CHICAGO, July 5, 2017 – Cars.com, Inc. (NYSE: CARS) has received a patent from the U.S. Patent and Trademark Office for its Lot Insights technology (Patent No. 9686646), a first-to-market solution that pinpoints key mobile shopping data from consumers actively looking for vehicles on dealer lots nationwide. First introduced in 2015, Lot Insights technology identifies mobile consumers on or near dealership lots to provide valuable insights for automotive advertisers. The patented technology allows for more precise, accurate, location-based consumer data for Cars.com dealer partners.

“While most digital companies are interested in clicks, likes, or impressions, Cars.com is focused on efficiently driving buyers into dealer showrooms,” said Alex Vetter, chief executive officer at Cars.com. “Mobile data intelligence, like Lot Insights, allows us to analyze those consumer behaviors and directly measure how digital activity impacts sales. We have been at the forefront of the mobile revolution in our industry, and this new Lot Insights patent is an example of how Cars.com is leading mobile innovation.”

Using Lot Insights technology, Cars.com created the new On-the-Lot Trends Report by analyzing mobile consumer shopping behavior throughout the month of May to identify the top viewed makes and models by style.

“By mapping and geofencing the perimeter around dealerships with this level of precision, we can better understand today’s shopping trends & behaviors, which is critical to making value-added connections between consumers and dealers.” said Tony Zolla, Cars.com chief product officer.

Here are the top viewed lists for new vehicles searched that appears in the May 2017 report:

Luxury Vehicles:

1. Porsche Panamera

2. Alfa Romeo Giulia

3. Land Rover Range Rover

4. Mercedes-Benz E-Class

5. Porsche Macan

Trucks:

1. Ford F-150

2. Chevrolet Silverado 1500

3. RAM 1500

4. Toyota Tacoma

5. GMC Sierra 1500

Compact Sedan:

1. Honda Civic

2. Hyundai Elantra

3. Volkswagen Jetta

4. Subaru WRX

5. Subaru Impreza

Midsize Sedan:

1. Dodge Charger

2. Honda Accord

3. Toyota Camry

4. Ford Fusion

5. Hyundai Sonata

Fullsize Sedans:

1. Nissan Maxima

2. Chrysler 300

3. Chevrolet SS

4. Chevrolet Impala

5. Ford Taurus

SUVs:

1. Jeep Grand Cherokee

2. Jeep Wrangler

3. Jeep Unlimited

4. Toyota 4Runner

5. Ford Explorer

Luxury SUVs:

1. Land Rover Range Rover

2. Porsche Macan

3. Land Rover Range Rover Sport

4. Audi Q7

5. Porsche Cayenne

About Cars.com

Cars.com is a leading online destination that helps car shoppers and owners navigate every turn of car ownership. A pioneer in automotive classified, the company has evolved into one of the largest digital automotive platforms, connecting consumers with local dealers across the country anytime, anywhere. Through trusted expert content, on-the-lot mobile app features, millions of new and used vehicle listings, a comprehensive set of research tools and the largest database of consumer reviews in the industry, Cars.com helps shoppers buy, sell and service their vehicles. Cars.com companies include DealerRater®, Auto.com, PickupTrucks.comTM and NewCars.com®. The company was founded in 1998 and is headquartered in Chicago. For more information, visit www.Cars.com.

Check out the most popular blogs from last month! 

1.		5 Things Auto Taught Me By Maddy Low Funny quirks about the auto industry all illustrated by memes.
2.		My Personal Top 10 Quotes for Salepeople By Scott Larrabee Top ten most inspirational quotes put together for sales people to get their mindset right.
3.		"Isn't This Acting?" - How Top Salespeople Suceed By Center for Performance Improvement  Learn to adopt certain aspects of the acting profession in your sales career.
4.		"What If I Train Them - and They Leave?  By Center for Performance Improvement Research indicates that employees who are not trained properly will end up costing you a great deal more money than those who are.
5.		Millenial Workers in the Modern Dealership By Sharon Kitzman Millennials now make up the largest share of the American workforce.

I started working in the car industry fresh out of college, doing marketing and website updates and design. I had no idea what I was getting into when I walked into the corporate office of a large dealership group. Now, over 2 years later, I'm still a "newbie" in the industry, but you learn a few things pretty quickly in the auto business. I found some memes that illustrate PERFECTLY some of the most important lessons I learned my first few months working in automotive.

1. Buyers often don't really know where they are in the buying process, or won't tell you the truth. Buyers are skeptical, and they have a reason to be. The car industry hasn't always been friendly in the past. But this has turned into customers either being unsure of where they truly are in the process, or being unwilling to let us know for fear we will bombard them. I saw this daily working on websites, we were trying to figure out how to identify customers that were truly interested and ignite a spark, but being blind as to where they were in the process made it difficult. 

2. One of the quickest lessons I learned is that there were typically two kinds of people working in auto; those who just landed here by chance, and those who had family in the business wayyy far back, and who had dreamed of joining the legacy. It makes for a mishmash of personalities but at the end of the day it's nice to have both types of people working in automotive. 

3. Customers are skeptical. They walk in the door with their guard up, they get onto the website expecting to be duped or taken for a ride (not in a good way.) So my job working on websites was to figure out how to help them take their guard down. We focused a lot on transparency and friendly rapport to encourage people to look at us not as the enemy, but as someone who genuinely wanted them to get a good deal on a car.

4. I have observed a few people posting on social media in ways that got them into trouble in this industry. Whether they were posting on behalf of the dealership or personally, it's important to make sure you are professional. Sales people especially are great at branding themselves and being more approachable, but one wrong post can ruin that.

5. The car industry is a lot of hard work! It's stressful, you're working on days when most people are off, the time before the holidays is always a huge gear up of email blasts and web banners. It's never-ending, and it's exciting. The car business may have shaved some years off my life due to stress, but I wouldn't trade it for a second!

The company will highlight its continually expanding independent platform during the 2017 NIADA Convention & Expo, June 12-15, followed by a full agenda of summer trade shows.

SAN CLEMENTE, Calif., June 12, 2017 — DealerSocket, a leading technology provider now in its fourth year of serving independent auto dealerships, is hitting the trade show circuit with its comprehensive independent dealer platform.

The company has been hard at work rebuilding its technology solutions to ultimately produce a fully integrated, seamless platform through which independent dealers can run their entire operation. DealerSocket’s latest integrations reduce data entry, increase efficiencies and maximize profitability for dealers.

Attendees at the NIADA Convention & Expo this week, June 12-15, in Las Vegas can drop by Booth #300 to see demos of the following deep integrations within DealerSocket’s platform:

• Crossfire – The Crossfire integration identifies and links website visitors to customers in the CRM. Dealers can learn what customers are really looking for based on web activity, then enhance their marketing efforts with personalized, custom communication.
• Inventory Sync – When dealers make updates in their inventory management system, changes are seamlessly applied to their website – ensuring reliable inventory information at all times to increase solid leads.
• Precise Price – Dealers can now invite consumers to start an accurate deal in real time from anywhere. Once the customer arrives in store, he or she has already completed some or most of the deal online, including reviewing F&I products at their leisure and locking in an exact price for the vehicle.
• iDMS – The hub of the independent dealership is fully integrated with CRM, so data only needs to be entered once. In addition, iDMS’ real-time integration with QuickBooks greatly simplifies accounting tasks.
• Service – DealerSocket’s integrated service solution keeps dealers connected with customers through intelligent resource scheduling, mobile check-in, recommended service reminders and more.
• Revenue Radar – By mining DMS data for customers who are ready to buy again, dealers can eliminate the competition before they even enter the picture. Real-time equity information, bank programs, incentives and vehicle evaluations are all analyzed, with results pushed to the CRM for tailored marketing.

DealerSocket is actively integrating outside partners into its platform for even bigger efficiencies. From CBC Credit Services to Sigma Payment Solutions, dealers can now easily access more than 70 trusted providers through the platform.

Attendees at NIADA’s Convention & Expo can catch DealerSocket’s Blaine Morgan, who will participate in “The Future of DMS” panel discussion Thursday, June 15, from 2:15 p.m. to 3 p.m. Learn more at DealerSocket.com/NIADA.

Next month at the Texas IADA Conference & Expo, DealerSocket’s sales director for the independent market, Neale O’Bannion, will lead a breakout session titled “Modern Day Business Processes” on Tuesday, July 25, from 1:30 p.m. to 2:20 p.m. Learn more at TIADAannualconference.com.

The company will also exhibit at the following shows this summer:

• Georgia IADA Convention & Expo – July 13-15 in Atlanta
• MARIADA (Mid-Atlantic Regional Independent Automobile Dealers Association) Conference – Aug. 6-8 in Bethlehem, Pa.
• Florida IADA Convention & Expo – Oct. 5-7 in ChampionsGate

For more details and to demo DealerSocket’s integrated platform for independent dealers, visit NIADA Booth #300, call (866) 813-1429 or visit DealerSocket.com/ThePlatform.

About DealerSocket

DealerSocket is a leading automotive technology platform that helps dealerships in the United States, Canada and Australia improve profitability through a fully integrated suite of marketing, sales, service, customer experience, DMS, data mining, and inventory management solutions. Headquartered in San Clemente, California, DealerSocket employs more than 1,000 people and serves 11,000 dealerships and 300,000 active users in the United States, Canada and Australia. DealerSocket's advanced technology provides benchmarking data that paces the industry, and its insightful experts identify trends and develop strategic roadmaps that help dealers optimize processes and operate more profitably. Visit DealerSocket.com for more information.

Cox Automotive has just released new information called the 2017 Car Buyer Journey Study. This data is a subgroup analysis that looks at household incomes of less than $75,000 and more than $75,000, as well as Millennials, Generation X customers, boomers, and pre-boomers.

This study gives good insight into the differences between car buyers, and how you can then cater to each individual group based on their wants and needs.

Researching & Shopping Online

In this part of the Cox study, we learn how many sites people of various income levels visit before purchasing their vehicle.

Total Number Of Websites Visited:

• Under $75K Household Income
  • 4.6
• Over $75K Household Income
  • 5.6

3rd Party Websites Visited:

• Under $75K Household Income
  • 1.8
• Over $75K Household Income
  • 2.2

Dealership Websites Visited:

• Under $75K Household Income
  • 1.6
• Over $75K Household Income
  • 2.0

OEM Websites Visited:

• Under $75K Household Income
  • 1.2
• Over $75K Household Income
  • 1.4

This information tells us that those who are more affluent are actually doing more research when it comes to finding a car. This suggests that those who make less money are coming to the dealership after doing less research. This may suggest they are hoping to come and get a good deal from the dealership, and also shows us that they are maybe less picky about specific vehicle types and accessories. Steve Lind from Autotrader says that these findings “reiterate how much time during the process car buyers are spending online,” and adds that this encourages the industry to be ready to serve customers online.

BDC Manager Derrick Woolfson says that he understands why those who are less secure in financing options would want to spend less time researching and more time getting into the dealership to see what the actual financing options are. “Those that have security in their financing tend to focus more on the amenities that the vehicle has to offer, and are less distracted per se with the financing.”

Device Usage

The Cox study also evaluates site usage based on various generations, which gives dealerships the opportunity to understand where their website is being viewed and by whom.

The numbers show us a few things, namely:

• Millennials are more likely to use multiple devices compared to other generations
• Pre-boomers and Boomers are less likely to use mobile devices compared to younger generations and are likely only to use a desktop
• Millennials and Generation X consumers are split fairly evenly between using desktop and mobile devices, so it’s safe to assume those generations will regularly look at both

Chris Leslie says these findings, particularly about older generations, weren’t surprising at all. “Of course they used more desktops. Reading information sucks on mobile in most cases.” Derek Woolfson adds that while he understands that the older generations would stick to desktop searches, he’s unsurprised that Millennials use multiple devices. “It allows them to research wherever they are located at that time, using whatever device is convenient for the moment,” he finishes.

Steve Lind again says that digital strategy is key, adding “If dealerships seek to influence buyers to choose a vehicle from their dealership, it is imperative for dealerships to have a smart digital strategy.”

Norfolk, VA – June 12, 2017- Dominion Dealer Solutions’ leading customer relationship management (CRM) and lead management systems, Autobase and Web ControlTM, are now both Premium CRM products for General Motors.

Dominion has been a part of GM’s Dealer Technology Assistance Program (DTAP) since its inception. Through DTAP, GM makes quality General Motors data available in their dealers’ own CRM systems to improve sales, customer experience, and customer satisfaction. By participating in the GM DTAP Premium CRM Category, Dominion has agreed to complete integration to all available GM DTAP Data service integrations by end of 4th Quarter 2017.  This positions our GM dealers to improve the overall sales experience with quick access to GM data in Dominion’s Autobase or Web Control systems.

"General Motors bestows a Premium product designation on select CRM solutions that provide deep database integrations so dealers can do business as efficiently as possible all in one place,” noted Ryan Kelly, director of OEM partnerships for Dominion Dealer Solutions. "Dominion is proud that both Web Control and Autobase are recognized as Premium CRM products and have been approved for the iMR Turnkey Vendor Program.”

GM dealers that utilize either Dominion Autobase or Web Control can now access GM tools from within the client record. These same tools were previously only accessible from various GM websites and other GM internal systems. Key integration points have been enhanced and now include:  

• DCDE Customer Search
• VPS – Incentives Offer Management (IOM)
• VPS – GM Credit Card

These integrations are now available to both Dominion Autobase and Web Control customers at no additional charge. Over the next several months, Dominion will also be adding the following enhancements for the GM dealers:

• Vehicle Locate Service (VLS)
• Vehicle Invoice Service (VIS)

For more information on Dominion Autobase and/or Web Control for your GM dealership, please call 877-421-1040.

                                                                                                   ###

About Dominion Dealer Solutions

Dominion Dealer Solutions improves dealers' lives by developing advanced technologies including: reputation and social media management, responsive websites, digital advertising, SEO, SEM, multi-channel marketing, and custom market reports. Coupled with award-winning lead management, inventory merchandising, equity mining, customer relationship (CRM) and dealer management (DMS) solutions, Dominion redefines automotive retail by delivering first-class customer experiences for today's automotive dealerships. Based in Norfolk, Virginia, every OEM and more than 10,000 U.S. dealers depend on Dominion's foundation of innovation, integrity, excellence and teamwork to provide them with results at every turn. For more information, visit our website, like us on Facebook, Pinterest or YouTube, or follow us on Twitter.

About Dominion Enterprises

Dominion Enterprises is a leading online marketing and software services company offering client solutions across multiple targeted business verticals.  Our widely recognized B2C web and mobile portals, including ForRent.com, Homes.com, and CycleTrader.com, generate nearly 30 million unique visits monthly. Our B2B cloud SaaS solutions directly support clients in establishing their online and mobile brands, generating leads, and managing customer relationships.  Dominion Enterprises has more than 40 businesses and 3,000 employees in our Norfolk, Va. home office, across the U.S., and internationally.
 

Media Contact:

Dominion Dealer Solutions

Peyton Hoffman

Director of Public Relations and Event Management

757.351.7271

Peyton.hoffman@drivedominion.com

Provides automotive dealers with real-time updates seamlessly in both Autobase’s CRM and DealActivator’s award-winning equity mining tool

Norfolk, VA – June 07, 2017- Dominion Dealer Solutions announced today that its industry-leading automotive equity mining solution, DealActivator, is now fully integrated with Dominion Autobase, one of its customer relationship management (CRM) systems. The combined power of Dominion’s DealActivator and Autobase platforms gives franchised auto dealerships enhanced business intelligence and new lead information to increase sales.

“Dealers need efficient ways to follow up all leads. With the new Autobase Equity Logbook, both new and used car dealerships can contact their equity leads through the same processes already in place for lead follow-up in the CRM. This makes it a seamless process and ensures that no opportunity falls through the cracks,” noted John Hardacre, product manager for Dominion Autobase.  

This integration gives new and used car dealership sales managers easy, instant access to a vehicle’s DealActivator equity data within Autobase CRM. Now, Autobase CRM users will experience the largest driving force in equity sales -- the DealActivator Priority Page. For dealers using both DealActivator and Autobase, the CRM and equity information will appear on the same screen. Automotive dealers will no longer be required to log into these systems separately, saving time for both dealership employees and customers on the lot. Dealers can quickly review top equity service customers daily without leaving Autobase CRM. Customer updates, including calls, emails, texts or notes made in either system, will be reflected in both, eliminating the need for additional manual entry. Dealers using Autobase CRM will find the follow-up process streamlined by this integration, since they can now contact customers in an equity position in priority order by filtering those most likely to close.

“We are excited to bring DealActivator's award-winning equity experience to Dominion's Autobase CRM.  Automotive dealers using Dominion’s Autobase will be ecstatic to start experiencing smart priority leads and other equity enhancements directly in the CRM,” noted Alan Andreu, general manager of equity solutions at Dominion Dealer Solutions.

For more information on the benefits of DealActivator’s equity mining tools combined with Autobase’s CRM at your automotive dealership, please call 877-421-1040.

                                                                                                    ###

About Dominion Dealer Solutions

Dominion Dealer Solutions improves dealers' lives by developing advanced technologies including: reputation and social media management, responsive websites, digital advertising, SEO, SEM, multi-channel marketing, and custom market reports. Coupled with award-winning lead management, inventory merchandising, equity mining, customer relationship (CRM) and dealer management (DMS) solutions, Dominion redefines automotive retail by delivering first-class customer experiences for today's automotive dealerships. Based in Norfolk, Virginia, every OEM and over 10,000 U.S. dealers depend on Dominion's foundation of innovation, integrity, excellence and teamwork to provide them with results at every turn. For more information, visit our website, like us on Facebook, Pinterest or YouTube, or follow us on Twitter.

About Dominion Enterprises

Dominion Enterprises is a leading online marketing and software services company offering client solutions across multiple targeted business verticals.  Our widely recognized B2C web and mobile portals, including ForRent.com, Homes.com, and CycleTrader.com, generate nearly 30 million unique visits monthly. Our B2B cloud SaaS solutions directly support clients in establishing their online and mobile brands, generating leads, and managing customer relationships.  Dominion Enterprises has more than 40 businesses and 3,000 employees in our Norfolk, Va. home office, across the U.S., and internationally.

 

Media Contact:

Dominion Dealer Solutions

Peyton Hoffman

Director of Public Relations and Event Management

757.351.7271

Peyton.hoffman@drivedominion.com

Provides dealers the ability to seamlessly work leads from call to sale

Norfolk, VA – June 6, 2017- Dominion Dealer Solutions announced today that its web-based automotive internet lead management (ILM) and customer relationship management (CRM) solution, Web Control, has joined with Calldrip to provide near instant connection with potential customers.

Dealers using both Web Control and Calldrip will notice that these platforms simultaneously sync leads, notes and call information, as well as real-time customer appointments. Customer information updated in one program is immediately available in the other. This saves time for automotive dealerships using both products.

"Calldrip gives Web Control dealers an unprecedented rapid response capability. Dealers are no longer concerned about pursuing the second or third round of follow-ups on leads. Instead, they’re focused on having enough reps to answer the phones," noted John “TD” Scheuren, general manager of Web Control at Dominion Dealer Solutions.

As leads come into the dealership, a call with the customer’s information is routed by Calldrip to either a sales or BDC representative. Once a representative at the dealership hears the lead information, a new call is triggered to the potential customer within 60 seconds to set up an appointment.  The call is recorded, scored and saved in Web Control for future training and follow-up at the dealership.

“We couldn’t be more excited to announce this partnership with Dominion Dealer Solutions,” noted Brock Jackson, co-founder and chief marketing officer for Calldrip. “Today’s buyers demand world-class service. By combining Web Control’s expertise in lead management and dealer services with Calldrip’s vision of rapid lead response, our dealers will be able to provide the perfect sales experience at just the right moment.”

Calldrip is available as an add-on feature for both franchise and independent dealerships using Web Control’s lead management system. Product specialists from Dominion Dealer Solutions will be available at Booth #1325 and from Calldrip at Booth #1830 during the 2017 NIADA Conference & Expo in Las Vegas to showcase this integration or answer any questions. For more information on the benefits of the Web Control and Calldrip for your automotive dealership, please call 877-421-1040.

                                                                                                    ###

About Dominion Dealer Solutions

Dominion Dealer Solutions improves dealers' lives by developing advanced technologies including: reputation and social media management, responsive websites, digital advertising, SEO, SEM, multi-channel marketing, and custom market reports. Coupled with award-winning lead management, inventory merchandising, equity mining, customer relationship (CRM) and dealer management (DMS) solutions, Dominion redefines automotive retail by delivering first-class customer experiences for today's automotive dealerships. Based in Norfolk, Virginia, every OEM and over 10,000 U.S. dealers depend on Dominion's foundation of innovation, integrity, excellence and teamwork to provide them with results at every turn. For more information, visit our website, like us on Facebook, Pinterest or YouTube, or follow us on Twitter.

About Dominion Enterprises

Dominion Enterprises is a leading online marketing and software services company offering client solutions across multiple targeted business verticals.  Our widely recognized B2C web and mobile portals, including ForRent.com, Homes.com, and CycleTrader.com, generate nearly 30 million unique visits monthly. Our B2B cloud SaaS solutions directly support clients in establishing their online and mobile brands, generating leads, and managing customer relationships.  Dominion Enterprises has more than 40 businesses and 3,000 employees in our Norfolk, Va. home office, across the U.S., and internationally.

About Calldrip
 

For more than 10 years, Calldrip has been dedicated to helping businesses respond immediately to new inquiries. We have leveraged this experience to develop our suite of sales automation tools and have now deployed this technology to thousands of customers worldwide. By triggering a phone call between your sales team and your prospect while they are still on your website, we are able to increase conversations by as much as 900%. The privately held, fast-growing company is based in Salt Lake City, Utah. For more information, visit http://www.calldrip.com.

Media Contact:

Dominion Dealer Solutions

Peyton Hoffman

Director of Public Relations and Event Management

757.351.7271

Peyton.hoffman@drivedominion.com

More than 6,000 dealerships have access to the Mastermind technology

NEW YORK (June 6, 2017) – U.S. Porsche dealerships now have access to world class technology that will allow them to attract more drivers through the implementation of behavior prediction analytics. This will enable automotiveMastermind (Mastermind) to help individually owned and operated Porsche dealerships boost sales and customer retention rates.

“Stunning vehicles like the 911 and Cayman models continue to demonstrate that Porsche is committed to delivering top-performance, luxury vehicles,” said Marco Schnabl, CEO and Co-Founder of automotiveMastermind. “With the adoption of our behavior prediction technology, Porsche dealers will be able to better drive business by enabling their sales teams to access the best customers they should be contacting and marketing to at the right time with the best information, that will generate the most effective sales growth.”

Mastermind’s proprietary technology distills thousands of data points, gathered from the dealer management system (DMS) and combines it with Big Data – social media profiles, financial records, product and consumer lifecycle information, socio-demographics and more – in order to accurately calculate when a customer is ready to buy and why. The data is then distilled down to a simple number, the Behavior Prediction Score® (BPS), a ranking from 0-100, that tells the dealer how close the customer is to purchase. In addition, Mastermind delivers customer-specific talking points right to the salesperson’s desktop, helping them enhance customer engagement and ultimately leading to a more meaningful sale. Mastermind also offers highly personalized marketing campaigns proven to increase the likelihood of a customer visiting a dealer.

“As Porsche has evolved, they have maintained a leading position in the automotive performance market. The option to now use predictive analytics adds to that evolution,” said Andrew Gillman, Vice President of Sales and Marketing for automotiveMastermind. “Mastermind’s behavior prediction technology helps the dealer by making the sales floor more efficient, improving sales and customer retention rates.”

automotiveMastermind has a proven track record of transforming the dealership experience for consumers and revolutionizing the way automotive dealerships and manufacturers, find, engage and earn long-lasting customer relationships.

###

About automotiveMastermind

Founded in 2012, automotiveMastermind is the leading provider of predictive analytics and marketing automation technology for the automotive industry. The company’s cloud-based platform helps dealers precisely predict automobile-buying behavior and automates the creation of micro-targeted consumer communications, leading to proven higher sales and more consistent customer retention. automotiveMastermind currently works with more than 800 dealer partners, providing access to their technology to more than 6,000 dealerships nationwide. Headquartered in New York City and San Francisco, automotiveMastermind has more than doubled its employee count in the last year. For more information, visit automotivemastermind.com or follow them on Twitter @autoMastermind.

Cox Automotive has just released new information called the 2017 Car Buyer Journey Study. This data is a subgroup analysis that looks at household incomes of less than $75,000 and more than &75,000, as well as Millennials, generation X customers, boomers and pre-boomers.

This study gives good insight into the differences between car buyers, and how you can then cater to each individual group based on their wants and needs.

Setting The Car Buying Stage:

In this part of the Cox study, we learn about timeline for decision-making, used vehicle vs. new vehicle purchases, and their thought process prior to shopping.

How Long Before Vehicle Purchase Did They Decide it Was Time To Buy A New Car?

On average, more affluent buyers are making their decision to purchase a month sooner than those who make less than $75K.

• Under $75K Household Income
  • 132 days in 2016
  • 120 days in 2017
• Over $75K Household Income
  • 108 Days In 2016
  • 96 Days In 2017

Chris Leslie, a marketing manager who has been in the auto industry for over 5 years, says he sees this type of decision making every day. “[It] makes sense because less affluent households are more affected by everyday life and unexpected things. They are used to having to keep things longer than preferred and know how to stretch the life out of it.”

Similarly, the older the generation was, the more quickly they tended to decide to purchase. The older generations also made their decision more quickly in 2017 vs. 2016.

• Millennial
  • 101 days in 2016
  • 132 days in 2017
• Gen X
  • 142 days in 2016
  • 94 days in 2017
• Boomer
  • 119 days in 2016
  • 106 days in 2017
• Pre Boomer
  • 110 days 2016
  • 92 days in 2017

The study also found that lower income shoppers were more open to the option of buying a used car.

Derrick Woolfson, a BDC Manager in the industry, believes this is important for industry individuals to consider. “Regardless, it still takes the average person 90+ days to finally purchase a vehicle according to this study. This is especially fascinating considering that the “duplicate” leads we get can in some cases be 90+ days old some even a year or two old. That being said, it would be interesting to start tracking the customer’s journey in your own CRM. There have been recent articles offering the ‘hidden’ value in duplicate leads,” he finishes.

Steve Lind, the General Manager of Autotrader, believes that income plays a “significant role in car buyers’ reactions to the car buying process.”

Vehicle Consideration Mindsets

                Under $75,000 Household Income                         Above $75,000 Household Income          

                                              2016                                2017                    2016                                       2017

As can be seen from the above chart, households with income under $75,000 were far more likely to consider and shop for used vehicles vs. those who made more than $75,000. This means that marketing for used vehicles should be geared further to those with lower credit scores and incomes who may need additional financing options.

The study similarly found that millennials were far more likely to consider and purchase used vehicles when compared to older generations. Leslie says that while he believes this is the case, he has a “hard time believing that there is or was a time that younger buyers weren’t more likely to purchased used over new,” suggesting that this would be the case when looking at the “Boomer” generation when they were younger, compared to the older generations, etc.

                                         Millennials                         Gen X                     Boomers                     Pre-Boomers

The study also found that those who made less than $75,000 were less certain about the type of vehicle they were looking for in the initial stages of purchasing.

                                     Under $75K Household Income                           Above $75K Household Income

                                              2016                                  2017                        2016                                   2017

Lind adds that this is imperative for dealers to recognize, and know how to handle. “While the average car buyer has more resources at his or her disposal than ever before, the majority are undecided in the early stages of the process. This is an opportunity car dealers must capitalize on,” he adds.

This information can help dealers know the best way to work with customers who come in and aren’t positive which vehicle they would want. They can understand which type of vehicles to show unsure buyers and will be able to help guide their purchasing decisions.

Woolfson says these findings aren’t a surprise. “Understandably, those on the lower end of income would be spending more time putting their financing together,” he adds.

What do you think about this study, and the car buyer journey in general?