As dealers, vendors and more gathered for NADA 2018 in Las Vegas, Cars.com launched its new social targeting product, as well as announced it will make available to its customers Conversations — an AI chat solution.
Conversations is the first integrated Dealer Inspire product announcement since Cars.com purchased Dealer Inspire and Launch Digital Marketing for $165 million in February.
Cars Social, designed to attract more leads through Facebook and Instagram, leverages Cars.com audience data and targets consumers on social media who previously researched inventory or expressed interest in similar vehicles in the market, the company explained.
Targeted social media users will see a social ad with inventory imagery from local retailers that fits their search and shopping preferences. Then those ads will redirect shoppers to their corresponding VDP pages on Cars.com. Further, a team of social media account managers will be available to dealers to “optimize campaigns and set up data feeds.”
“We know millions of people across the country, including Cars.com shoppers, spend a significant amount of time on social platforms, and a smart use of social media advertising moves shoppers through the sales funnel,” said Alex Vetter, president and chief executive officer at Cars.com. “We want to help dealers extend their reach and connect with these buyers wherever they shop.”
Further, Dealer Inspire product Conversations is described as a managed chat solution built with artificial intelligence and “synced with a dealership’s inventory”.
The Conversations platform was developed by Dealer Inspire, and will now be integrated with Cars.com through a Conversations Starter package.
All new chats will be answered by an AI chatbot named “Ana,” which can greet customers, answer frequently asked questions and schedule appointments. If she doesn’t know how to answer a question, she will transfer the customer to the dealerhship’s team or Dealer Inspire’s Managed Chat Call Center to expand on the response and capture the customer’s information for the dealer.
“AI is the next frontier in automotive,” said Vetter. “Cars.com intends to lead the industry by applying AI to create a smarter car shopping and selling experience for consumers and dealers. Conversations is the first AI chatbot that integrates seamlessly into a third-party site and a dealer website so that dealers can connect with consumers whenever and wherever they are shopping.”
Dominion Dealer Specialties, a division of Dominion Dealer Solutions, announced Tuesday that it has released a fully-redesigned Inventory Manager (IVM) mobile app to provide dealers with enhanced pricing features that allow dealers to easily manage their inventory wherever they are.
This follows news from February that Dominion redesigned its DealActivator solution to provide users with personalized experiences based on their dealership roles.
Appraisal and inventory capabilities available on the IVM app have been enhanced to make adding appraised vehicles to inventory more efficient via automatic data transfer, according to Dealer Specialties vice president Shane Marcum.
“The ability to quickly and easily add and edit multiple photos to a vehicle from the mobile gallery adds efficiency, simplifies the process and makes dealers’ lives easier in their inventory management process,” Marcum explained in a news release.
In addition to the ability to add new vehicles, edit features and photos, dealers can access book values, competitor market inventory, and vehicle history reports via the IVM app.
The newly updated app is free to download from both iOS and Android app stores.
Lead generation solution provider DealerDNA announced Monday that it has launched – DealerDNA Synergie – a proprietary marketing engine that plugs into dealers’ existing websites to provide transparent transactions with high-quality leads.
DealerDNA Synergie offers performance reporting that equips dealerships with tools to analyze the productivity and lead generation activities of ad campaigns.
“For the first time dealers will be able to push trim-level pricing to consumers across their digital marketing assets and offer the lowest price on the vehicle in real time. Best part? It’s all automated, so it provides a ‘set it and forget it’ mentality to best pricing marketing. It’s going to be a game-changer,” DealerDNA chief executive officer Steven Couture said in a news release.
Along with high-performance inventory data mining, DealerDNA Synergie supplies dealers a customizable specials engine with fully engineered ad campaigns. DealerDNA said ad campaigns are dynamically linked to Google, Bing, model specific landing pages and payment calculators.
According to the company, its new marketing engine can provide dealers:
- A 65-percent increase in site traffic and page views
- Thirty percent average click-spend savings over competitors
- SEM management fee of seven percent
“Coming from the automotive side of the business myself, it was important to me to provide a customizable resource for those who want it, but also an automated solution for those dealers who don’t want to take further resources away from the business of selling,” said Doug Foss, chief marketing officer at DealerDNA. “With Synergie, you get the best of both worlds.”
DealersLink announced Tuesday that it will introduce a new pricing tool at the upcoming 2018 NADA Show in Las Vegas that gives dealers an affordable way to monitor and manage new-car pricing.
To see a demonstration of the new-car pricing tool, visitors can meet with DealersLink dealer consultants at booth 337N.
“We’re offering the most affordable new-car pricing tool in the industry,” DealersLink chief executive officer Mike Goicoechea said in a news release. “On average, dealers who switch from their current tool to ours are able to save more than 50 percent off their monthly bill. Plus, we don’t charge you an extra fee for each additional franchise under your roof,” Goicoechea explained.
Along with rebate and incentive management, the new pricing tool’s features include automated updates, which free up dealership staff from possibly spending several hours per week pricing and updating new cars and competition view, which informs dealers who their new-car competitors are and how they are pricing their inventory.
Additionally, the new tool will also provide dealers with insight into supply and demand for each vehicle.
According to the company, the new-car pricing tool will be available for one flat fee per month, with no contracts and no setup fees.
Manheim announced Wednesday that this summer, it is launching a new and free 24/7 option within the Manheim Marketplace — Manheim Express. The mobile application for dealers provides a fast and easy way to list and sell inventory directly from lots or in-lane.
In addition to the new ManheimExpress.com, the Manheim Marketplace, which experienced 58 million unique visits per year, includes Manheim.com, OVE and OEM-specific marketplaces.
“Manheim Express is a whole new channel and a whole new way to do business in the Manheim Marketplace,” Cox Automotive inventory solutions president Grace Huang said in a new release. “We are bringing the power of the Manheim Marketplace to the dealer’s lot, in the palm of their hand. On top of that, we are launching the industry’s only wholesale guaranteed first bid and are integrating 3D and 360-degree vehicle imaging technology that leapfrogs the competition."
After completing a few quick steps in the Manheim Express mobile app, dealers can take a Guaranteed First Bid (GFB), list it in the Manheim Marketplace, order an inspection or consign it to a Manheim operating location.
With Manheim’s GFB, the company said a minimum floor price is set, and if the vehicle does not sell for the minimum floor price or greater after being listed in the Manheim Marketplace for two business days, Manheim will buy the vehicle at the GFB price.
Dealers scan the VIN to immediately receive the vehicle’s value from Manheim Market Report, AutoCheck Snapshot vehicle history report data and manufacturer build data.
If a dealer prefers to not sell the vehicle in any of the Manheim Digital Marketplaces, they can now send their inventory to the Manheim operating location of their choosing on the app.
“Manheim Express is another example of how Manheim continues revolutionizing inventory wholesaling and how Manheim Marketplace is uniquely positioned to meet clients wherever they are – even off their lots,” added Huang.
Additionally, Manheim Express allows dealers to walk a car and create a listing complete with 360-degree images that can be uploaded into the Manheim Marketplace within three minutes.
Manheim has partnered with computer vision company Fyusion to enable dealers to walk cars and create interactive 3D images and apply smart tags to any damaged areas.
“Our products are focused on creating intelligent 3D imaging,” said Fyusion chief executive officer Radu Rusu. “Any dealer will be able to easily create a fully tagged interactive 3D image from their Android or iOS phone, that's viewable on any device — mobile or desktop.”
Manheim said it will showcase Manheim Express via hands-on demonstrations at the 2018 NADA Show.
CarStory announced Tuesday several new features now available for its recently launched sales prediction platform — CarStory Insights’ Inventory Intelligence — which enables dealers to monitor their local market.
This follows news from last month that the company partnered with FordDirect to provide Ford and Lincoln dealers with a FordDirect website CarStory Market Reports for used-vehicle insights at no charge.
Along with a responsive web Experience, the CarStory Insights platform now has features such as instant search, which allows users to quickly search by make, model, VIN or stock number; and instant Alerts, which provides dealers with notifications when a market change affects their inventory.
Current CarStory Insights customers can access the newly updated platform as a free upgrade by updating the product on the Apple App Store or Google Play Store.
“Today, 50 percent of a dealer’s inventory will sell too fast or too slow,” CarStory president and chief product officer Chad Bockius said in a news release. “CarStory Insights is the only product that shows how price changes affect a vehicle’s days on lot. Having this insight is key to maximizing profits and turn. The new enhancements to CarStory Insights demonstrates our commitment to innovation and incorporates months of dealer feedback delivered in an elegant and user-friendly interface,” Bockius continued.
In addition to Instant Search and Instant Alerts, new features added to CarStory Insights include:
- Prediction Explorer
- Deal Analysis
- Market Pulse
- Customized AI
- Dealer Group Support
- Performance Dashboard
Additionally, new CarStory Insights customers can subscribe for a free 30-day trial.
Clarivoy announced Monday the launch of new software that uses what it calls “Any-Touch” attribution to ensure that marketing sources accurately receive credit for influencing customers during the car buying process.
When marketing sources have influenced a customer’s vehicle purchase, the new software uses the Any-Touch attribution to guarantee that proper credit is attributed.
To show vendors’ accurate impact on vehicle sales, Clarivoy works with dealers to obtain sales data and then matches the sales file with leads and vendor website traffic, the company said.
While dealers and third-party auto vendors receive millions of unique web visitors per month — less than five percent identify themselves, according to Clarivoy chief executive officer Steve White.
“Who are the other 95 percent, and did they purchase a vehicle?” said White. “In the eyes of a dealer, the value of a third-party auto vendor, marketing agency or website provider is reduced to one thing: Leads. Since most visitors to a dealer’s website or third-party site are unidentifiable, 95 percent of the value of that vendor or marketing partner is lost.”
The new software gives dealers an understanding of the total number of vehicles each vendor and marketing source is responsible for influencing by delivering monthly attributable sales to dealers’ dashboards.
Clarivoy said the new API technology was created using proprietary technology designed to match a person to multiple devices across multiple channels.
Additionally, according to the company, set up is simple and only requires the installation of Clarivoy’s tracking code on all relevant website properties.
SGS recently previewed its new self-inspection mobile application — INSPEC — at the Conference of Automotive Remarketing (CAR) in Las Vegas.
The INSPEC app allows the capture of specific data, such as mileage and vehicle modifications ahead of vehicle turn-in and is now being offered as a pilot, hybrid or standalone solution.
When a vehicle lease nears its end, the app provides step-by-step instructions for the lessee to perform a self-inspection.
To note any damage or level of wear and use, the app allows lessees to take photos of the exterior, interior and tires that is pushed to the lessee and finance company.
“Our inspectors are performing full remarketing inspections prior to lease maturity when a third to half of these cars are either traded in early or bought outright prior to the turn-in date,” SGS operations vice president Tony Perkins said in a news release.
“This means our customers are wasting a lot of money on an expensive remarketing inspection that isn’t needed. By providing a more consumer-friendly inspection option, we believe INSPEC will help our customers drastically increase pre-term inspection rates, replacing the number of costly in-person inspections with an affordable alternative, all while lowering the overall cost of their program, improving the lease-end experience, and increasing brand loyalty,” he continued.
Along with producing a summary of self-inspection results, the app also provides an estimated range for how much might be owed for a vehicle at turn-in.
Estimates are calculated based on a proprietary algorithm from SGS, and the inspection can be completed in less than 20 minutes, according to the company.
Key benefits the app can provide finance companies, dealers and OEMs include reduced inspection costs, increased percentage of fleet inspected and retention of key insights and actionable data.
Central AA celebrates 12 years
In other news from the used-car market, Central Auto Auction held a 12-year anniversary sale last month where it also celebrated the opening of a brand-new fourth lane that is expected to be ready later this year.
The sale brought in 366 buyers and offered around 450 units across the auction’s three lanes.
“We are very much hands-on with our consignors and buyers. We are an extension of their team; their staff essentially,” Central AA owner Peter Saldamarco said in a news release. “We have the best auction employees in the business, and with our new full-service vehicle evaluation and enhancement center, there’s nothing we can’t handle for our customers.”
Central AA held its first sale in February of 2006. Located in Hamden, Conn., the auction offers weekly sales Tuesday mornings at 10:15 a.m., and all lanes are available for online participation via simulcast.
dealerAffinity introduced Wednesday its leadAffinity online lead generation platform that is designed to capture in-market leads on a dealer's website.
This follows the company’s January announcement that it has joined the expanding CDK Global Partner Program this year.
The dealerAffinity solution suite provides online trade appraisals, live web chat with text messaging and on-site auctions to help car dealers convert web visitors into leads.
With leadAffinity, dealerAffinity dealers can now allow visitors to place competing offers for vehicles directly on the dealer's website. The company said that each visitor who places an offer becomes a lead for the dealer.
“By accepting multiple offers on a single vehicle, the dealer is able to generate a constant stream of leads that are in-market for a vehicle,” dealerAffinity co-founder Aaron Haimovitz said in a news release. “Moreover, the dealer is able to keep the traffic on their website instead of sending them to third-party sites hosting competing vehicles.”
In addition to keeping visitors from navigating to third party vehicle listing sites, leadAffinity also protects dealers through a reserve pricing mechanism ensures that all offers meet a minimum threshold, the company said.
“In the digital age, car dealers should view their website as their core to their lead generation programs,” added Haimovitz. “leadAffinity ensures a steady flow of leads into the dealership, lowers website abandonment and helps dealers move aging inventory.”
A new report recently released by White Clarke Group explored the most important global issues facing the auto finance industry.
Two challenges became clear when the firm reached out to top company executives.
White Clarke Group’s Global Auto and Equipment Finance Report 2018 revealed that industry executives rank digitalization as one of the most important issues on their agenda for this year.
The report indicated another key global trend that is dominating C-suite discussions is the impact of new legislation and policies, which are changing the competitive landscape for finance providers.
“Compliance and regulation sit at the heart of the finance market and the impact is being felt in every region of the world, ranging from fundamental changes to tax law in India, to new open banking rules in Europe and a more business-friendly approach to regulation in the U.S.,” White Clarke Group said.
“The industry is also having to adapt to growing risks, particularly when it comes to cyber-security and the growing complexity of defending operations from hackers, while simultaneously providing more open finance and banking services to consumers,” the firm added.
This report contains the views of more than 30 industry leaders with analysis covering North and South America, Europe and Asia Pacific.
To obtain a full analysis of the outlook for 2018, download a copy of White Clarke Group’s Global Auto and Equipment Finance Report 2018 at this website.
