – the Capital Alliance Valuers and Assessors way; a cut above the rest!

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