LotLinx has expanded its Facebook product suite to include LotLinx VS – Lead Enabled Remarketing, a newly created VIN-specific tool for Facebook users that leverages LotLinx proprietary technology to target high-quality shoppers.
The company’s new product can allow dealers to both strategically target visitors to Vehicle Details Pages and remarket to shoppers interested in a specific VIN on Facebook or Instagram.
“This is a powerful extension of our VIN-specific demand generation platform. Every dealer knows that a car needs to be shopped in order to sell, and now dealers can produce high-value leads on the inventory they need to move,” LotLinx chief executive officer, Len Short said in a news release.
The LotLinx VS- Facebook solution is designed specifically for new cars and it focuses on car shoppers who are nearing a purchase decision.
According to LotLinx, the new product has already had an impact on dealerships such as Nimnicht Chevrolet of Jacksonville, Fla.
“We used LotLinx to identify visitors to our site who indicated interest in the cars we needed to move. Then, when they saw those VINs later on Facebook or Instagram, they were presented a pre-populated lead form. With one click, that contact information went into our CRM,” Nimnicht Chevrolet corporate business development director Frank Reynolds said. “We’re very pleased with the results — our BDC reps are busy!”
Additionally, on Memorial Day weekend, LotLinx announced that it will be its offering dealers a money back guarantee in an effort to showcase the company’s retargeting technology. For more details click here.
DealersLink has released FastBook Pro 5.0, the company's new booking tool that can allow dealers to scan vehicles’ VINs and book out NADA, KBB, MMR, Black Book, CARFAX and AutoCheck simultaneously.
“FastBook Pro 5.0 has the fastest VIN scanner on the market today,” DealersLink chief executive officer Mike Goicoechea said in a news release. “It will help take the risk out of live auction bidding. As dealers consider inventory and decide whether or not to bid, they can use the app to instantly compare multiple book values on the fly. It’s fast, accurate and ensures they have all the information they need before placing a bid.”
The booking tool’s new features include the following:
- Swipe navigation
- Faster multi-threaded book retrievals
- Improved superfast VIN scanner
- Matrix of all book conditions
- Vehicle grades, competitive pricing and velocity charts
- Improved user interface design
- Previous book-out launch list
FastBook Pro 5.0 is now available from the Google Play store and iTunes. For more information or to request a live demo, click here.
A new survey from CarGurus reveals that the first car buying experience of millennials starkly differs from that of previous generations.
Compared to millennials, baby boomers were not only found to have been more involved when selecting their first car, but were also far more likely to have contributed to the purchase cost, the online automotive shopping platform said.
While only 37 percent of millennials surveyed said they contributed to the cost of their first car, 65 percent of baby boomers told CarGurus they paid for some or all of their first car, according to the survey. And 53 percent of Gen Xers contributed to the cost of their first car.
“Our data shows a clear generational shift in the dynamics of first car purchase,” said Sarah Welch, senior vice president of consumer marketing, said in a news release. “Given the rise of autonomous vehicles, ride sharing and sweeping urbanization, it will be interesting to see if future generations show the same trend in parents controlling the first car purchase or if we’ll see a drop-off in dependents needing a car at a younger age.”
Twenty-three percent of millennials’ first cars were hand-me-downs, while only 10 percent of baby boomers were, according to the survey.
The survey also found that millennials were more likely to receive their first car from a family member, and were just as likely to not have a choice. Thirty-four percent of the millennials surveyed said they were given their first car for either school, a job or extracurricular activity.
Thirty-three percent of millennials did not have a say in their first car, as opposed to 24 percent of baby boomers.
Although the survey shows clear differences in first car buying experiences between generations, it presents a few similarities, as well.
The survey found that 83 percent of all first cars were either bought or given used and 55 percent of drivers got their first car between the ages of 16 and 18.
Additionally, the survey also asked participants to name their favorite car brands. Chevrolet is the only brand to top each generation’s list of favorite brands. The overall most popular brands amongst all the drivers surveyed are Ford, Chevrolet, Toyota, Honda and Dodge, respectively.
The following are lists of the top five brands for each generation.
Baby boomers: Most popular first-car brands
- Ford
- Chevrolet
- Volkswagen
- Plymouth
- Toyota
Generation X: Most popular first-car brands
- Ford
- Chevrolet
- Toyota
- Dodge
- Pontiac
Millennials: Most popular-first car brands
- Chevrolet
- Honda
- Toyota
- Ford
- Nissan
CarGurus said it conducted the online survey of more than 1,800 randomly selected participants last month. Survey participants included drivers who have owned a car, ranging from 18 years of age to 70.
While quality and affordability are regarded as key decision factors when purchasing a car, America’s growing group of millennial consumers are most likely to consider brands that fit with their personal image instead, according to Cambridge Analytica, a data analytics and behavioral communications provider
“Finding brands which fit their personal image was the largest growing factor amongst millennials when compared to older respondents,” Cambridge Analytica Data Scientist Tom Richardson said via email when Auto Remarketing asked about the study’s findings.
Fitting personal image was found to be the largest differentiating factor between the youngest consumers and older car buyers, he said.
Cambridge Analytica found this and several other trends following its study which examined American car buying habits across key demographics.
About a third of millennials surveyed said fitting personal image was “extremely important,” while only a quarter of all respondents said the same, according to the study.
Last summer, Cambridge Analytica asked 3,018 respondents to consider the following set of factors: fits with personal image, affordability, high quality, driven by celebrities, brand reputation, made in the USA and environmentally friendly.
“When dealing with younger customers we might advise dealers to use a sales pitch based on matching an individual’s style and perhaps offer small personifications/bonus extras with the cars,” Richardson explained.
According to the study, Audi is the most desired brand amongst the millennials surveyed and Lexus and Honda ranked the lowest, which suggests the two brands don’t align with a millennial’s personal image.
Car owners vs. non-owners
The study also found that car ownership status rather than age is the best predictor when identifying shoppers who rate environment as important.
While environmental impact was found to be generally less important than both affordability and quality, 10 percent of respondents without a vehicle said they consider environmental factors extremely important.
Those without a car also consider affordability to be extremely important more often than quality. The group is 10 percent less likely to rate quality as extremely important and about 6.5 percent more likely to rate affordability as extremely important, according to the study.
Similarly, respondents who already own a car told Cambridge Analytica they are mostly interested in vehicles that offer higher quality than what they currently own.
Men vs. Women
High quality and affordability were the most important factors for both men and women.
But while a majority of both genders agree that the two factors are extremely important when choosing a new car, about 10 percent more women than men believe affordability, in particular, is extremely important.
Additionally, men are almost two times more likely than women to select BMW as their most desired brand, according to the study.
Other luxury brands such as Mercedes and Lexus were also found to be favorite brands for men.
Women were found to desire Japanese economy brands like Honda and Toyota most, while they significantly favor the Jeep brand more than men. Meanwhile, 7.6 percent of the women surveyed chose the American brand as their favorite compared to just 4.5 percent of men.
Interestingly, Audi was equally as popular with both genders: 7.8 percent of men chose the brand and so did 7.8 percent of women, according to the study.
Cambridge Analytica’s study was conducted online in June 2016, “when most people began talking about 2017 car models,” Richardson added.
Autotrader has launched a television advertising campaign with Disney Pixar's “Cars 3,” which includes a 30-second television commercial featuring members of the well-known cast that will debut on television during the 2017 NBA Playoffs on TNT.
"Collaborating with Disney Pixar's 'Cars 3' was a natural fit for Autotrader for more than the obvious reason of the spotlight our iconic brands share within the automotive space," Autotrader vice president of marketing Jessica Stafford said in a news release.
"Much like the Cars franchise, Autotrader shares a personal connection with people of all ages and at all life stages, and we feel this is reflected in the playful content we developed with the Disney and Pixar teams to further drive excitement for our brand and the upcoming premiere of 'Cars 3'."
The new commercial encourages viewers to find the car that best fits their lifestyle and concludes with the tagline – "Every car has a personality. Find the one that fits yours at Autotrader."
Autotrader said the ad targets key demographic groups such as such as Millennials, Hispanics and families.
Additionally, the campaign will be presented on Hulu, ESPN Deportes Radio, and Autotrader’s social media channels.
The 30-second commercial, titled "Every Car Has a Personality," is currently available on YouTube.
Reynolds and Reynolds in the U.K. announced that it has expanded its suite of retailing tools for dealers.
"The customer-dealer relationship continues to change," Reynolds U.K. Automotive managing director Adele Feeney said in a news release. "Over the past several years, we have expanded our suite of retailing tools for dealers. These tools are helping dealers improve operating performance and provide a more engaging and efficient customer experience."
Most notable among the company’s latest set of solution additions is its new Contact Advantage tool.
Contact Advantage provides dealerships and OEMs with a comprehensive tool that manages complete sales cycles and allows them "to take their customers through the entire sales process – from model selection, color and specification configuration, pricing and order forms – all in one, simple-to-use, interactive process," Reynolds U.K. said.
According to Feeney, the new tool is available to all dealers, whether or not they use the Reynolds dealership management system.
"We believe Contact Advantage is the premier showroom CRM solution for keeping track of dealership leads and maximizing sales potential," Feeney added.
Other new retailing tools Reynolds U.K. has also recently introduced include Aptus Websites, Reynolds Integrated Telephone System (RITS) and iMakeNews.
Aptus Websites, a DMS-neutral website platform, allows dealers to connect with consumers at any time and on any device.
RITS, a dealership-wide, customer experience management system combines phone features with dealer's instant customer data from the DMS in order to create more effective phone conversations with consumers, according to Reynolds U.K.
iMakeNews is a digital newsletter that is designed to build customer loyalty and retail action via engaging content. The new tool also delivers unique ROI metrics which aim to help dealers understand consumers’ current buying decisions so they can influence their buying decisions in the future.
"For dealers, customer service has never been as important as it is now," Feeney said. "The customer now initially goes to a dealer's website before walking into the showroom armed with information and knowing what the competition is offering. Therefore, managing the entire sales process to create a rewarding customer experience at every touch point inside and outside the four walls of the dealership is becoming a necessity, not a luxury."
For more information about each of the retailing tools now offered by Reynolds U.K., visit www.reyrey.co.uk/DMS.
Dealership sales lead provider Autobytel generated record revenue during the first quarter, which the company said was primarily driven by the continued strong growth of advertising click revenues.
For the quarter that wrapped up March 31, Autobytel reported an 8-percent year-over-year increase in revenue to $37.3 million. That advertising click revenue spiked a whopping 152 percent, according to the company.
As a result, Autobytel indicated the company posted a net income figure of $0.5 million or $0.04 per diluted share during Q1. A year earlier, the company sustained a net loss of $0.7 million or $0.07 per share.
“The momentum from our record 2016 has carried into the first quarter,” Autobytel president and chief executive officer Jeff Coats said. “Our results were highlighted by another quarter of triple-digit growth in our clicks business, which is becoming a meaningful contributor to our overall financial performance.
“As expected, our lead revenues were down due to the effect of last year’s initiative to systematically reduce lower-quality leads supply,” Coats continued.
As of March 31, the company noted its cash and cash equivalents totaled $39.6 million compared to $38.5 million as of Dec. 31. Autobytel said its total debt was reduced to $20.4 million compared to $23.1 million at the end of last year.
Autobytel continues to expect 2017 revenue to range between $156.0 million and $160.0 million, representing an increase of approximately 4 percent to 7 percent from 2016.
“Looking ahead, we expect to continue reinvesting in our business to drive sustainable, long-term organic growth and further solidify Autobytel’s position as a leader in the digital automotive marketplace,” Coats said. “We also expect to continue to enhance our internal lead generation capabilities and invest in new traffic sources to maximize the growth potential of our clicks and used car businesses.
“In fact, we expect our used car business to make significant headway this year as we seek to position our revamped usedcars.com site to become the premier used vehicle destination for consumers,” he continued. “But most importantly, in 2017 we will remain committed to providing our dealer and OEM customers with high-quality, high-intent car buyers.”
Stream Companies, an integrated traditional and digital marketing agency in Tier 3 automotive, recently acquired WorldDealer, another integrated advertising agency and automotive website company.
With the acquisition, Stream explained that it adds a number of key agency accounts and more than 100 websites to FullThrottle, its performance website platform specifically made for dealers. Paul Accinno, founder of WorldDealer, will assume the role of executive vice president of dealer development and continue to work alongside clients helping them grow their business through integrated marketing and advertising.
“We knew right off the bat that this partnership would work based off of our similar visions and goals to bring an integrated advertising approach to dealerships across the nation,” Accinno said.
Stream co-founder David Regn emphasized the firm is looking to set itself apart from other agencies with its results-driven philosophy to generate and retain auto dealers to increase sales and profitability. Now with the WorldDealer team on board, Regn explained these thought leaders will continue to exceed their clients’ expectations on a larger scale.
“We are very excited to add the WorldDealer team and all their clients to the Stream Companies umbrella,” Regn said.
WorldDealer will continue to operate out of the Pittsburgh office with plans to expand its footprint in the Midwest, according to a news release.
On Monday, LotLinx announced that it named a senior vice president of channel strategy to lead major initiatives aimed at expanding the company’s presence in the car dealer market.
Chosen for the newly created position is Mark Conner, who most recently managed a team of 60 marketers for Lithia Motors.
“Under Mark's long and skillful leadership as assistant vice president of marketing, Lithia grew to be the highest performing publicly traded dealership group in the U.S.,” LotLinx founder Len Short said in a news release.
“I am confident Mark will be a tremendous asset toward the growth of our award-winning product suite of technologies. He is an auto marketing maven, bringing a deep knowledge and passion for the retail car business that will add significantly to our ‘dealer-first’ operating mission.”
At Lithia Motors, Conner’s leadership significantly influenced the group’s marketing approach, and he played an integral role in doubling its store footprint over the past seven years, LotLinx said.
In his new role, Conner has been tasked with leading all of LotLinx’s efforts to serve larger dealer groups.
LotLinx said Conner brings expertise in understanding how to scale best practices across a multi-rooftop dealer group, as well as an in-depth understanding of how car dealers drive ROI.
Jumpstart Automotive Media announced an exclusive ad sales representation agreement with CarStory’s website and app, which matches car shoppers with vehicles using patented technology and datasets.
“CarStory is a rapidly growing, mobile-first experience that is focused on streamlining the car shopping process, which aligns with our strategy. They deliver the ‘whole story’ about a car and digital advertising supplements this story and helps continue the narrative to make the consumer’s discovery process more efficient," Jumpstart chief executive officer Nick Matarazzo said in a news release.
The CarStory website and app leverages data and analytics to provide customers with the information they need to make educated car-buying decisions.
CarStory uses patented technology and industry-leading analytics to facilitate a search process that results in a confident purchase decision. It said it currently has a network of more than 6,500 participating dealerships across the U.S.
“We feel it’s important to help match consumers with the right car and we do this by facilitating a faster, more efficient discovery process,” CarStory CEO John Price said. “Our partnership with Jumpstart strengthens our strategy of delivering the best data to an in-market shopper at the right moment and gives brands the opportunity to better demonstrate value, increase engagement, and sell more cars.”
