As technology advances, the auto industry’s digital footprint expands. So, How can dealers leverage this to their advantage? Recently, CBT News sat down with Alex Vetter, President and CEO of Cars.com, at this year’s NADA Show in Dallas to explore the market’s future-driven digital initiatives.
Key takeaways:
1. Cars.com has over 20,000 dealers using their technology successfully, and more advancements are on the way.
2. Vetter emphasizes that the dealer should never be marketed as the villain; instead, they should be portrayed as the hero. Therefore, Cars.com drives traffic to promote dealerships and lets consumer select their own destination.
3. Some dealers will be awakened by the consumer’s expectation for greater value, and according to Cars.com, brands will need to differentiate themselves by the value they can add to the customer’s experience.
4. In addition to the 25 million monthly shoppers on the cars.com marketplace, their network of dealer websites also attracts 75 million monthly visitors who browse dealer offers. As a result, banks and lenders must up their game in terms of digital marketing.
5. In order to be more accurate, brands are realizing that it’s not about who you’re reaching but when you are reaching them. As a result, industry data, like fuel, is flourishing, especially as demand softens and supply expands.
“The industry is a reflection of where the customer is taking us.” —Alex Vetter
Notable background:
— The key to Cars.com’s success is keeping the dealer at the center, so their philosophy is: how can we leverage technology to help retailers operate their businesses more effectively?
— Cars.com allows consumers to view comparisons side-by-side, payment estimators, consumer reviews, and video reviews.
Click here for more 2023 NADA Show coverage on CBT News.
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