If you’re a franchise dealer, you know that car shoppers consider different criteria when shopping for new vs. used vehicles. Your store’s new-car operations differ as well, from inventory acquisition and management to how you price vehicles and market to prospective customers.
Given the differences, Cars.com has launched its all-new Market Intelligence Report, helping you better measure ROI and drive performance of your new-car business on Cars.com. Let’s take a look.
Shopper Activity: Shopper activity provides search volume specific to manufacturer brand, showing the share of shopper interest a vehicle make receives nationally and locally. The numbers provide great insight on general shopper interest and can help you and your manufacturers make better decisions about promotions and incentives.
Dealership Exposure and Engagement: Unlike used vehicles, which are unique based on mileage, condition and vehicle history, shoppers have many choices when it comes to where to buy a new vehicle, making differentiating your store and your inventory paramount. The simplest way to understand the exposure and engagement metrics in the Market Intelligence Report is to think about how often your dealership is seen on Cars.com (exposure) and how often consumers choose to interact with you (engagements) compared with your competition, based on DMA and make.
Actively managing your Dealer Reviews, properly pricing and merchandising your vehicles and creating a robust Dealer Profile are all ways to increase your store’s share of shopper awareness and consideration.
Inventory Turn, Days’ Supply and Share of Market: This section provides insight into how quickly your dealership is able to turn inventory compared with your competitors on Cars.com by make and DMA, as well as the share of total inventory in the market held by your store. These metrics can inform decisions that optimize inventory costs and profits, while providing valuable insight into how your store’s inventory management strategy is faring, benchmarked against your market.
Trend Activity: Cars.com has partnered with Dataium, a leading aggregator of internet automotive shopping activity, to give dealers insight into predicted shopper behavior and vehicle demand trends 30-45 days into the future. The statistics share predicted changes in shopper activity overall, a make’s biggest competitors and expected changes in consumer interest by model. Provided at the national, regional and local levels, this section of the report offers forward-looking information about consumer demand overall, cross-shopping activity, interest in individual makes/models and how those local trends compare with the national averages. This information can help inform your pricing strategy, adjust marketing and promotion plans, equip your sales team to sell against rival makes/models and even inform conversations with OEM representatives about manufacturer incentives.
Your dealership’s customized Market intelligence Reports will be distributed via email on a monthly basis. For more information, talk to your sales rep or visit dealers.cars.com/kickit.