We recently collaborated with our integration partner, TrueCar, to analyze vehicle history data’s impact on online listings. We analyzed millions of records over months of data and matched online listings to DMS sales to confirm closing rates.
The short story – dealership Vehicle Detail Pages (VDPs) on TrueCar.com that offer consumers a Free Experian AutoCheck vehicle history report had a higher lead conversion rate. We expected the data to confirm that VDPs with a Free VHR would have a higher lead conversion rate. However, we uncovered additional insights that even surprised us!
The most common search filter
Consumers value transparency from a dealership and expect to be informed if a vehicle they are looking at has been in an accident. We learned from the study that when consumers used vehicle history data to filter their user’s search results, the “accident” filter was the most common vehicle history data filter used. More than one-third of consumers using vehicle history data to filter search results use “accident” as a filter criterion.
Why is this important? There are over 280 million vehicles in operation, and four out of ten of those vehicles have been in an accident. That means more than 100 million vehicles on the road have been in an accident—and 20% of vehicles on the road have had multiple events.
Higher conversion rates (with a twist)
Having been in the automotive data and analytics space for years, we were not surprised that the analysis continued to support our previous research that vehicle detail pages with a free vehicle history report have a higher lead conversation rate!
Things started to get even more interesting, though: VDPs with a free AutoCheck VHR converted at a 27% higher rate. That holds true if the VDP page had a Free AutoCheck report available to the consumer, but if the consumer clicked on the free AutoCheck vehicle history report to view the details of the information, the lead conversion rate jumped to 318% (no, that’s not a typo). The lead conversion rate increased to 318% if the consumer viewed the AutoCheck vehicle history report!
VDP sale conversion rates
And while we all appreciate a good lead conversion success story, we also wanted to analyze sale conversion rates. We learned that TrueCar VDPs that offered consumers a Free AutoCheck vehicle history report on behalf of a dealership had a higher sales conversion rate. Not only is the rate higher—the sale conversion rate is 50% higher for VDPs that offer a free VHR.
Here are a few more interesting pieces of information we uncovered with this latest analysis:
- VDP’S without an accident close at about 200% higher than those with an accident
- Vehicles without frame damage had a 250% greater close rate
- Vehicles without a salvage indicator had a 634% greater close rate
Consumers want to make informed decisions when purchasing vehicles, and automotive dealerships can help by providing them with a free AutoCheck Vehicle History Report on every Vehicle Detail Page. Help improve lead conversation rates, sale conversation rates, and build customer trust by offering vehicle history transparency.
For dealers with an AutoCheck subscription, you can activate your vehicle listings for free on TrueCar by calling AutoCheck Customer Service at 1 888 409 2204.
Dealers interested in learning more about the benefits of becoming an AutoCheck subscriber, contact us today!