Merchandising Strategies To Connect New Cars with Customers FEATURED PANEL

Transcription

Merchandising Strategies To Connect New Cars with
Customers
FEATURED PANEL
Nathan Tenbrink
John Griffin
Sr. Manager Enterprise Analytics
AutoTrader.com
VP of Performance Management
Software Division
Autotrader Group, vAuto
Moderator: Lori Dearman, Executive Webinar Producer
Sponsored by: vAuto
Who’s In the Audience?
A diverse audience of over 150 professionals registered
from 35 states.
A Word From the Sponsor
John Griffin
Software Division
Poll #1
Do you include custom photos of your new vehicles online?
• Yes
• No
• Sometimes
Featured Presenter
Nathan Tenbrink
AutoTrader.com
May 22nd, 2014
SMART STRATEGIES THAT
WILL GO THE DISTANCE
Nathan Tenbrink
Senior Manager, Enterprise Analytics
Source: The Rikess Group
Wednesday, June 24, 2009
RECONDITIONING
ACQUISITION
PROCESS
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
TRANSPORTATION
Front-End Fundamentals
8keys to driving a sale
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
What is the Digital Audience Analysis
Understanding online car shopping behavior
• Proprietary data from AutoTrader.com
& select partner companies
•
6,605 new vehicle sales
across 1,000 dealerships
• December 15, 2012 – August 15, 2013
• No P.I.I.
RECONDITIONING
ACQUISITION
PROCESS
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
TRANSPORTATION
42%
of vehicles
shopped were the
same make as the
vehicle purchased
Source: AutoTrader.com Digital Audience Analysis, December 15, 2012 – August 15, 2013
32%
of vehicles
shopped were the
same model as the
vehicle purchased
Real-world story
What’s the
right sedan for me?
New
Used
Viewed USED
Ford Focus
Dealer Site
Viewed NEW
Kia Optima
Viewed USED
Honda Accord
Viewed NEW
Honda Accord
Viewed USED
Toyota Camry
Viewed USED
Honda Civic
Dealer Site
Dealer Site
Dealer Site
Dealer Site
Searched
Kia & Honda
SEDANS
Dealer Site
Dealer Site
Viewed NEW
Nissan Juke
Viewed NEW
Nissan Altima
Viewed
SPECIALS
Viewed NEW
Nissan Altima
BOUGHT NEW
Nissan Altima
Researched NEW
Nissan Altima
Viewed NEW
Nissan Juke
implication:
The right inventory mix can help put your
dealership in shoppers’ consideration sets
implication:
Think multi-brand
RECONDITIONING
ACQUISITION
PROCESS
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
TRANSPORTATION
8critical functions of dealership operations
Poll #2
If you posted a price other than MSRP, would you expect
gross to go up or down
 Go up
 Go down
perception
Pricing transparency
erodes value & gross
Price range shopped narrows closer to purchase
$35,000
average price paid
$25,000
$15,000
60 days
purchase date
76%
of new car buyers
paid more than
the prices of cars
shopped online
$32,000
average price paid
Source: AutoTrader.com Digital Audience Analysis, December 15, 2012 – Aug 15, 2013
34%
more VDPs when
vehicles are listed
below MSRP
Source: AutoTrader.com Core Site Data Q3, 2013
MSRP $55,855
Why are VDPs important?
Search Results Page
SRP=
virtual drive-by
Vehicle Details Page
VDP=
virtual walk-around
34%
more VDPs when
vehicles are listed
below MSRP
MSRP $55,855
Dealers who listed
below MSRP captured
11%
more buyers
than dealers who
listed at MSRP
52%
will travel 30+
miles to purchase
a vehicle for 10%
below MSRP
Source: October 2013, AutoTrader.com & MOREPACE Car Shopper Study
Car buyers traveled an average of
9
8
7
6
5
4
3
2
1
10
00
to buy cars listed below MSRP
Source: AutoTrader.com Digital Audience Analysis, December 15, 2012 – Aug 15, 2013
more
miles
implication:
Pricing transparency attracts valuable buyers
& can increase dealership profitability
implication:
New cars priced below MSRP
attract more attention online
Most important pricing info
Guaranteed price………………….
Estimated monthly payment……..
Dealer invoice……………………..
Retail asking price………………...
Internet price……………………….
MSRP………………………………
Source: October 2013, AutoTrader.com & MOREPACE Car Shopper Study
44%
38%
36%
33%
25%
24%
But, it’s more than price.
RECONDITIONING
ACQUISITION
PROCESS
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
TRANSPORTATION
34%
more VDPs when
vehicles are listed
below MSRP
MSRP $56,555
186%
more VDPs when
priced below MSRP
& have multiple
custom photos
MSRP $56,555
Geo-distance
whitepaper
• Telephone survey
• 35,077 New car buyers
• 32,665 Used car buyers
• Purchased between
July 2011 – Aug 2012
Multiple custom photos
30%
more car buyers
traveled 30+ miles
to the dealership
Source: Geo-distance Analysis, 2012, compared to dealers without photos
Vehicle comments
26%
more car buyers
traveled 30+ miles
to the dealership
Step into this 2014 Subaru Outback!
With active-steering & all-wheel
drive, this vehicle easily supports
spirited driving maneuvers. Smooth
gearshifts are achieved thanks to
the refined 6 cylinder engine.
Source: Geo-Distance Analysis, 2012, compared to dealers without comments
Real-world stories
Dealers who are well merchandised
& priced below MSRP
had fewer
competitors & more
share of shoppers
Dealer example #1
Priced at MSRP & poorly merchandised
competitor
competitor
competitor
1
Dealer #
Shoppers
competitor
competitor
competitor
competitor
Dealer example #2
Priced below MSRP & well merchandised
competitor
competitor
competitor
2
Dealer #
Shoppers
competitor
competitor
competitor
competitor
implication:
The right car at
the right price &
merchandised
drives influence
& preference
RECONDITIONING
ACQUISITION
PROCESS
CUSTOMER
HANDLING
DESCRIPTIONS
PHOTOS
PRICING
VEHICLE
SELECTION
TRANSPORTATION
for all car buyers
Customer experience is very
important, second only to the
right car at the right price
Source: 2013 AutoTrader.com/ Polk Automotive Buyer Influence Study
Why did you buy from this dealership?
They offered the best deal
They had the car you wanted
Past experience with the dealer
Dealer's location
Dealer's reputation
Dealer's service department
Always buy from my salesperson
Other Mentions
Referral from someone else
Liked salesperson/treated us well
You found the dealer or the car advertised online
Source: 2013 AutoTrader.com/ Polk Automotive Buyer Influence Study
30%
28%
New Buyers
25%
15%
12%
7%
7%
6%
6%
3%
2%
Why did you buy from this dealership?
They offered the best deal
They had the car you wanted
Past experience with the dealer
Dealer's location
Dealer's reputation
Dealer's service department
Always buy from my salesperson
Other Mentions
Referral from someone else
Liked salesperson/treated us well
You found the dealer or the car advertised online
30%
28%
New Buyers
25%
15%
12%
7%
7%
6%
6%
3%
2%
60%
What dealers can do
Have the right mix of inventory
Market new & used cars side by side
Employ an inventory-based marketing strategy
Strategies
Price below MSRP
Create a positive in-store experience
Merchandise to the max
Tactics
Connect the online & on-lot experiences
Ensure your staff is knowledgeable
May 22nd, 2014
THANK YOU
Nathan Tenbrink
Senior Manager, Enterprise Analytics
John Griffin
John Griffin
Software Division
How Conquest Helps Price New Vehicles
To The Market
• Allows Dealer To ID “Sweet Spot” For Every New
Vehicle (Same, Competing Brands)
• Incorporates Real-Time Incentives Into Pricing
• Makes Pricing Automatic (based on Makes, Models
Based On Invoice and MSRP)
Poll #3
Based on what you heard today, what will be your top
challenges moving ahead? (Choose all that apply)
•
•
•
•
•
Vehicle selection
New Car Pricing
Photos
Custom descriptions/comments
Customer handling
Next Steps
• Resources: vauto.com (Dealer Resources)
• Stay tuned for the next vAuto educational series webinar
• Visit www.weworkforyou.com/partners
for info on ATG solutions and questions
• Email: [email protected]
or call 1.877.627.9585
A Pricing and Process Blueprint For New Car Success
ASK THE EXPERTS
Nathan Tenbrink
John Griffin
AutoTrader.com
Software Division
Moderator: Lori Dearman, Executive Webinar Producer

Merchandising Strategies To Connect New Cars with Customers FEATURED PANEL

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