CARS Connected Platform Arms Retailers to Efficiently and Profitably Elevate the Retail Experience
CHICAGO, Jan. 19, 2023 /PRNewswire/ — As the automotive business faces disruptions from ongoing stock challenges and macroeconomic forces, auto retailers nationwide are centered on fixing three core challenges in 2023, in keeping with a current survey by Cars.com Inc. (NYSE: CARS):
Turn extra used vehicles extra profitably.
Invest in higher knowledge to succeed in the precise prospects.
Differentiate from opponents.
CARS will showcase how its platform of linked options solves these challenges on the business’s largest annual gathering subsequent week, the 2023 National Association of Automobile Dealers (NADA) Show in Dallas. Dealers can go to CARS Booth #509 in Hall A on the Kay Bailey Hutchison Convention Center Dallas Jan. 27-29.
“Retailers face new challenges this yr as new-car stock returns, used-car provide shrinks and costs normalize. Dealers’ aggressive benefits will come from environment friendly operations, advertising and buyer expertise,” stated Alex Vetter, chief government officer at CARS. “We proceed to combine options into our confirmed platform that assist sellers perceive the place and the way to optimize the retail expertise because it strikes from on-line to offline — the place the ultimate mile of the sale is greatest left to the professionals.”
According to Cars.com data1, new-car stock elevated on {the marketplace} for the seventh consecutive month in December, reaching ranges not seen because the spring of 2021. Used-car stock fell for the fifth straight month in December.
More than 80% of sellers surveyed by CARS2 recognized the next as the highest three ache factors for 2023:
Turn extra used vehicles extra profitably: Some 94% of sellers stated buying used stock and maximizing used-car margins is the No. 1 problem heading into 20232. Leveraging CARS’ new Accu-Trade Connected answer, retailers can seize the vehicles they need from the 27 million buyers on Cars.com — roughly 40% of whom have a trade-in3 — via Instant Offers on the Cars.com market and any Dealer Inspire web site. Accu-Trade’s patent-pending OBD plug-in scanner generates a completely clear, extremely trusted appraisal — together with reconditioning prices — in as little as two minutes. Dealers can shave lots of of hours off appraisal time and save hundreds in recon prices by modernizing their trade-in course of and expertise with Accu-Trade. If a seller acquires a automotive it might’t promote, Accu-Trade will buy it again — no questions requested. New for the NADA Show, Accu-Trade now permits for car valuations utilizing solely a license plate and may energy trade-in estimates via the Dealer Inspire’s Online Shopper for seller web sites as properly.
Invest in higher advertising knowledge extra effectively: Inefficient spending is crushing dealership margins, so it is no shock 81percent2 of sellers say investing in high-quality audience-targeting knowledge to raised leverage media and advertising is the second most important problem to handle this yr. With solely 6.1percent4 of U.S. households actively purchasing for a automotive at any given time, knowledge high quality issues. FUEL media community allows sellers to maximise each greenback and develop market share utilizing Cars.com’s unique, first-party viewers knowledge of 27 million pure, in-market buyers throughout video, show and social.
Differentiate from opponents: Some 80% of sellers say differentiating their dealership from opponents is one other high concern2. CARS helps sellers compete on dimensions apart from value, comparable to expertise and popularity. Through DealerRater, retailers can construct and promote their robust reputations and join buyers with their top-rated salespeople throughout the web. As 65percent3 of customers need to full some portion of the automotive shopping for course of on-line, delivering an expertise that meets their wants is vital.Another alternative for differentiation is Instant Financing powered by CreditIQ. Since rolling out nationwide in September, greater than 2,300 retailers have signed on to allow their buyers to get immediately pre-approved instantly from the dealership’s stock pages on Cars.com or Dealer Inspire web site. Retailers can additional compete by leveraging Cars.com’s pure, in-market viewers knowledge via the FUEL media community to advertise their “why purchase” message, speaking a quicker, simpler, extra clear buyer expertise.
To study extra about how CARS may help retailers with their 2023 targets, go to CARS Booth #509 in Hall A on the Kay Bailey Hutchison Convention Center Dallas Jan. 27-29 on the 2023 NADA Show.
Sources:
Cars.com Data, Q3 2022 Earnings Report
CARS Drivers Seat Community, Jan. 6-11, 2023; 120 seller responses
Cars.com Consumer Metrics Survey, This fall 2022
Based on 4.86MM common month-to-month new and used gross sales in 2021, in contrast in opposition to complete U.S. households (122MM), for 60-day gross sales cycle. Statista, 2022; 2016–2020 U.S. Census Bureau.
CARS is the main automotive market platform that gives a strong set of digital options that join automotive buyers with sellers. Launched in 1998 with the flagship market Cars.com and headquartered in Chicago, the Company empowers buyers with the info, assets and digital instruments wanted to make knowledgeable shopping for choices and seamlessly join with automotive retailers. In a quickly altering market, CARS allows dealerships and OEMs with progressive technical options and data-driven intelligence to raised attain and affect ready-to-buy buyers, improve stock flip and acquire market share.
In addition to Cars.com™, the Company’s manufacturers embody Dealer Inspire®, a expertise supplier constructing options to future-proof dealerships with extra environment friendly operations and linked digital experiences; FUEL™, an promoting answer offering sellers and OEMs the good thing about leveraging focused digital video advertising to Cars.com’s viewers of in-market automotive buyers; DealerRater®, a number one automotive seller overview and popularity administration expertise answer; CreditIQ™, digital financing expertise and Accu-Trade™, car valuation and appraisal expertise. The Company’s portfolio of manufacturers additionally contains Auto.com™, PickupTrucks.com™ and NewCars.com®.
The full suite of CARS properties contains Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, CreditIQ™, Accu-Trade.com™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For extra data, go to www.Cars.com.
SOURCE Cars.com Inc.
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