Aiming to become the ‘Amazon.com’ for car buyers, Edmunds.com is hoping to revolutionize how people buy cars by offering more clarity and specifics on the car price.
Find out how Edmunds hopes to de-mystify the buying process.
Edmunds.com, one of the top Web sites for car shopping and automotive information, is hoping to revolutionize how people buy cars and eliminate the No. 1 most frustrating part of the car shopping process.
According to Seth Berkowitz, president and chief operating officer of Edmunds.com, 54% of car shoppers say they want more clarity on the exact price of a car rather than haggle with dealers.
“The average American person cannot understand how it is that as an industry that we cannot deliver an actual car price to them,” Berkowitz said today at the Automotive Press Association in Detroit. “It is just totally mystifying to people.”
To solve that problem the Santa Monica, Calif.-based company has quietly rolled out a new product called price promise that allows customers to ask dealers to e-mail them an exact price for a car or truck they find through Edmunds.com’s site.
Customers can print out the certificate and take it with them to the dealership. The dealer is required to honor the price if customer decides to buy the car.
The program is similar to a certificate program introduced by TrueCar.com in 2009. One difference is that TrueCar.com receives $299 for every transaction that occurs. Edmunds.com, in contrast, charges dealers a flat fee per month.
However, Edmunds.com has relationships with fewer dealers than AutoTrader.com and TrueCar.com.
More than 6,400 dealers list new cars for sale on Edmunds.com compared with about 20,000 dealers who list new cars for sale on AutoTrader.com.
Berkowitz said Edmunds.com plans to revamp its Web site in September to make the price promise shopping tool more prominent and will follow that Web site redesign with a national marketing campaign in October or November to promote price promise.