First of its Kind Website for Auto Dealers
Since its inception in 1995, Autobytel has reached out to find the best way to quantify leads accurately and consistently for its dealer and OEM clients.
Quantifying the Value of Online Leads
Autobytel searched to provide its clients with solid data on how consumers research vehicles and their cross-shopping behaviors. Needed: a credible, third-party source of data that is respected in the industry. We turned to Polk to match state vehicle registration data with leads and provide lead conversion reporting on an ongoing monthly basis.
Autobytel needed a way to quantify the value of the leads its dealer and OEM clients receive from Autobytel.com and its affiliate partners.
Credible Data Leads to Reliable Reporting
- The alliance with Polk helps Autobytel demonstrate value by quantifying the return on investment for its dealer and OEM clients.
- Each month, Polk matches state vehicle registration data to Autobytel consumer leads and produces detailed reporting showing the percentage of shoppers converting to buyers over a 90-day period.
- The reports show the purchase type (new or used), make and model of the vehicle(s) that consumers intended to buy and the vehicle they actually purchased.
- The reports show sales lost to other dealers so they understand their missed opportunities and can adjust their strategy to convert more leads to sales by using Polk’s fact-based information.
- The reports show OEMs and dealers a comprehensive picture of consumers’ cross-shopping behaviors; purchase timeframes and new-to-used vehicle shopping patterns.
Reporting Drives Actions
For dealers and auto manufacturers, the Polk reporting provides credible data to show lead conversion performance and quantify their investment in Autobytel leads. The findings can also help shape improvements to lead management, online advertising and dealership sales process training programs.
What actions dealers and automakers must take:
- Place more emphasis on their CPO programs when following up on online consumer leads: Nearly 46 percent of consumers who planned to buy a new vehicle bought a used car or truck instead.
- Do more to differentiate their brand from the competition: More than 55 percent of consumers who intended to buy a new vehicle from a specific brand actually bought another make (either new or used).
- Realize that every consumer who goes online is a conquest opportunity and advertise the brand’s strengths accordingly: Just 30 percent of consumers who bought a new vehicle purchased a new vehicle from the brand for which they submitted a lead.
Autobytel has connected tens of millions of consumers with automotive dealers and manufacturers, providing quote requests (leads) from in-market consumers while helping potential vehicle buyers make an informed purchase decision. Read the full case study here.