The Value of Certified Pre-Owned Vehicles for Lexus of Edmonton

Abstract

Our objective was to discover productive improvements to Lexus of Edmonton’s (LoE) current Certified Pre-Owned (CPO) Vehicle practices by determining if CPO vehicles added value, and if so, what value was added. By utilizing multiple methods, we discovered areas in the used vehicle sector that Lexus of Edmonton could improve on. In order to conduct our research, five in-depth interviews, scholarly article evaluations, meet with the representatives of Lexus of Edmonton, and surveys were conducted using paper, email and social media tools such as Google surveys, Twitter and Facebook. The methods allowed our group to utilize statistical analysis to outline the importance of relationships between variables with the statistical software, SPSS. With the information received from statistical analysis, we believe that Lexus of Edmonton can succeed with the sale of CPO vehicles by following our recommendations, including: certification education, appropriate pricing of used vehicles, building trust, value-added certification benefits based on willingness to spend and targeted demographics, as well as further research.