If you’ve ever sat through one of my more recent presentations over the last few years, you know I’m a fan of value build data visually presented in a format that’s easy for the consumer to read and consume.
Offering value building data on your dealership website is a no brainer. They’re a strong tool to be used for initially responding to a customer lead, and just as effective (if not more) as a tool for long-term follow-up – where many dealers struggle.
I’ve used and implemented follow-up processes utilizing visual value building reports with huge success. I’ve had just as much success (if not more) utilizing these reports on the showroom floor.
Yes, a vehicle purchase can be an emotional one, BUT consumers want to know they’re making the right decision. A logical decision. That’s where value build reports become an extremely effective tool – online and offline.
In my latest presentation, Mobile Workflow and the Showroom Process of the Future – I share with dealers how to leverage tablets to their advantage by injecting them into their traditional “road to the sale” to build trust, transparency and VALUE, while regaining some control.
Having these value build reports at your disposal on your mobile tablet to present to the customer is extremely valuable. This is why I’m excited with what the Vast / CarStory team just announced.
I’ve been a fan of Vast and their CarStory application since they introduced it. It’s an amazing tool and a near necessity for dealers and sales professional implementing the use of mobile tablets on the showroom floor.
To further my elation for CarStory, Vast announced today that the company’s new CarStory Market Reports, are now available to dealers for FREE.
CarStory Market Reports offer some strong value build data and information that helps consumers and dealers who are assisting them in their decision. The new Market Reports provide information about each vehicle’s value based on supply, demand, and market features, showing consumers what is special about a particular used vehicle while offering dealers a way to differentiate themselves, build confidence and transparency with the consumer.
Did I mention CarStory is offering these Market Reports for free?
To get some more information, I sent John Price (their CEO) a few questions by email…
Jeff – John, can fill us in on a bit more information about your new CarStory Market Reports.
John – Over the last few years we’ve learned so much about the automotive shopping experience from CarStory. One key insight has been just how important supply and demand is when it comes to consumers deciding when it’s time to visit a dealership.
It was this insight that led us to create CarStory Market Reports. These reports provide information about each vehicle’s value based on supply, demand, and market data, showing consumers what is special about a particular vehicle as it compares to what else is out there – while offering dealers a way to differentiate themselves, build confidence and accelerate sales. And my favorite part about it is that we’re able to offer these Market Reports free to dealers who sign up by the end of this year.
Jeff – what inspired the launch of this product now?
John – Much like the CarStory Market Reports themselves, that answer has a whole lot to do with supply and demand as well. Consumers now consult as many as 24 sources before entering a dealership. In that many visits, they aren’t just learning about the cars – they are hungry for synthesized market data.
CarStory now powers more than 300 used car marketplaces – over 100 million used car searches a month – and has made some huge breakthroughs in big data analytics, we understand the information that converts a specific lead into a sale for any given car. We know each car’s story, and we know how to make that story matter to both dealers and consumers.
Jeff – There are a few other value build data reports available to dealers, what makes CarStory reports different from the other reports that exist on the market?
John – The #1 differentiator is simple: Well, to start with – they’re free. No monthly fees. No setup fees. Zero cost.
More than that, however, is the sheer amount of data we have at our fingertips to glean our insights from. 300+ marketplaces. 100 million used car searches/month. More than 30 million vehicle listings processed every day.
Finally, it’s what we know about each of these listings and searches. We analyze and publish more than 150 individual vehicle highlights. We clean and normalize more than 400 vehicle features, options and details. And we price more than 75 attributes to help build value in the eyes of the consumer.
The combination piques interest, builds urgency, and ultimately bolsters appointments and sales – and costs a dealer nothing.
Jeff – Can you give me some examples of the types of insights you include in your Market Reports that help drive people to purchase?
John – As we mentioned above, a deep understanding of the supply and demand for a specific vehicle drives our insights. Trim, package, or a specific feature like Navigation or Satellite Radio might be a key price driver. We analyze those features, their availability in the market and the demand we see across our marketplaces to explain to consumers the value they should place on those items. In the process, we are building up the value of the overall vehicle itself, making it easier for dealers to move that vehicle at the price they want.
Another example is our Inventory insights. As we process each new piece of inventory, we make note of which vehicles are in low supply, which vehicles are rare in specific areas, and how vehicles compare to inventory demand. This is where it gets really interesting. We can actually predict when vehicles are going to sell soon. We share all of these insights on the Market Reports, so consumers know that to get the car of their dreams, they’d better move quickly. This is particularly exciting because it has never been done before and it helps both consumers and dealers equally.
Jeff – How can dealers get started if they’re interested in learning more or to move forward with getting these the reports hosted on their website?
The process is simple – they can go to http://www.carstory.com/marketreports to sign up. We confirm a few elements around inventory feeds and lead submission and then send a snippet of code that needs to be added to the dealer website.
We’ve also started developing relationships with dealer website providers to make this process even easier.
John, thanks for taking the time to answer my questions. I’m still a bit baffled on how and why you’re offering the reports at no cost, but I’m sure you have a good strategy behind it. 🙂
Dealers – I say take advantage of the generosity and contact Vast to get your free CarStory Market Reports.
Below is a copy of an actual CarStory Market Report…