Since it launched in 1995 as the first automotive website of its kind, Autobytel (Autobytel.com) has connected tens of millions of consumers with automotive dealers and manufacturers. Autobytel (Figure 1) provides dealers and automakers with quote requests (leads) from in-market consumers while helping potential vehicle buyers make an informed purchase decision.
Autobytel needed a way to quantify the value of the leads its dealer and OEM clients receive from Autobytel.com and its affiliate partners. However, using incomplete and inconsistent data from OEMs and dealer groups, the team at Autobytel struggled with how to accurately determine the number of leads that converted to sales and the source of those leads.
Autobytel wanted to provide its clients with solid data on how consumers research vehicles and their cross-shopping behaviors. The team needed a credible, third-party source of data that is respected in the industry. Therefore, they turned to Polk to match state vehicle registration data with leads and provide lead conversion reporting on an ongoing monthly basis.
In-market consumers that visit Autobytel.com request a price quote for the vehicle(s) they are considering by completing an online form with their contact information and expected purchase timeframe. This information is sent to dealers for follow up by their sales teams.
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. For example, Toyota's reporting would show the number of consumers that planned to buy a new Toyota and the percentage of this group that bought a new Toyota, a used Toyota or a new or used vehicle of another make. For dealers, 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. Knowing the data comes from a credible source provides the confidence to act on the information in the reports.
Auto dealers lose sales to same-make and competitive-make dealers. The lead conversion reporting helps dealers understand how they are performing on both fronts, and provides insights to help them strengthen their lead management practice and drive process improvements. For example, a dealership losing sales to a same-make competitor might realize the need to strengthen its sales process and do a better job of positioning its competitive advantages ("Why buy from me?") so that it becomes the local dealership of choice. Lead conversion reporting showing lost sales to a dealership of a different brand could indicate the need for the dealership to place more emphasis on "selling the brand" in its sales process.
Some dealers are often surprised to learn the number of consumers that intended to buy a new vehicle, but ended up buying a used one. Therefore, dealers with a good inventory of Certified Pre-Owned vehicles should expose the customer to a used vehicle during the sales process.
For auto manufacturers, the lead conversion reporting shows how successfully a particular OEM converts online leads compared to the competition. Automakers also learn where they are losing customers and where they are able to conquest consumers that intended to buy another brand - valuable insights that can help shape brand messages and online positioning. Internally, Autobytel can also use this data as part of its quality process to ensure OEMs have the right mix of lead sources to fit their budget and ROI objectives.
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.
For example, the data (Figure 2) points to the need for dealers and automakers to:
|Top 6 Brands for Overall Lead Conversion (submitted a new vehicle lead and bought any new or used vehicle)||Subaru, Hyundai, Toyota, GMC, Honda, Buick|
|Top 6 Brands for Brand-Specific Lead Conversion (submitted a new or used vehicle lead and bought a new or used vehicle of that brand)||Subaru, Toyota, Honda, Hyundai, Chevrolet, Buick|
|Top 6 Brands for New-to-Used Lead Conversion (submitted a new vehicle lead and bought a used vehicle of any brand)||Mazda, Kia, Dodge, Suzuki, Mitsubishi, Chevrolet|
About Autobytel Inc.
Autobytel Inc., an online leader offering consumer purchase requests and marketing resources to car dealers and manufacturers and providing consumers with the information they need to purchase new and used cars, pioneered the automotive Internet when it launched its flagship website, autobytel.com, in 1995. Autobytel continues to offer innovative products and services to help consumers buy, and auto dealers and manufacturers sell, more used and new cars. Autobytel has helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online. Through its flagship website, its network of automotive sites and respected online affiliates, Autobytel continues its dedication to innovating the industry's highest quality Internet programs to provide consumers with a comprehensive and positive automotive research and purchasing experience, and auto dealers, dealer groups and auto manufacturers with some of the industry's most productive and cost-effective customer referral and marketing programs.
Polk is the premier provider of automotive information and marketing solutions. Polk collects and interprets global data, and provides extensive automotive business expertise to help customers understand their market position, identify trends, build brand loyalty, conquest new business and gain a competitive advantage. Polk helps automotive manufacturers and dealers, automotive aftermarket companies, finance and insurance companies, advertising agencies, media companies, consulting organizations, government agencies and market research firms make good business decisions. A privately held global firm, Polk is based in Southfield, Michigan with operations in Australia, Canada, China, France, Germany, Italy, Japan, South Korea, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com.