Dealers attending National Automobile Dealers Assn. Show in Dallas this week have an opportunity to discover details about Cox Automotive’s new Retail360. The automotive service provider says Retail 360 is an industry first that helps car dealers better predict consumer behavior and stay in step with their expectations.
The digital product provides “a complete and personalized view of the car buyer’s journey from shopping to signing,” Cox says. The goal is a “more accurate, consistent, and satisfying process for the dealer and buyer.”
Retail360 draws from the resources of five of the company’s units: Autotrader, Kelley Blue Book, Dealer.com, VinSolutions and Dealertrack.
“Dealers today face an automotive marketplace that is more competitive than ever, with scarce inventory and increasing interest rates making qualified buyers and their trade-ins harder to find,” says Lori Wittman (pictured, below), president of retail solutions at Cox Automotive. “Retail360 transcends this disruption.”
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She adds: “We’ve created one view of the customer and a complete deal workflow with unmatched data insights.”The steps of buying and selling a vehicle can get bogged down by disconnects, data gaps and disrupted workflows.
Retail360 addresses those problems across the entire transaction, Wittman says. “Faster car buying, better consumer experiences and more efficient dealer workflows are all powered by Retail360.”
She calls it “the power of one,” but that strength draws from first-party tracking data generated from 2.3 billion consumer interactions on Autotrader, Kelley Blue Book, and Dealer.com websites.
Early adopters are impressed.
“This is the best digital retailing tool that I have used, personally,” says Erin Lawhead, general sales manager of Lee Johnson Hyundai/Genesis of Everett, north of Seattle. “We close Retail360 leads at about double the ratio that we close the standard Internet lead.”
It makes “the handover to the in-person transaction much smoother,” Lawhead says.
Cox Automotive Chief Economist Jonathan Smoke forecasts half of all car buyers in 2023 will engage with at least one digital tool during their purchase.
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