We understand that today’s automotive shoppers not only spend more time shopping online, they also want to complete more of the time-consuming shopping steps on a dealer’s website before they hit the showroom. Dealertrack answers this call for a more efficient experience by leading the way in Digital Retailing technology and providing automotive dealers with powerful tools to help consumers conduct more of the automotive shopping process online and uniting the online and in-store sales and F&I process at the dealership.
Recently, our Digital Retailing Solution generated more than 17 million monthly payment views on websites(1) in December, 2013, and we expect the Solution to be an ever bigger part of a dealer’s overall marketing strategy in 2014.
Hundreds of dealers across the country have implemented the Solution, and in 2013 they collectively sold 15,000 vehicles using our Digital Retailing tools.
These numbers allow us to say with confidence that Digital Retailing is a critical set of tools dealers should consider leveraging on their websites in 2014. They add tremendous value, convenience and pricing transparency to the consumer shopping experience, while returning impressive ROI and sales conversions back to the dealers who use these tools. Just take a look at the following stats.
Dealers using our Solution boast a 25 percent lead-to-sales conversion ratio for deals generated with Digital Retailing tools.
This is a powerful number, especially when you compare it to the average closing ratios of eight to10 percent for OEM leads, six to eight percent for third-party leads and 12-13 percent for standard website leads. What accounts for such success? The Dealertrack Digital Retailing Solution drives buyers further into the sales funnel by allowing them to calculate a real dealer-controlled loan or lease payment, apply for financing and retrieve a dealer-controlled trade-in offer that is vehicle and dealer specific.
After installing our Solution, the average dealer saw a nearly 14 percent increase in monthly email leads with an average of one direct lead per day. Before you think that sounds low, remember our average 25 percent closing ratio. These dealers are closing seven to eight additional sales per month. Our Solution pays for itself with only one sale, each additional sale is just pure profit!
Consumers are also spending seven minutes on PaymentDriver alone. This online ‘First Pencil’ tool allows shoppers to easily interact with real loan and lease rates and combine them with current rebates and incentives to find the financing and payment options that meet their needs. By delivering a true payment, instead of a best guess like the majority of payment tools on the market, we are encouraging consumers to stay on a dealer website longer and move on to the next step in the buying process.
“Dealertrack, along with more than 500 digital retailing dealers, are on the front-end of the innovation curve, where we are improving the overall research and car buying experience for consumers,” said Raj Sundaram, executive vice president and group president, Dealer Solutions, Dealertrack. “The recent 17 million views in December is representative of the growing number of consumers looking to complete more of the vehicle buying process online, and Dealertrack is well positioned to support dealerships in their efforts to improve their website experience.”
The Dealertrack Digital Retailing Solution consists of several dealer-controlled website tools designed to leverage digital retailing workflows to drive consumers further into the sales and trade-in processes before they ever walk into a showroom. The Digital Retailing Solution, which includes SmartFind, PaymentDriver, FinanceDriver and TradeDriver, allows consumers to calculate real payments, apply for financing and retrieve realistic trade-in values directly from a dealer’s website.
Dealertrack will demonstrate new Digital Retailing enhancements to help improve customer presentation and workflow, as well as mobile-enabled digital retailing tools, at the National Automotive Dealers Association Convention and Expo 2014 (NADA 2014) in New Orleans (Booth #2811).
Not going to NADA? Please click dealertrack.com/digital or call 888.705.7926 for more information.
1Payment views generated using Dealertrack’s PaymentDriver tool within the Dealertrack Digital Retailing Solution.