Featured Guests: Carol Ottey-James, Sr. Manager of Market & Consumer Research with Cox Automotive gives a behind-the-scenes look at the new Power of Data study. Discover the key types of data Dealers use to manage, make decisions, and drive lifetime value today and how data can be used to generate more business.
Featured Guest: Noah Lee, Director of Product Consulting at Cox Automotive live from the Digital Dealer stage in Las Vegas discussed and shared some of the highlights from their keynote session, 4 Ways to Attract Shoppers Before They Even Submit a Lead, highlighting the new ways to digitally bringing your brand and marketing to life to capture more business.
Featured Guest: Jeff Flak, Director of Sales Effectiveness with Cox Automotive, breaks down how to easily and effectively utilize the data and insights you already have at your fingertips, to make better marketing and business decisions. By discovering gaps, you’ll learn how to develop strategies to overcome them. driving more opportunities and revenue.
Featured Guest: Micah Tindor, Sr. Director of Strategy at Kelley Blue Book ICO discusses the
true effect both now, and in the future, the recent flood and hurricane natural disasters will have
on the automotive industry and what steps both dealers and consumers
should take in order to protect inventories, support the community, and successfully move
forward.
Featured Guest: Jimmy Douglas, Founder and CEO of Plug shares his deep EV expertise and forecasts around the past, present and future state of EV buyers and what shifts and changes dealers and the industry on a whole should be making in order to take advantage of a growing marketplace for both new and used EV vehicles.
Featured Guests: Marianne Johnson, Chief Product Officer at Cox Automotive and Micah Tindor, Sr. Director of Strategy at Kelley Blue Book ICO, discuss how AI-driven tools are revolutionizing customer engagement, inventory management, marketing, and service operations for automotive dealers, enhancing profitability and efficiency.
Featured Guest: Brian Finklemeyer, Senior Director, Insights and Advisory with Cox Automotive shares the challenges currently facing automotive dealers, like rising inventories, higher interest rates, and affordability issues. Despite these “party crashers” impacting profitability, learn the strategies dealers can adopt to gain and protect revenue.
You may have heard the saying “Out with the old. In with the new.” However, as we close out 2024 and round the bend into a new year, we’re encouraging dealers to try and embrace a new saying… “Out with the old. Out with the new.”
Why the change? Here at Autotrader we know this is the time you’re focused on clearing out 2024 inventory faster and want to get ahead in your 2025 new car sales. So why not do BOTH?
And to help you embrace this new saying, as the auto industry’s mega-marketplace for consumers at Autotrader and Kelley Blue Book, we’ve mapped out some proven tactics we believe every dealer should focus on in Q4 to see success both now, and in the coming year.
With OEMs rolling out their 2025 inventory, now’s the perfect time to evaluate your current marketing strategy. By making adjustments and planning for what’s most likely ahead, Q4 is ideal for making sure you’re currently and set up to maximize opportunities.
Why is now the perfect time? There are 3 things happening now to help set you up for success tomorrow:
Interest in new car models is high right now: On average, nearly 36 million new car model searches are made across Autotrader and KBB.com during the last three months of the year.2 Are you taking advantage of this? With consumers buying how they want, when they want, where they want, ensure that you’re staying in front of them with the right messaging at the right time. This will ensure you’re not only top of mind, but the one they choose from click to close.
New car customers are up for grabs: Did you know that recent studies show that only 51% of new car customers are loyal to the dealership they last purchased from?3 This gives your dealership a unique opportunity to not only focus on advertising tactics to win new customers and stand out as the one they should choose, but also help ensure you keep the customers you already have. Make sure you’re educating new customers to the advantages of both your brand and doing business with you and remind existing customers why they chose you in the first place. Give them an experience at first sight.
Time is money: The stats are in. And the average daily holding and carrying costs for dealer floor plans on a $40,000 investment are at a rate of 5.36% or $7.63 per day, and a rate of 5.32% or $7.58 per day.4 This adds up quickly! Make sure your business and marketing strategy is focused on making each and every deal, when you have the opportunity to. The ideal time will always be NOW to move inventory.
The good news is you’re most likely already advertising on the #1 marketplace delivering the highest new car close rate in the industry (22% higher than the nearest competitor!1). So make the most of that partnership and capitalize on each and every opportunity. The following solutions can provide to overcome today’s biggest challenges, and bring along auto-shoppers from click to close to boost your new-car sales in Q4 and in 2025 with the following 3 tactics:
Modern dealers need partners who can actually power their business forward. In this fast-moving world and industry, consumer behavior and demand have forced modern ways from automotive dealerships, OEMs and lenders. Today’s consumers want to feel like they’re specific interests, needs and preferences are being met on every step of their path to purchase. You can do this as well as stay in front of the right buyer at the right time with the following:
New Car Premium Listings – Efficiently attract and convert more online buyers to enhance your new car sales performance.
New Car Spotlights – Get extra exposure and convert shoppers into high-quality leads.
New Car Boost – Show used car shoppers they can get into a new car for a similar monthly payment.
Market Extension Essential – Reach more customers in outside markets who are willing to pay delivery costs for that perfect vehicle you have on your lot.
Staying top of mind is no longer a “nice” to have… It’s a need to have in today’s omni-channel world. With much of the car shopping process flowing on-line, to instore, to often times back on-line, don’t miss an opportunity to not only stay in front of a ready-to-buy shopper, but show them you are there to help them every step of the way. No matter which order they want to research or purchase, and no matter how they’re doing that. Make sure you’re including the following in your strategy to stay top of mind and keep a shopper’s attention:
Targeted Display – Keep the focus on your dealership’s inventory or sales event with premium ad placements across Autotrader and KBB.com’s desktop and mobile experiences.
Advanced Ads Premium – Retarget Autotrader and KBB.com shoppers and drive them back to your website with engaging ads as they browse the web and their social media.
eLot – Target real-time shoppers during their valuation and search journeys, serving up your dealership’s relevant inventory based on their recent search history.
The shopping journey from click to close isn’t what it used to be. You’ll need modern ways and solutions to take you from where you are today to where our industry is headed. It’s more important than ever to ensure you’re standing out as the one who has the vehicle they’re searching for, in a market that has high-demand (willing to pay your price!) and can provide the experience they want. And to do that you need to get in front of the right consumer, with the right vehicle, to sell it at the right price with:
Alpha Ads – Maximize exposure and highlight your brand with prominent advertising placement at the top of Autotrader and KBB.com.
Vehicle Listing Buying Signals – Supercharge your Autotrader and KBB.com leads with in-depth shopper data you can use to identify ready-to-buy customers for a tailored sales approach.
Market Extension – Reach more customers in select DMAs willing to pay delivery costs for that perfect vehicle you have on your lot.
Hopefully you can now agree, your saying should be “Out with the old. Out with the new”, especially when it comes to the inventory on or headed to your lot. By following the sage advice above and adopting some or all of the solutions above targeted to helping you move more cars and capture more ROI on each and every vehicle, you’ll not only have a successful marketing strategy, but pave the way forward for a more successful future.
Autotrader provides you with qualified leads for people who want cars. We have the data that connects and activates your data, and we have the shoppers. We know what they want, and our goal is to match them with our dealer partners, driving quality leads that have the highest gross profit on average industry wide. We connect you with customers virtually, to move shoppers to you, so that you can focus on building and letting your brand shine.
Find more opportunities to get in front of shoppers that are ready-to-buy by contacting your Autotrader Consultant to get these winning new car advertising tactics working for your dealership. And… Cheers to closing out 2024 strong and planning for an even more successful New Year!
SOURCING:
1 Source: Cox Automotive first-party data, Oct. – Dec. 2023 full quarter avg.
2 Source: Cox Automotive Analytics 2023 Q4 data.
3 Source: 2023 Car Buyer Journey Study.
4 Source: vAuto holding cost data, Sept. 2024.
Importance of Desking in Car Sales
Tools and Software Used in Desking
Benefits for Dealerships and Customers
Future Trends in Automotive Desking
Automotive desking is the process of crafting a car purchase proposal that aligns with both the customer’s needs and the dealership’s profit goals. This art and science involves gathering all pertinent information about the buyer, including their credit score, desired vehicle, and trade-in details. Using advanced automotive desking tools, sales managers can then present multiple financing options, showcasing the best possible deals. The objective is to create a transparent, attractive offer that the customer finds irresistible, thereby closing the deal efficiently.
The significance of desking in car sales cannot be overstated. In an industry where competition is fierce and customer expectations are high, the ability to present well-structured deals quickly can be a game-changer. Desking enhances the sales process by providing clarity and precision while reducing the time spent on negotiations. For dealerships, this ultimately results in greater customer satisfaction. When customers see transparent, well-calculated offers, their trust in your dealership grows, fostering long-term relationships and repeat business.
Today’s automotive desking software is designed to create a seamless buying experience for both buyers and salespeople. With advanced integration technologies, dealers can effectively leverage data to craft tailored deals that meet the specific needs of consumers, enhancing the overall process. the tools and software that enable these processes enable real-time access to manufacturer incentives, bank rates, and credit reports, all delivered through an intuitive interface. For instance, VinSolutions provides a comprehensive desking solution that allows dealerships to tailor proposals, compare deals side by side, and send offers directly to customers via text or email.
Utilizing automotive desking tools significantly enhances the buying experience for customers. These tools streamline the process, leading to greater transparency and speed, which means consumers enjoy a more satisfying and efficient purchase journey. Customers receive clear and detailed proposals that outline all financial aspects, empowering them to make informed decisions with confidence. Ultimately, these innovations ensure that buyers feel valued and well-informed throughout their car-buying experience.
Effective desking requires a blend of strategy, technology, and customer insight. Here are some tips to master the art of desking a car deal:
The future of automotive desking promises even more innovation and efficiency. As technology continues to evolve, dealers can expect desking solutions to benefit from artificial intelligence and machine learning. These advancements will enable even more precise deal structuring, predictive insights, and personalized customer experiences.
Automotive desking stands as a pivotal element in the car sales process, blending technology and strategy to create compelling deals that benefit both dealerships and customers. By understanding its importance and leveraging the right tools, dealerships can enhance their operations, build stronger customer relationships, and drive greater success. Explore the world of automotive desking and discover how it can transform your dealership’s approach to sales.
Learn more about the digitization of automotive retailing in our new guide, Build Shopper Trust with a New Approach to Retailing. This eBook from VinSolutions uses insights from the 2023 Cox Automotive Digitization of Car Buying Study to help you build more profitable deals.
