Tag: Experian Automotive Intelligence Engine

Easily access an Open Recall Report for all your listed inventory whenever you need it and as often as you like. Run the report in real-time to learn which of your units have an open recall and what that recall information is: the recall date, the recall detail, and the recall.

The automotive marketing world has benefited from cookie-based information to help identify and reach consumers in the market for a vehicle. Now that cookies will be going away, marketers need to find alternate ways to find in-market consumers. Let’s explore. What are cookies? Created to personalize internet browsing experiences, cookies are small pieces of code placed within a user’s browser whenever someone visits a specific website. Cookies typically track the website’s name and a generated unique user ID. They can capture page clicks, viewed web pages, clicks within a website, and Personally Identifiable Information (PII) such as an address, name, and device IDs. How are cookies used in marketing? Cookie data helps automotive marketers enhance the user experience by better understanding consumer behaviors to deliver targeted, relevant messaging that moves the consumer through the buying funnel. For example, think about when a consumer researches RVs/travel trailers to see if their current vehicle can handle towing a camper or when they search for the best way to hook up a camper. A dealer could use this cookie data to send advertisements for trucks with a towing package that could potentially tow a trailer. Cookie support is ending, so now what? In 2020, Google announced it would end support for cookies in the Chrome browser by early 2022. This timeline was established to allow Google to address the needs of users, publishers, and advertisers to respond and look for workarounds. The revised timeline puts Google’s cookie retirement in 2023. Marketers have been using cookie data in advertising for years, so what are the options when cookie data goes away? Cookie alternatives Automotive marketers can tackle a cookie-less world by using other sources of consumer data insights. For instance, a third-party data aggregator, like Experian, has access to numerous sources, platforms, and websites. Beyond that, we have access to a vast range of specific consumer data insights, including vehicle ownership, registrations, vehicle history data, and lending data. We take all that information and help marketers segment audiences and predict what consumers will do next. (That’s more than the average cookie!) Sample audience segment information: Consumers in market Loan status In positive equity Driving a specific year/make/model 1000+ lifestyle events such as new baby, marriage, new home Geography, demographics, psychographics To take it to the next level, we can use predictive analytics to go beyond what cookie data could provide by predicting who is ready to purchase a vehicle. In our example above, a marketer used cookie data to find buyers who had shown interest in a tow package, but that’s where it ended. By combining audience segmentation with a predictive model, marketers can target and identify consumers in-market and most likely ready to purchase a vehicle with a tow package. In this way, the data-driven insights from a third-party data provider specializing in automotive insights can replace the cookie-driven approach and take it a significant step beyond. Other ways to reach consumers in a cookie-less world Automotive marketers can also use data-driven insights to further explore specific channels where consumers spend their time. Social media, for example, is an effective channel to reach consumers. Marketers can go beyond standard Facebook audiences by utilizing Experian audience segmentation and predictive analytics to highly target consumers on Facebook. So, if you can predict when a consumer will be in-market, and you know in what channel they spend most of their time, you can target them with specific messages about your dealership and your vehicles. With cookies becoming a tool of the past, knowing who is likely to be in-market, what message resonates with them, and the best channel to use allows marketers to move beyond cookie-based strategies effectively. So, let the cookie crumble! For a deeper dive into cookies, watch this recorded webinar from the 2021 Digital Marketing Strategies conference: As the Cookies Crumble, How Will Automotive Digital Marketing Respond? Presented by Experian's Amy Hughes, Sr. Director of Dealer Intelligence. Learn more about Experian’s Automotive Intelligence Engine and how audience segmentation and predictive analytics can drive more in-market buyers to your dealership.

While dealers wait out the chip shortage, many are looking for new revenue streams and creative ways to maintain profit levels. Dealers understand that used vehicles are more valuable than ever and that savvy consumers who are near their lease term can purchase their vehicle with a much higher book value than their negotiated residual and capitalize on that extra equity. At Experian Automotive, we help dealers analyze consumer and market data insights so they can develop marketing strategies that more effectively engage consumers. In today’s market, we recommend dealers focus on targeting consumers who are nearing the term of their lease—because the end of a lease forces consumers to either turn in the vehicle or purchase it—and many consumers realize they can purchase their equity rich vehicle and trade it in anywhere. Dealers desiring to conquest customers would benefit from using data insights to develop marketing strategies to help educate consumers of their options. So, how do dealers make sure their lease customers remain loyal to their dealership? One way is to target those customers that are near term and recommend a trade in. In many cases, the customer can upgrade to a model with more features or a model in a different class—both of which may be compelling, even if the newer vehicle is an older model year than the trade in. This way, the dealer obtains the later model, lower mileage vehicle and the customer gets a model with the extra features they want or an entirely new class of vehicle. Both parties are happy. What about third party lease buy outs? In response to the inventory shortage, many captive lenders are no longer permitting 3rd party lease buy outs. In other words, consumers are required to purchase their leased vehicle at an in-brand dealership. Initially, this would appear to bolster brand loyalty by making it more challenging to switch brands. However, educated consumers know they can simply purchase the vehicle and drive it to another dealership as a trade. We recommend automotive dealers educate consumers on their options through effective marketing strategies that offer options and more freedom in their car purchasing. Dealers looking for every sales opportunity are utilizing data sources such as Experian’s Automotive Intelligence Engine™ (AIE) to identify all consumers with leased vehicles for their brands. Because the OEM will not share lease customer information for neighboring stores, dealers must seek out this information on their own. Experian’s Automotive Intelligence Engine provides off lease consumer information for conquest brands as well as dealer brands. The OEM still expects each store to be successful and using data-driven insights to uncover opportunities in this tight market is one critical way dealers can stay competitive and increase brand loyalty. The chip shortage will eventually recede but until then dealers can use automotive data insights that can help them remain profitable. Learn more about Experian’s Automotive Intelligence Engine.