Ken Potter – Growing from Within
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Transcript of Ken Potter – Growing from Within
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Driving Growth From WithinKen PotterInternet Sales 20 GroupApril 2014
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Car Buyers Start Online
Car buyers use the Internet to research their new vehicle purchase79%Use Multiple Devices34%Use a Tablet25%
23% Use a Smart Phone
1J.D. Power and Associates 2013 New Autoshopper StudySM September 9, 2013
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Market Share Grows for Millennial Buyers
Millennials are increasing in market share at the greatest rate among all new vehicle buyers and now comprise more than 20% of all retail sales.
47% of online shoppers using a smartphone are Millennials
54% of online shoppers (open to any brand) are Millennials
1J.D. Power and Associates 2013 New Autoshopper StudySM September 9, 2013
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Consumer Online Shopping Behavior
90% research model information and vehicle pricing
19% research dealer ratings and reviews prior to purchase
The average consumer visits 10 automotive websites while researching a vehicle.Including third party, dealer, and manufacturer sites.
1J.D. Power and Associates 2013 New Autoshopper StudySM September 9, 2013
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Total time spent buying a vehicle has decreased:
Consumers who Shop Online are More Efficient
Total time spent shopping online has increased:
60%
2011
2013
75%
New Car Buyers
19hrs
2013
2011
13.75hrs
18hrs
20132011
15.25hrsUsed Car
Buyers1Internet Is Making Car Shopping More Efficient as Role of Traditional Media Declines, According To a Polk Study Commissioned By AutoTrader.com, June 27, 2013
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Decisions are Made Deeper in the Funnel
46% of consumers who planned to buy a
new vehicle bought a used car or truck instead.
1.2% of TrueCar users submitted a lead for a new and bought used
1TrueCar, Inc.2Autobytel & Polk Study: Nearly Half of Potential New-Car Buyers Opt for CPO or Used Model, October 12, 2012
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1Strategic Vision, Inc. 2013 New Vehicle Experience Study (“NVES”)
2TrueCar, Inc. online survey of car buyers March 2013
% that value the advice of friends and family when buying a new vehicle
64% Women Men 55%Younger car buyers care most about Older car buyers care most about
Monthly payment and fuel economy
West/Midwest cares most about Northeast/South cares most about
Value for money and experience with brand
Fun to DriveDiscounts/Incentives
Available all-wheel drive Durability
1
2
2
Car Buying Varies by Gender, Age and Region
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Presenter NameMonth Year
Close Rates by Demographic
BuyerShopper Close Rate
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Price vs. Distance
When they have to choose, consumers favor the closest dealer over the cheapest dealer by 2:1.
Cheapest and Closest Cheapest but not Closest Closest but not Cheapest Neither0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
61,253
20,906
43,198
28,316
Tru
eCar
Sal
es(
Jul,
2013
-Dec
,201
3)
39.9%
13.6%
28.1%
18.4%
1TrueCar, Inc. analysis of car TrueCar sales between July 1,2013 and December 31, 2013
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• Selling Costs are Higher
• Satisfaction Scores are Lower
• Customers are Apprehensive
• Marketing Expense Grows
• Discounting becomes Central
• Loyalty Behavior is Less Likely
• Customer Focus Shifts to Price
Business Executives
HMO Managers
State Governors
Insurance Salespeople
Advertising Practitioners
Lawyers
Stockbrokers
Senators
Car Salespeople
Members of Congress
0% 10% 20% 30% 40% 50% 60%
27%
27%
31%
36%
36%
38%
39%
45%
49%
54%
Least Trusted Professions
% of Consumers Expressing Distrust
The Impact of Trust
Nearly 20% of all cars are sold at a loss.
1Gallup, Inc. Survey November 26 to 29, 2012
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Consumer Perspective
We recently conducted a national survey and asked consumers:
Transparency cuts through this misunderstanding. 1TrueCar, Inc. Customer Surveys2NADA 2013 Data State-Of-The-Industry Report
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Metric Based Factors
• The Car Buyer Continues To Change
• The Shopping And Buying Behaviors Continue To Change
• Customers Want Efficiency And Transparency
• Price Is Not The Overriding Factor To Choosing Dealer
• Customers Have A Lack Of Trust In General And Assume Dealers Make Large Profits
1J.D. Power and Associates 2013 New Autoshopper StudySM September 9, 2013
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What Now? Start With The End In Mind
A/B Testing
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Dealer Example
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Dealer Example
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Dealer Example
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Dealer Example
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Utilizing Email to Increase Conversion
Inform your prospects of pricing and incentives5%Follow-up with useful information to keep your prospects engaged11%
16% Increase in Sales 1Analysis based on recent results of TrueCar, Inc. email campaign
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TrueCar Moving Forward
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Be sure to visit www.truecar.com for more information and updates.
THANKYOU
CONTACT TRUECAR
120 BroadwaySanta Monica, CA