SurePart Solves the “Phantom Parts” Issue
PartsTrader began its U.S. operations in 2012 as an open parts marketplace for repair shops. But nearly 50% of the initial appraisals written for insurance claims are created by a staff or independent appraiser hired by the insurance company.
Currently, these appraisers rely on a ‘catalog system’ of parts prices that are sent periodically to the estimating platforms, who in turn insert the pricing into those platforms. These catalog systems have some serious issues: when the appraiser selects a part, the prices for alternate parts appear in a pop-up of choices – but the problem is, especially with inflation and supply issues, that part could actually be priced higher, or not even available anymore from that parts supplier! These “phantom parts” have long posed a huge problem for the industry.
In response to this, PartsTrader developed a solution that combines our parts marketplace – which delivers optimized pricing via competitive friction – and combined it with actual, live inventory feeds: SurePart. SurePart is specifically designed for staff/IA/AI written estimates and leverages live, accurate market pricing and inventory feeds from PartsTrader’s network of suppliers.
For aftermarket parts, SurePart suppliers guarantee their price for 30 days from the date the part was selected. This means that when a staff or independent appraiser selects a part, they will be sure that the part is actually available at that time and at the price quoted.
Simply put, SurePart provides higher accuracy on the initial estimate and lower supplementation, with price guarantees. Problem solved!
Learn more at surepart.com