Appraisal

An appraisal is the estimate of the value of property made by a professional appraiser. At a car dealership, appraisals are performed on trade-in vehicles. While the used car manager generally handles appraisals, anyone with the dealer’s authority can appraise a vehicle. The process usually includes a physical inspection of the vehicle as well as a test drive. Once this is completed, the appraiser compares the vehicle condition to one or all three monthly published appraisal reports that include NADA, Kelley Blue Book and Black Book. The appraiser may also consult data from local and regional car auctions supplied by companies such as Manheim Auto Auction.