INCENTIVES WHITEPAPER

Transcription

1 INCENTIVES WHITEPAPER Accurate and timely new vehicle incentives drive profitability across the entire automotive sales chain.

2 Overview Today over 90 percent of vehicle buyers head online first when shopping for a new vehicle. What gives one consumer site an edge over another? A major factor is comprehensive vehicle detail pages that promote how much a dealer can knock-off the sticker price. That information requires instant access to all deal scenarios, or incentives, for every vehicle. The entire automotive sales chain benefits from incentive data. Dealer Service Providers integrate it into dealer websites to attract buyers and help close more sales. Consumer sites depend on it to deliver complete vehicle price comparisons and gain a competitive edge. Financial institutions count on it to help minimize vehicle investment portfolio risk. Incentives are in a constant state of flux as manufacturers continually introduce new deals to entice consumers. So the question becomes: can automotive retailers trust the incentive information they are getting? And, how can these retailers and investors best use this data to drive profits? This white paper addresses these questions and discusses the benefits to the complete automotive sales chain of leveraging incentive data. The complexity of incentive data At any one time, thousands of new vehicle incentives and rebates are available. There are just as many compatibility rules and requirements. This makes the process of collecting incentive data and presenting it in a useable and correct manner a difficult task. That is why the majority of organizations count on third-party providers to deliver this data. However, a lack of experience or inaccurate and incomplete data can result in misinformation that jeopardizes credibility and profits. Chrome Incentives Service leverages Chrome Data s long record of leadership in automotive data to be the first to publish the newest and most accurate deal scenarios for every vehicle including: regional incentives, customer cash, finance rates, lease data and special programs. Chrome Incentives Service is also the first to include stackability with equipment-specific logic, so organizations can feel confident that they have the most accurate and complete information. Page 2

3 Who benefits from incentive data? Incentives and rebates from automotive manufacturers are a powerful selling tool to move more vehicles more quickly. They also help consumers narrow down vehicle choices based on price, help dealer service providers attract more online shoppers and enable financial institutions to make profitable vehicle investments. Unfortunately many incentive providers cannot keep up with manufacturers decisions or correctly convey compatibility rules. This leads to outdated and incorrect information. Therefore, the ability to retrieve complete and timely incentive data through Chrome Incentives Service has the following benefits for the business types below: Dealer Service Providers (DTP) Dealer Service Providers must deliver measurable results and help drive additional profit for their dealer clients. Including incentives on multiple pages of a dealer s website is a powerful way to attract in-market shoppers with higher than average conversion rates. Chrome Incentives Service collects, standardizes and displays every incentive for every manufacturer, and even includes stackability and equipment rules, so incentives can be included quickly and easily. In addition, all incentives are mapped to a Chrome Style ID and Acode so they can be easily integrated with other research tools without mapping headaches that heavily tap resources. Consumer Research Sites Portals are a valuable research tool for consumers. For 85 percent of car buyers, analyzing vehicle detail pages at a third-party site is the last thing they do before choosing a dealer and visiting the lot. Including incentive information on these pages is a powerful way to drive more traffic. After all, once a consumer narrows down vehicle choice, it s the price that drives the sale. Chrome Incentives Service makes it easy to add incentive data. Get up and running fast with our web service, choose batch processing for high-volume inquiries or download the entire data set and create a custom application. In addition, all incentives are automatically mapped to a Chrome Style ID and ACode for easy integration with online research and inventory tools without costly compatibility issues. Page 3

4 Dealers Today s online consumers want instant information about inventory. They don t want to fill out a form and wait for a phone call. That s why vehicle detail pages have to include complete and timely information that will motivate buyers to head to the dealership. Chrome Incentives Service enables dealers to promote sticker price reductions to get those buyers in the door. When combined with our industry-leading pricing and configuration data, Chrome Incentives Service is the most powerful source for transactional data in the industry. Financial Institutions Financial institutions must develop low-risk, high-return loan agreements to minimize automotive portfolio risk. Chrome Incentives Service delivers timely and up-to-date information on new vehicle deals, giving these organizations the pricing information they need to create accurate loan and lease agreements. This accuracy, in turn, reduces investment risk. Applications at a glance In addition to the user groups mentioned above, Chrome Incentives Service is valuable for a wide range of organizations. They are summarized here: Marketing agencies and digital marketing providers that help manufacturers and dealers advertise and sell vehicles online. Dealership software companies such as inventory optimization solution providers. Remarketing software providers Insurance companies to fully describe the risk value Other vehicle data providers and syndicators Page 4

5 Summary In an environment where price-conscious consumers head online first to shop for vehicles, where consumer sites are under pressure to deliver in-market buyers, and where financial institutions are keeping a sharp eye on risk, accurate and timely incentive information is a must have, not a nice to have. Chrome Incentives Service is the trusted leader, leveraging decades of automotive data experience to be the first to publish the most accurate deal scenarios for every vehicle, and the only provider to include stackability and equipmentspecific logic. Page 5