TradeRev, a digital platform that facilitates live, dealer-to-dealer vehicle auctions, announced the pilot of its “No Questions Asked” return policy — eliminating the need for what can sometimes be a cumbersome and frustrating return process. TradeRev, a business unit of global remarketing and technology solutions provider KAR Auction Services Inc. (NYSE: KAR), has been piloting this industry-first return policy since May 2019.
“At TradeRev, we continuously work to improve the user experience, eliminate friction and build the trust of our customers,” said Becca Polak, TradeRev president. “When buyers feel they didn’t get what they paid for, they enter an arbitration process that involves the seller and can take time. For dealers, time is money. Our No Questions Asked return policy helps dealers buy with confidence, knowing they can return a vehicle if it’s not what they expected and get their money back quickly.”
The pilot currently allows buyers to exercise the return policy by notifying TradeRev within two business days of vehicle delivery. TradeRev will then refund the purchase price minus any initial transport charges and buy fee. Eligible vehicles include TradeReadySM vehicles (inspected by TradeRev) as well as AS-IS vehicles.
“With ‘No Questions Asked,’ we’re making things as simple as possible for buyers — you don’t like the car, you get your money back,” said Keith Crerar, TradeRev executive vice president of global operations. “The policy aims to remove all potential pain points for the buyer and is a prime example of how TradeRev is standing behind its commitment to make buying fast, fair and easy for dealers.”
TradeRev is continuing to pilot the return policy and plans to make it available to all users over the next year.