Price is one of the leading drivers in a vehicle purchase. In fact, 84% of car shoppers cite price as an important purchase factor.1 As such, our AutoTrader.ca iQ algorithm uses real-time pricing data to provide car shoppers with transparency and guidance on the price of cars, by applying “Great”, “Good”, “Fair” and “Above Average” price badges to eligible inventory listings. In addition to affording Canadian car shoppers with a view into price transparency, our real-time pricing data is leveraged to identify dealers with the highest percentage of “Good” or “Great” price badges on their vehicle inventory and to shine a spotlight on dealer partners that are committed to offering transparent pricing and great value for Canadian car shoppers via the annual AutoTrader Best Priced Dealer Awards.
What is the AutoTrader Best Priced Dealer Award?
The AutoTrader Best Price Awards was launched in 2020 to honour the top dealerships, by province, for consistently reaching our statistically backed “Great” or “Good” price benchmark all year-round. Dealer partners recognized under the program consistently list their vehicles with competitive pricing top of mind during the qualifying period. With AutoTrader Best Priced Dealer recognition, Canadian car shoppers will see that you’re a leader in fair and transparent pricing on the largest and most trusted automotive marketplace, AutoTrader.ca. This ultimately results in a boost to consumer trust and dealership credibility, while providing a fallback to mitigate car shopper efforts at bartering and negotiating down the price of a vehicle on your lot.
Why You Want to be a Best Priced Dealer
Recognition under this dealer awards program provides winning stores with the AutoTrader Best Priced Dealer award badge on marketplace Vehicle Details Pages (VDP), differentiating your listings from your competitors, while also providing visibility of your distinction with car shoppers. Additionally, AutoTrader Best Priced Dealers receive a physical trophy, store signage, and digital materials that can be leveraged across online and offline marketing collateral, campaigns and dealership presence.
How to Earn a Best Priced Dealer Award
In short, earning the honour of an AutoTrader Best Priced Dealer all comes down to how competitively you price your inventory. By means of an impartial analysis of data collected by the AutoTrader iQ algorithm, we are able to identify dealerships with the highest percentage of “Good” and “Great” price badges applied to their inventory listings across the year, isolating the top stores by province, regardless of type and lot size.
If your dealership’s aim is to make it into the pool of dealer partners honoured with this prestigious award, leverage this insight to strategically price your vehicles to achieve “Good” and “Great” badges. Carve out some time to assess where and how your live inventory fits on the AutoTrader iQ spectrum. We recommend additional due diligence, specifically, researching and comparing local market pricing data to find that “sweet spot” with vehicle price. You may also consider leaning on the know-how of your AutoTrader Account Representative for additional insight into techniques and solutions that can help you price right.
Your pricing strategy can also be driven by shifts in the industry. Understanding your target audience as well as your market are paramount to ensuring that you’re on top of dynamics that relate to price. To stay up to date with the latest car shopper insights be sure to follow AutoTrader.ca on LinkedIn and visit our Newsroom to deep dive into our most recent and relevant consumer research results.
Source: (1) AutoTrader.ca Vehicle Purchase Behaviour Research, December 2021 (n=496).