AutoWeb, Inc. , a robust digital marketing platform providing solutions for automotive dealers, agencies and OEMs, announced the results of a comprehensive analysis performed, using a combination of AutoWeb and Experian® data, and a pilot program that integrates digital retailing components into AutoWeb’s consumer experience. This work reinforces AutoWeb’s unique ability to match dealers with high value in-market car buyers.
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Internal Data Results
Multiple analyses of AutoWeb’s internal data revealed positive insights about its audience segments, demonstrating they are both local and ready-to-buy. With close rates of particular importance to AutoWeb’s customers, an internal analysis found AutoWeb’s audiences who purchase or lease a vehicle make their purchases quickly—25 percent within four days, 50 percent within eight days and 75 percent within 19 days—making them highly desirable audiences for dealerships with whom to connect.
Internal data analysis also found some surprising information about how distance to the dealership factors into a vehicle buyer’s purchase. In fact, reports show distance to dealerships was not a strong differentiating factor when vehicle shoppers decide which dealership to purchase from, as there was only just over one mile difference in distance for dealers that secured the sale versus those that did not.
“These data points confirm the high quality of our audience and validate our ability to deliver access to consumers who are low-funnel, ready to buy and have solid credit,” said Dan Ingle, COO of AutoWeb. “Over the past year we delivered an average of 1.68 million clicks to customer web sites as well as provided over 388,000 consumer leads each month, both of which represent consumers’ expression of intent to purchase. High-quality leads as well as online consumer traffic play a key role in a dealer’s healthy marketing mix, which aligns with AutoWeb’s strong value proposition.”
External Data Results
Separately, an analysis using Experian data reaffirmed AutoWeb’s unique market position. Based on the analysis, AutoWeb’s audience segments have a slightly higher than average annual household income at $81,454 and a home ownership rate of 77 percent. In addition, 60 percent have a college degree or completed some college.
The data analyses also revealed that AutoWeb’s consumer leads scored favorably compared to the general population based on Experian’s ConsumerView℠ Profitability Score, which helps identify households likely to pay their debts and ranks households based on profitability, approval rates for financing, response rates to advertisements and other marketing efforts, and likelihood to perform as data suggests.
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Internal Data Analysis of New Digital Retailing Capabilities
In December 2020, AutoWeb began layering in new retail-ready components to its consumer experience, incorporating them into the thank you page of its lead generation process. In addition to opening the door for further engagement opportunities related to financing and trade-in, this enables AutoWeb to collect additional data to create more tailored profiles of buyers using its sites and enhance their shopping experience.
An internal data analysis of these new retail components indicate AutoWeb’s consumers are digital-retail-ready. During the first quarter of 2021, 39 percent of consumers presented with this functionality engaged with it, and 9 percent of those completed a secondary digital retailing conversion process—affirming the potential prospects of this element of the company’s product evolution.
These recent data analyses were conducted as part of AutoWeb’s strategic product evolution efforts, which include expanding its data science capabilities. The consumer insights will be key as the company enhances its matchmaking capabilities to better connect in-market shoppers with dealers to achieve strong close rates.
“Gaining a deeper understanding of how our customers can better reach our local, high quality, and ready to buy audience is vital to our ongoing product evolution and it’s certainly an exciting time to be part of this process,” said Shelly Teh, AutoWeb’s director of data science. “Ultimately, our team is all about enabling car sales, so when we find the right consumer for the right dealer, everyone wins. As we move forward, we will continue analyzing our data in new ways to enhance our matchmaking capabilities and help more dealers achieve their sales goals.”