Community

Share your automotive expertise

2 Write a Blog Post

Filed in: None

The Auto Industry's 2013 Most Valuable Insight

By Lindsey Auguste on Apr 26, 2013

​When you get a room full of 100 plus Dealer Principals together, the topic of discussion doesn’t usually fall to things like choosing specific SEO keywords. The conversations center more on high-level thinking and strategic thought processes that fuel these entrepreneurs to take their business to the next level.

That was the very motivation behind DrivingSales hosting the first ever Most Valuable Insight competition. In the spirit of progress and thought leadership, we challenged the thought leaders in our industry to present an insight that directly impacts the way dealer principals and general managers operate their business.  Taking the conversations to the highest level, auto industry professionals were invited to share their thoughts and insights to the attending dealership executives to foster inspiration, progression, and celebration of a better automotive retail industry. Of course, all submissions had to be thoroughly backed with arduous research and empirical support.

After finalists were selected by a group of dealers, the dealer principals in attendance at the 2013 DrivingSales Presidents Club event in NYC were presented with four outstanding contributions to the automotive industry:

  • “Capitalizing on Changes in Online Shopping Behaviors,” presented by Scott Pechstein at Autobytel Inc.
  • “Do You Know Today’s Customer? New Findings Show Difference between Prices of Vehicles Shopped vs. Actual Prices Paid,” presented by Scott Hernalsteen at AutoTrader.com
  • “Mobile: your key to winning shoppers when they’re ready to buy,” presented by Jack Simmons at Cars.com
  • “Are You Aiming at the Right Target?” presented by Chris Reed at Cobalt

The presentations were data-driven, actionable, and relevant to the high caliber audience in attendance.  A dealer judging panel on stage and off evaluated the insights on relevancy, originality, empirical support, and implementation, and after the closest dealer feedback in DrivingSales contest history, one insight stood strong as the most valuable.

Congratulations to Chris Reed and the Cobalt team for providing the 2013 Most Valuable Insight to the automotive industry. Reed’s insight, based on an eight month Cobalt study of consumer engagement with online vehicle information including metrics such as VDPs (Vehicle Detail Pages) and Time-on-VDP revealed that vehicle engagement are the single best predictor of future sales, materially superior to other metrics commonly used by dealership marketing staff such as visits and lead submissions. Vehicle engagement metrics provide insight into the effectiveness of a dealers off-line as well as online marketing and can be predictive of the timing of a sale down to the VIN level.  Reed also shared the pitfalls of relying on any single metric, including VDP views, to evaluate marketing performance and the predictive power gained by evaluating the pattern of consumer interaction with content on dealer websites and online advertising in general. 

As the winner of the Most Valuable Insight competition, Reed will have the opportunity to present the Cobalt data in much greater detail at the 2013 DrivingSales Executive Summit in October in Las Vegas.

Congratulations again to all of the finalists for providing thought-provoking data and action items to propel the automotive retail industry forward. 

Comments

This was such a powerful segment. Not only were all four of the presenters solid on the stage, their content and overall theme was so on-point with regards to where dealerships need to be focused.

Well done!

Apr 26, 2013

Comments 1 - 1 of 1

You must be logged in to comment

Login Create an account

Add your comments:

   

Lindsey Auguste's Recent Posts

Related Posts

  • How to Make Hyper-Targeting Your Social Media Secret Weapon

    If you're like many, you're sick of hearing how big social media is. It's huge. We get it. That's not the real "juice" that comes through utilizing social media for automotive advertising. The greatest benefit that social media currently offers to car dealers is through hyper-targeting. More dealers every day are taking advantage of the standard targeting components of sites like Facebook and Twitter - targeting by location, age, income, education, and any combination of these and many other demographic components available. Very few dealers are taking advantage of the stronger data that's available through a plethora of very specific data sets. First and foremost, the use of your customer database is absolutely imperative. You might be sending direct mail to your customers. You're probably emailing them. Unfortunately, your also probably missing a large number of them because of spam filters and a general distaste for junkmail. Social media offers a very direct way to get your me...Read post

  • How important is a title?

    My dealership firmly believes in a culture of *teamwork* - and by not having a title - I can be the utility player on the team.Read post

  • Fall into Customer Loyalty with End of Summer

    With Labor Day here and the official start of fall coming up quickly, now is the time to leverage an end of summer campaign to drive revenue and traffic plus gain additional customer loyalty for your dealership. But, what is an impactful end of summer campaign to help you do just that? Before fall officially sets in, try one of these revenue generating campaign ideas. Host an End of Summer Blast Invite customers, prospects, and members of your community to an event at your dealership. Be sure to have appealing activities to attract an audience such as live music, food and beverages, games, giveaways, etc. You can partner with other local business to keep costs down. Make sure to send an announcement to all customers to let them know you’re hosting one last blast before the cooler weather sets in. Beach Ball Blowout Chances are you’re looking to get rid of those 2014 vehicles on your lot to make room for your 2015 lineup. You could host a blowout event at your dealership to offer ...Read post

  • Use Your Talent & Develop Your Skill

    Use Your Talent & Develop Your SkillRead post

  • Autotrader vs. Cars.com

    Currently we use both AutoTrader and Cars.com. We have used them both for quite some time. The measurement that we use for them is cost per vehicle detail page. We feel that it is a good measurement for them. In our opinion it is their responsibility to get the customer to our vehicle detail page. We feel that our marketing takes over at that point. (Good pictures, right car, right place, etc.) They are currently below .50 cents per vehicle detail page. We try to keep them under .60 cents per vehicle detail page. My question for the community is this. Do I need both? Based on our reporting both companies are performing well. AutoTrader seems to perform slightly better. They are also a lot easier to work with then cars.com. I just do not know if I would get the same customers with just one of them.      ...Read post

  • Top Reasons Why You Should Buy "Likes"

    There's lots of excitement over buying "likes". But should you? Read this and then you decide.Read post

  • How CPS can help justify your traffic from sites like Autotrader and Cars.com

    CPS stands for Cars Per Shopper and its a number that we have been tracking weekly looking at the amount of shoppers on Autotrader divided by the amount of total..Read post

  • DSU Live to offer interactive & personalized session prior to DSES 2014

    If you're anything like me, you love and thirst for learning. I have always been of the mindset that the more knoweldge I can get my hands on, the more effective I can be.Read post