In the ramp-up to NADA 2024, S&P Global Mobility
is sharing an overview of the solutions we’re prepared to highlight
and talk with industry friends and customers about at the show and
in the weeks that follow. Among the highlights, our latest
solutions for dealers, marketers, OEMs and lenders doing business
in the industry, including solutions from our industry market
reporting team, Polk Automotive Solutions and Market Scan
portfolios. Please stop by to see us in Booth 3131W. If you’d like
to arrange a meeting or a demo in advance, please reach out to us
here.
Recall Dealer Outreach Provides Opportunities for
Dealers
Every year tens of millions of vehicles in the US are recalled.
According to NHTSA, in 2020 and 2021 over 50 million vehicles were
recalled in the US; over 30 million in 2022.
S&P Global Mobility working with all of the major OEMs on
their automotive recall efforts. With over 50 years of experience
in this area, S&P Global Mobility has developed a deep
understanding of recall data and the importance of contacting the
right customer to reach the ultimate goal of completing the recall
and increasing overall consumer safety.
S&P Global Mobility is now offering a Recall Dealer Outreach
solution that is designed to identify vehicles that have open
recalls and are located in the primary dealer service area.
The goal of the solution is to actively contribute to the
enhancement of overall road safety by reconnecting both new and
existing customers with their trusted dealerships. In achieving
this mission, dealerships have the opportunity for a substantial
increase in both service and sales revenue, all while fostering
customer loyalty.
The dealers that are using this product are seeing combined
revenue of more than $600 for repair orders due to the recall,
along with a 30% increase in customer-pay upsell for additional
services while in the service bay. Recall completion rates for
these dealers are 3X when compared to the dealerships that do not
use our Recall Dealer Outreach program. In addition, 30% of the
customers that remedy recalls are NEW customers who have not been
to the dealership before.
This solution not only prioritizes consumer safety but also
elevates a dealership’s recall management by inspiring confidence
in consumers and driving long-term customer relationships and
loyalty. In turn, this leads to a considerable increase in both
service and sales revenue over time.
For more information on this program, click here.
Market Scan’s future product roadmap, featuring
first-to-market solutions
Market Scan, now part of
S&P Global Mobility, is highlighting its forward-looking
product roadmap during NADA Show 2024. Market Scan provides digital
payment solutions powered by daily electronic data capture and a
powerful cloud-based calculation engine, to serve dealers, OEMs,
lenders, technology companies and the automotive industry with
unparalleled precision in vehicle payment calculations. These
solutions allow the right offer to be presented to a consumer at
the right time in their vehicle buying journey.
As the industry faces an affordability crisis due to near-record
high vehicle prices, stagnating EV adoption and related consumer
acceptance challenges, S&P Global Mobility’s product roadmap
aims to create transparency by giving OEMs and lenders access to
critical and most up-to-date competitive pricing data to swiftly
adjust their pricing and incentive strategies. Through the rapid
generation of integrated solutions, users can gather actionable
insights at a granular level to make smarter spending decisions
that protect their bottom line and maintain market share.
S&P Global Mobility will launch Incentives Monitor in Q1
which is the first of many new data driven applications that will
enhance OEMs’ and lenders’ ability to adjust programs and remain
competitive in their market. The Incentives Monitor application is
a cutting-edge, web-based analytics tool that will revolutionize
the way OEMs and lenders comprehend and navigate the competitive
automotive marketplace and will save incentive planners valuable
time typically spent analyzing competitive positioning every single
month.
S&P Global Mobility also plans to develop solutions which
will enable users to evaluate how changes in price positioning will
impact sales and profitability. S&P Global Mobility can serve
as a strategic partner with solutions that enable OEMs and lenders
to optimize decision making and achieve their desired outcomes.
In the coming months, the S&P Global Mobility product
roadmap will continue to adapt based on its existing products,
additional integration of platforms and access to new comprehensive
data sets. Building off other S&P Global Mobility portfolios,
like automotiveMastermind, will further enhance and improve how its
product roadmap aggregates data to address the continuously
evolving needs of its customers.
Polk Automotive Solutions offer Campaign and
Measurement Solutions for Automotive Marketers and
Dealers
As the path to EV transition widens and more products and
options enter the marketplace, automotive retailers face
significant challenges in managing inventory, ad complexity, and
measurement across different vehicle types, customer types, and
buying motivations. Retailers that succeed here will enjoy a
competitive advantage by gaining actionable insights from their CRM
programs, increasing lifetime customer value and improving campaign
and ad investment performance.
Polk Signals: Data Enrichment
First party customer engagement in now marketing’s biggest
competitive arena. Marketers need to fortify their first-party data
with complete vehicle ownership and financial profiles so that they
understand their customer base better than anyone else in the
market.
Data enrichment is key to improving customer connections.
Enhancing first-party data with Polk Signals owner and buyer data
sets helps marketers develop comprehensive customer that improve
customer connections and provide additional sales and loyalty
opportunities.
Polk Signals: Campaign Measurement
Measure campaign effectiveness. Get better insights – see how
many sales were generated from marketing investments.
Polk Signals sales attribution is used for clients seeking
performance insights and analytics for the measurement of campaigns
and/or visitation based on real time sales, buy-through-rates and
purchase lift.
- Identify all of your lost opportunities by observing total
sales activity with data on how many vehicles were purchased from
campaign exposure. Track results across all vehicle sales including
featured vehicle, brand vehicles – Includes new and used - Learn more about who bought your vehicle and competitive
vehicles for up to 90 days from campaign start. See what other
vehicles are owned and if they are loyal to a brand or segment.
Compare target audience(s) to recent buyers’ benchmarks. - Robust reporting, rooted in real time sales, with
easy-to-understand visuals. Provides full marketplace coverage to
see total vehicle sales (new and used) and not just the
targeted/advertised vehicle - Up to 180 days of activity. Measures campaigns up to 90 days in
length and an additional 90 days for post campaign actions
Market Impact Provides Dealers Hyperlocal Competitive
Insight
Dealers can use our Market Impact solution to utilize DMA level
data to help them make more informed/profitable operational and
marketing decisions for their business. The insights include
information around marketing, loyalty, conquest/defection (dealer
and model), Pump-in/out, lost opportunities, new vehicle sales
(compared to DMA same brand and other brands), market share
(compared to other brands in the same DMA), top selling
brands/models/segments by DMA, including 5-50 mile radius
functionality, zip code heat maps, and much more. Additionally,
Market Impact also provides much of the same information for a
Dealership’s used vehicle sales, providing insight into how a
dealer’s used vehicle sales business is performing against their
peers.
Understanding the Diverse Consumer – from Showroom to
Sale
Join us at the NADA LIVE stage on Friday to hear
more!
Marc Bland, S&P Global Mobility vice president of diversity
and inclusion, will take the NADA LIVE stage to discuss the role of
diverse consumers in the automotive marketplace and how dealers can
prepare best to address and respond to their specific needs in the
market.
His presentation is open to all NADA registered attendees and
takes place on the NADA LIVE stage in the West Lobby at 3
p.m. on Friday, February 2.
Please join us!
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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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- Source: http://www.spglobal.com/mobility/en/research-analysis/fuel-for-thought-nada-preview.html
