automotive news webinar slides 6 28-11

Download Automotive News Webinar Slides 6 28-11

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This is a webinar I attended that has up-to-the-minute stats about online influence of car buyers. AutoTrader and Polk did the study and Automotive News hosted the webinar 6-28-11

TRANSCRIPT

  • WelcomeThe webinar will begin momentarily
  • Dave VersicalEditorAutomotive News Online
  • Howard PolirerDirector, Industry RelationsAutoTrader.com
  • Understanding the Influencersthat Drive Vehicle Purchase2011 Automotive Buyer Study Howard Polirer, Director, Industry Relations
  • About the Study Conducted by Polk / Commissioned by AutoTrader.com Understand What Media Sources Influence New & Used Vehicle Buyers Prior to Purchase 2005 New Buyers & 2000 Used Vehicle Buyers who purchased during June 2010 & July 2010 Quotas were set to ensure a representative sample based on the vehicle make & state of residence
  • Implications of the Study The Internet is the most useful and influential shopping source among vehicle buyers Use a broad Internet strategy: 3rd party, OEM, & dealer sites serve as complements, not competitors, during the shopping process The consumer shopping funnel doesnt really exist There is an opportunity to influence shoppers by serving contextually relevant messages
  • How the Internet Influences Car Shoppers
  • New & Used Car Buyers Spend 60% ofthe Shopping Process Online NEW VEHICLE BUYERS USED VEHICLE BUYERS 7.5 Hours 7 Hours Offline Offline 11.5 Hours 11 Hours Online Online 19 Hours Total Shopping Time 18 Hours Total Shopping TimeSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • Most Influential Sources Leading tothe Dealership 58% New Buyers50% Used Buyers 19% 16% 7% 5% 4% 2% 4% 2% 2% 2% 2% 1% 1%1% Internet Referral From Newspaper Direct Outdoor TV Magazine Radio Friend/Family Mail AdsSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • The Internet Is it aLEAD GENERATOR? Or is it an INFLUENCER?
  • How Are Car Buyers EstablishingInitial Contact with Dealers?
  • How Car Buyers First Contactedthe Dealership Walk-In Phone 20% Email 11% 69%Source: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • 7 10 out of Car Buyers DO NOT Establish Contact with the Dealer Prior to Their Initial VisitSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • Sourcing Studies AmongFranchise Dealerships NationwideConducted by KS&R market research firm
  • How New & Used Vehicle Buyers FirstContacted the Dealership Walk-In Phone 24% Email 10% 66%Source: AutoTrader.com Sourcing Studies, Mar. 2010 Jan. 2011Base: New & Used Vehicle Buyers from Franchise Dealerships
  • Influence Shoppers to Walk Intothe Dealership
  • Online Shopping Behavior
  • Car Shoppers Are More ThoughtfulAbout How They Spend Their Money
  • I am doing my homework because I dont want to make a wrong decision and be stuck with high monthly payments.Source: Greenfield Consulting Qualitative Research, Feb 2009
  • How Do They Spend TheirTime Online?
  • New & Used Car Buyers Spend 60% ofthe Shopping Process Online NEW VEHICLE BUYERS USED VEHICLE BUYERS 7.5 Hours 7 Hours Offline Offline 11.5 Hours 11 Hours Online Online 19 Hours Total Shopping Time 18 Hours Total Shopping TimeSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • Car Buyers Spend the Most Time onThird-Party Sites NEW VEHICLE BUYERS 3rd Party Sites 3.25 Hours Dealer Sites 2.25 Hours OEM Sites 2.75 Hours Search 2 HoursSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • Car Buyers Spend the Most Time onThird-Party Sites USED VEHICLE BUYERS 3rd Party Sites 6.5 Hours Dealer Sites 2.25 Hours OEM Sites 1 Hour Search 1.5 HoursSource: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • A Broad Internet Marketing StrategyIs Needed
  • What About Search & Social?
  • Vehicle Buyer Search Engine Use Access OEM Site.. 62% Access Dealers Site... 61% Find Dealer Phone Number and/or Website. 48% Access 3 Party Sites. 35% rd Other/None....16%Source: 2011 AutoTrader.com/ Polk Automotive Influence Study
  • The Role of Search =
  • Social Networking Site Influence Only 3% of vehicle buyers said a social networking site influenced their purchase 97% Source: 2011 AutoTrader.com Polk Automotive Influence Study
  • The Consumer Shopping Funnel &Cross-Shopping Behavior
  • 2 Out of 3 Shoppers Begin the ShoppingProcess Undecided About Make/Model % 66% % % % % % Knew Knew Exact Knew Knew Knew Did Not Vehicle Vehicle Vehicle Vehicle Vehicle Know What Body Style (make/model) Class Features Make they WantSource: 2011 Shopper Frame of Mind Study, AutoTrader.com and KS&RQ50: Thinking back to when you first considered purchasing a vehicle, which of the following best describes your purchase intention?.
  • The Shopping Funnel Doesnt Really Exist
  • The Shopping Funnel Doesnt Really Exist
  • 2The Average Number of CarsConsidered By Shoppers 5 Months From PurchaseSource: 2009 J. D. Power & Associates Web Site Performance Study
  • 2.3The Average Number of CarsConsidered By Shoppers 3 Months From PurchaseSource: 2009 J. D. Power & Associates Web Site Performance Study
  • 3.5The Average Number of CarsConsidered By Shoppers During Month of PurchaseSource: 2009 J. D. Power & Associates Web Site Performance Study
  • What About Cross-Shopping?
  • 64% of AutoTrader.com Users Select the All Cars PathSource: AutoTrader.com Site Statistics
  • 53% of Shoppers Consider Both New & UsedSource: 2011 Shopper Frame of Mind Study, AutoTrader.com and KS&R
  • 58% of 2010 2012 Model Year Visitors Also Interact with 2008 & 2009 Models 40% of 2008 & 2009 Model Year Visitors Also Interact with 2010 - 2012 ModelsSource: AutoTrader.com Site Statistics March 2011
  • Deliver Contextually RelevantMessages to Influence Car Shoppers
  • Provide the Information ConsumersAre Seeking Online
  • Reasons for Using the Internet New Car Buyers Compare car models across different makes Research pricing of car models & makesFind info on special offers, dealer rebates & incentives Look at exterior / interior photos Read car reviews Research reliability and safety info Locate / find a specific vehicle to purcha