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Most dealers will look at the Manheim dealer auctions site to see what they could "theoretically" buy the car for. And they also will call for what they call "buy figures" from other dealers. Example would be if you were trading in a dodge at a chevy dealer. The chevy store would call a local dodge store and get a buy figure, or what would the dodge dealer be willing to buy the dodge trade in from them for. This gives the dealer an out if they dont want to resell your trade or are not in the market to sell what you are trading in.
They can also use the NADA black book. There are several ways to appraise a car, but looking at the Manheim site to see what like model/mile cars are selling for is their likely way to put a number on it.
This gives them the ability to use the line "well I could buy your car from auction at blah blah blah price".
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