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Edmunds saa dlr webex-final

by Ralph Paglia on Feb 22, 2013

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And at Edmunds.com we see a lot of these car shoppers (about 18 million per month). Not only do we see what they are looking at online, but we are constantly talking to them outside of our web site. To date, we have talked to over 8,000 new and used car buyers and we want to share with you today what we have learned.
Place a big value on Transactional PricingThey want full visibility into available inventoryThey want the time spent at the dealer substantially reduced. They 4+ hours spent is viewed as a complete repudiation of the online process. 90 minutes has been successfully tested.The Human element is still key to consumer comfort during the transaction. They have indicated that a “point” person in the process or a one contact person process is much more favorable that an obstacle course of management levels.
To satisfy these consumer values, the challenge for dealers is to develop a process and consistently deliver on it, time and time again to gain reputation for it.
Not only have consumers indicated value in transactional pricing, but clarity in fee and other charges before coming in.Dealers need to be prepared to efficiently detail leasing options as they are now available and popular again.For those who want to buy with a trade in, consumers would like a fair expectation of what should expect for their trade. Adding to the popularity of “online trade in valuators”True Cost to Own… we see this become ever more important when the price of fuel exceeds $4.00 per gallon. And with many manufacturers now offering hybrids and electrics, consumers want as much visibility into total costs of owning that vehicle as possible.Gross Profits.- Dealers have traditionally been resistant to this amount of visibility thinking it may hurt gross profits, however, the contrary is true. I know Jeremy has analyzed that dynamic for a long time.
The #1 turn off of a dealership is not getting exact pricing when requested. The #1 Gratification for the consumer is immediate validation, here is the car, and here is the price you saw.When that goes into the marketplace, contacts to that dealership rise in multiples.
3rd Party Validation
So, what do consumers want to see before committing to this process?:
We have heard from other dealers that they handle this within the appointment scheduling process. From them we have gleaned some best practices— #1-6 If it’s for a mini or SUV with 3rd row, be sure to mention you have a children's area or facilities.
Our editorial group published a great article for car shoppers that shows everything they need to prepare ahead of time to expedite the process. We have turned this into a checklist that you can send (as is) out to your customers before they come into the dealership. What dealers who have implemented a good process have told us is “these are sales, we can only screw it up!”
What we have seen at Edmunds, is just how important human interaction can be.
Other than those directly visiting your dealership website, there is no better way to get in front of a potential car buyer than when car research is top of mind. 3rd party sites (like Edmunds) provide car shoppers with specs, photos, pricing, dealer inventory, etc. and have many products available to connect car buyers with specific dealerships.
Reviews on an authoritative automotive site, like Edmunds.com, it has been reported, carry the most weight with consumers. But “review sites” like a Yelp, and local search result pages like Google are also important.
Commenting timely on EVERY review and assuring they contain the MOST relevant customer satisfaction message is critical. Smart shoppers will appreciate your commitment.

Edmunds saa dlr webex-final Presentation Transcript

MUST DO’sFOR TODAY’S AND TOMORROW’S AUTO RETAILERS OCTOBER 11 2012
…but first,a little background Jeremy Anwyl Vice Chairman
HERE’S WHAT WE’REGOING TO COVER UNDERSTAND WHAT THE CUSTOMER 1 REALLY VALUES DEVELOP THE PROCESSES TO 2 CONSISTENTLY DELIVER COMMUNICATE EFFECTIVELY TO THE 3 MARKETPLACE
18 8,000+ MILLION CAR SHOPPERMONTHLY VISITORS INTERVIEWS
WHAT CUSTOMERS VALUE  PRICING  ONLINE INVENTORY  EXPEDITED TRANSACTIONS  HUMAN ELEMENT
DEVELOPTHE PROCESS TO CONSISTENTLY DELIVER
PRICING ?IS CONFIDENCE IN PRICING POSSIBLE  CLARITY AND TRANSPARENCY  LEASING  TRADE IN VALUATIONS  TRUE COST TO OWN®  GROSS PROFITS
PRICING47% TURN-OFF CUSTOMER USERS OFWANT UPFRONT, TRANSPARENCYSTRAIGHTFORWARD PRICINGINSTANTGRATIFICATIONDEALERS AREREWARDEDGROWTH INMULTIPLES Traditional MSRP-Only Listings with “Request Quote” 1 Internal Edmunds brand and segmentation study conducted in 2011
TRUE MARKET VALUE® TMV ® PRICING TRANSPARENCY TMV®
GUARANTEED PRICING TEST ONLINE INVENTORY RESEARCH PROCESS GUARANTEED PRICING 6x INCREASE PORTLAND
GUARANTEED PRICING TEST ONLINE INVENTORY RESEARCH PROCESS GUARANTEED PRICING 10x INCREASE BALTIMORE
ONLINE INVENTORY FEATURES PHOTOS PRICESSPECIAL OFFERSDEALER RATINGS AND REVIEWS TOOLS MOBILE
TRANSACTION TIMEAPPOINTMENT BEST PRACTICES CONFIRM VEHICLE IS IN STOCK ASK WHO IS REGISTERING THE VEHICLE INQUIRE ABOUT TRADE-INs GATHER CREDIT INFORMATION TO PRE-APPROVE INFORM YOUR FINANCE & USED DEPARTMENTS OF THE APPOINTMENT MAKE SURE THE CAR IS PREPPED AND READY
TRANSACTION TIMECHECKLIST FOR EXPEDITEDPURCHASE
HUMAN BY DESIGN …Positive Human Interaction
COMMUNICATE CREDIBLY TO THE MARKET
Build in aSURPISE!
TRUSTED ONLINE SOURCES
REVIEW SITES
REVIEW SITES
HERE’S WHAT WE COVERED UNDERSTAND WHAT THE CUSTOMER 1 REALLY VALUES DEVELOP THE PROCESSES TO 2 CONSISTENTLY DELIVER COMMUNICATE EFFECTIVELY TO THE 3 MARKETPLACE
Questions?
Thank You(310) 309-6300 JEREMY ANWYL JEREMY ANWYL JPA@edmunds.com JAnwyl@edmunds.com RALPH PAGLIA rpaglia@gmail.com rpaglia@edmunds.com JOHN GIAMALVO jgiamalvo@edmunds.com