At their heart, car dealers have always been marketers. It's part of learning the trade and understanding the business to gain natural insight into modern marketing and advertising practices. One could even argue that the experience gained through knowledge passed down, trial and error, and exposure to the automotive game itself can yield better strategies than a marketing degree. With all that said, it's still important to have the right data to guide the decisions as well as the tools necessary to decipher the data. Although we have a vast amount of information at our fingertips, it's very possible to truly build on "actionable data" and allow it to define the parameters for a dealership's marketing strategy. One of the most important things to consider when you're building and enhancing your strategies is that the data allows for decision making on the macro and micro levels. We see trend reports, analytics, and test cases that can influence decisions on both sides of the spectrum. Making decisions on the macro level means wholesale changes or additions. For example, the overall effectiveness of a particular classified advertising website can be broken down to determine whether or not it's making the right type of impact. Dealers have so many options today to advertise both online and offline, so making sure that any particular venue is effective is key to success. On the micro level, decisions can be made about how to position the dealership within the individual venues. You may be a big believer in search pay-per-click advertising, for example, and data can help to guide you or your vendor partners to position the dealership properly on search. Knowing which messages about individual cars are effective can be a guide. Then, understanding what zip codes have the highest opportunity level for the individual model can mold your PPC spend, while demographic data can drive effective messaging and help you optimize campaign creative and landing pages. Having access to the data is only the first step. Looking at the data appropriately is an important second step that many dealers are missing. Putting it all together into a decision-driving model is the step that almost every dealer should embrace to allow them to make the best decisions, macro or micro.

The number of vehicles in operation (VIO) has jumped 5.7 million, going from 265.3 million in Q3 2016 to 271 million in Q3 2017.

Below is our 5 Results for Dealers and Agencies Using DPS infographic.

  The auto industry has been riding a wave of prosperity for the past seven years, bouncing back nicely from the 2008 market collapse. But, it looks like rising sales of the past 10 years, are, well...a thing of the past. According to Alix Partners, 2016 sales of 17.5 million units might be the high-water sales mark, at least through 2022. Alix Partners says the next five years sales will range between 15.6 million to 16.8 million annually. Suddenly, it will be challenging for dealers to stay in strong growth mode. How can dealers best react to the tightening market? The Experian white paper “Data Tools Evolve to Give Dealers an Edge in a Tight Sales Market” takes a look at how new and improved data and analytic tools can provide deeper insights to help automotive retailers unlock sales. The paper reviews current market sales statistics, historical sales trends and how dealers reacted during similar market conditions in the past. In addition, the paper provides a look at the challenges faced by automotive retailers, in terms of shrinking gross profit, higher advertising expenses and increased competition. Automotive retailers also will find information on the importance of customer conquesting and a look at technology tools to help provide a deeper understanding and actionable intelligence about local markets. Data and analytics are no longer the private purview of large mega-dealers. The Experian white paper outlines today’s data tools that can be implemented quickly and cost effectively by dealers of any size. To learn more about these trends, download the paper here: https://www.experian.com/automotive/dealerwhitepaper.html

Experian’s 8th annual State of Credit report reveals the nation’s average credit score is up two points year-over-year to 675.

Experian’s latest State of Automotive Finance Market report reveals the average credit score for purchasing a vehicle has increased four points across the board.

Auto originations continue to increase — particularly within prime categories. As auto loan originations continue their upward trend, lenders can stay ahead of the competition by using advanced analytics to target the right customers and increase profitability.

Creating a customer journey map, and seeing it through from acquisitions to collections, can help you better define messaging and channels to best reach your audience.

As more collectors transition from "dialing for dollars" to digital solutions, they are seeing early results and success with virtual negotiation tools.

Many clients use the same debt collection strategy they’ve used for years never considering the customer experience for the debtor

Many institutions take a “leap of faith” when it comes to developing prospecting strategies as it pertains to credit marketing. How can a data-driven approach help?

Historical data that illustrates lower credit card use and increases in payments is key to finding consumers whose credit trajectory is improving.

The first wave of Gen Z are coming onto the credit file. Here is a first look at how they are behaving, and what this means for businesses and finance companies.

When discussing automotive lending, it seems like one term is on everyone’s lips: “subprime auto loan bubble.” But what is the data telling us?

According to State of the Automotive Finance Market report, 30-day delinquencies dropped and subprime auto lending reached a 10-year record low for Q1.