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TRADER to host its flagship Carology event on April 20, 2021

The free virtual event will feature a diverse group of speakers specializing in key disciplines within Canadian automotive


TORONTO, ON – April 12, 2021:
TRADER Corporation, Canada’s leading digital automotive solutions provider, today announced the return of its flagship automotive event – Carology: The Science of Selling Cars on April 20 at 1PM ET. The virtual event will feature expert speakers deep diving into successful strategies and techniques from leading online marketplace giants and laying out the current online Canadian automotive landscape. A TRADER dealer partner will also share first-hand experiences providing a valuable dealer perspective when touching on post-pandemic adaptation strategies and proven methods to leverage industry disruption to drive tangible results for your dealership operations. To register for free visit go.trader.ca/Carology.

Tailored for automotive industry professionals, this year’s event will be a deep dive into successful strategies and techniques, enhanced selling practices dealers can implement within their operations and trends in Canadian automotive consumption. Attendees will be instilled with actionable insights, exclusive data and learnings, imparting a deeper understanding of how to connect with Canadian automotive shoppers in the present digital world.

The speaker lineup includes:

  • Andrew Tai, CEO of Motoinsight
    Keynote: Learnings for Dealers from Online Marketplace Giants
  • Bryan Segal, Vice President of Commercial, Comscore
    Comscore Methodology & Canadian Online Automotive Marketplace Performance
  • Cathie Pattison, Dealer Principal, One Price Used Car Superstore
    The Automotive Ice Age: Post-Pandemic Adaptations to Selling Used Cars
  • Baris Akyurek, Director, Marketing Intelligence TRADER Corporation
    Canadian Automotive Market Insights & Marketplace Performance Update
  • Ian MacDonald, Chief Marketing Officer, TRADER Corporation
    TRADER Carology Host

“TRADER’s annual Carology event was introduced with the vision of providing Canadian dealers with strategic and tangible insights to navigate the ever-evolving digital automotive landscape,” says Ian MacDonald, Chief Marketing Officer, TRADER Corporation. “The event brings together esteemed automotive experts from different sectors to share their unique perspectives with the goal of enhancing understanding of changing consumer behaviours before going one step further in showing dealers how they can leverage these insights to scale and grow their everyday operations. Last year the event received close to a thousand registrants and we are excited to share this knowledge with an even larger audience this year.”

Now in its sixth year, Carology is an extension of TRADER Corporation’s commitment to supporting the growth of the Canadian dealer community and equipping them with the knowledge and data-led insights to better inform business decision-making as they encounter challenges posed by changing consumer behaviours and the increasingly dynamic purchase journey.

Visit go.trader.ca/Carology to register today for free.

 

About TRADER Corporation
TRADER Corporation is the leading digital marketing partner for Canadian automotive retailers and manufacturers. With over 25 million visits a month and more than 6 million total mobile app downloads, TRADER’s largest automotive marketplaces – AutoTrader.ca and AutoHebdo.net – are the #1 source for all things automotive in Canada. The company offers retailers and manufacturers access to a robust audience of new and used car shoppers, best-in-class digital advertising, website and software solutions, and rich data insights. TRADER Corporation is the first to offer a completely integrated digital retail experience for consumers and dealers on a major Canadian automotive marketplace. For more information, visit go.trader.ca. Follow TRADER on LinkedIn, Facebook and YouTube.

 

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For further information or to schedule an interview:

Gage Knox
gage.knox@wearecoop.ca
647-537-7017

Tips & Tricks to Elevate Your Dealership Website

In today’s challenging and ultra-competitive automotive landscape, it’s critical for your dealership to be at the top of your game in how you present yourself to customers online. Let’s not forget you also need to be providing as many functional tools as possible for consumers to conduct most of the – if not the entire – buying process without leaving the safety and comfort of their home.

Particularly as the world slowly emerges from the COVID-19 pandemic and people begin to move around more on streets and highways, many consumers are now actively considering purchasing a new or replacement vehicle and their expectations are rising that dealers can provide them with a safe and satisfying online vehicle shopping experience.

The result of an enhanced effort in this area by dealers would be improved organic search engine rankings, more leads and sales volume and, ultimately, improved customer loyalty.

What are the latest tips and tricks for automotive websites to be successful this year?

    • Personalized online shopping: A trend no doubt accelerated by the pandemic, digital retailing solutions that allow consumers to begin or complete their vehicle buying process online is by far the most important area you should be focusing on to improve the car buying experience for your customers. One way to execute this is to seamlessly integrate your digital retail solution within your Vehicle Details Page (VDP), so online shoppers can be guided along the purchase path to your dealership when they’re in a buying mindset, all the while at a pace that works for them. Digital Retailing on AutoTrader.ca is a tool that allows you to do just that. In order to promote that your dealership offers the option to purchase a vehicle online, you’ll get a ‘Buy Online’ badge on your AutoTrader.ca Search Results Page (SRP) listings. The Buy Online badge, alone, has been shown to increase online lead generation for participating dealers by as much as 36%.

 

    • Improve website accessibility: Often overlooked as a marketing and sales priority, taking steps to comply with international Website Content Accessibility Guidelines (WCAG) to make web content more accessible to people with disabilities, can have a significant positive impact on dealership sales and customer loyalty. Many Canadians have physical limitations that can limit their ability to see and hear website content, but these don’t stand in the way of wanting to shop for a vehicle online like anyone else. Making some adjustments to your website content to adhere to WCAG standards can be an extremely cost-effective way to win new business and loyalty from a customers. And, besides, it’s the law. In Ontario, for instance, any company with more than 50 employees that doesn’t adhere to the WCAG guidelines could face fines of anywhere from $200 to $15,000!

 

    • Online video chat: Following the same principle as online text chat, in which an interested consumer can get immediate, live sales support while shopping for a vehicle, live video chat takes things to a new level. With live video chat, consumers can get a walkaround tour of any showroom vehicle they may be interested in, while having the opportunity to ask questions and be engaged with a trained sales professional. An extra bonus is that the entire chat can be recorded and shared with the consumer to help them finalize their buying decision, as well as potentially being used as a sales training and development tool by the dealership.

 

    • SEO: Leveraging Search Engine Optimization (SEO) to boost search engine rankings and increase online lead conversions continues to be a major trend in automotive website design. However, some of the latest SEO developments include having to develop strategies that take into account such innovations as Artificial Intelligence (AI), voice search, video, mobile optimization, Google predictive search and local search among just a handful. Certainly, the days of keyword ‘stuffing’ to boost search engine rankings are long gone!

 

    • User experience design: Optimized online User Experience or UX design can help ensure your website is easy to navigate and offers smooth transitions between the online and offline service you offer to your customers. As always, the goal is to do everything possible to nurture happy and loyal customers who keep coming back and who are most likely to refer your dealership to others in their social network. Some of the hot UX trends shaping up for 2021 include:
        • More virtual reality! VR is a powerful visual tool and, combined with some of the other design trends we’ve already discussed, such as live chat, can make a big difference to a dealership trying to move vehicles off the lot.
        • Advanced personalization. This design trend recognizes that people want to be recognized as individuals and provides the website tools to make that happen. For big ticket items like cars and trucks, this can be a true deal maker.
        • Keep things simple and streamlined! All the technological bells and whistles in the world will do your business no good if your website gets bogged down or creates confusing paths that simply frustrate customers and force them to take their business elsewhere.

Think your dealer website could use some upgrades to help boost sales and improve your customer service? Visit go.trader.ca/TAdvantage today to sign up for a free website assessment and a roadmap on how you can make improvements to increase your website traffic and customer engagement, drive more visitors to your lot and increase sales.

Performance based on year over year lift for AutoTrader.ca Marketplace dealers with Digital Retail enabled vs. non-Digital Retail dealers, July – September 2020.

TRADER Announces Winners of the 2021 Best Priced Dealer Awards

Top Canadian automotive dealers are recognized for consistent and transparent pricing practices on the autoTRADER.ca marketplace

TORONTO, ON – March 25, 2021 – TRADER Corporation, Canada’s leading digital automotive solutions provider, today announced the winners of the 2021 autoTRADER.ca Best Priced Dealer Awards. Now in its second year, the Best Priced Dealer Awards spotlights the top Canadian automotive dealers consistently offering great value for car buyers through competitive pricing.

TRADER is pleased to honour 241 dealers across the country. Winners are determined based on a scientific analysis of the top dealerships on the marketplace with the highest percentage of “Good” and “Great” price badges on their vehicle inventory, according to the autoTRADER.ca iQ Inventory Algorithm. This algorithm analyzes real-time pricing data of over 450,000 cars on the marketplace to offer a statistically backed benchmark for the nation.

“We’re excited to bring back the autoTRADER.ca Best Priced Dealer Awards to give dealers this well-deserved recognition for demonstrating industry-leading pricing practices,” says Ian MacDonald, Chief Marketing Officer, TRADER Corporation. “We are dedicated to reinforcing consumer trust and confidence through fair and accurate pricing, so it gives us great pleasure to award partners who share this vision.”

The autoTRADER.ca Best Priced Dealer Awards marks one of many initiatives by TRADER directed at reinforcing a trusted purchase environment for consumers on the autoTRADER.ca marketplace. The mission is to evoke immediate consumer confidence in dealers who price competitively and support Canadians who identify price guidance as a top consideration in the car purchase journey. Award winners will receive collateral to display proudly in dealership, along with a coveted badge to signify their status as a Best Priced Dealer on their autoTRADER.ca VDPs.

“Last year’s awards prompted an overwhelming reception from dealers,” MacDonald says. “We received several reports from dealers confirming that trophies and digital VDP badges encouraged positive feedback from clients and had a tangible impact on customer perception.”

Visit go.trader.ca/DealerAwards to see the full list of award winners, and for more information on the initiative.

 

About TRADER Corporation

TRADER Corporation is the leading digital marketing partner for Canadian automotive retailers and manufacturers. With over 25 million visits a month and more than 6 million total mobile app downloads, TRADER’s largest automotive marketplaces – autoTRADER.ca and autoHEBDO.net – are the #1 source for all things automotive in Canada. The company offers retailers and manufacturers access to a robust audience of new and used car shoppers, best-in-class digital advertising, website and software solutions, and rich data insights. TRADER Corporation is the first to offer a completely integrated digital retail experience for consumers and dealers on a major Canadian automotive marketplace. For more information, visit go.trader.ca. Follow TRADER on LinkedInFacebook and YouTube.

 

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For further information or to schedule an interview:

 

Gage Knox

gage.knox@wearecoop.ca

(647) 537-7017

Create a Used Car Reconditioning Process That Actually Works for You

When it comes to battling adversity as a business, sometimes the only thing we can do is look for aspects that remain within our control. Over the past year we’ve often pivoted to operate within the different regulations that have a direct impact on dealership operations – in-store shopping, closed to the public, open by appointment only, to name a few. While these unprecedented times resulted in steep learning curves, they also opened the doors to strategize and plan the different areas of your dealership, often resulting in optimizing processes you currently have in place.

Reconditioning plays a huge role in your dealership’s success, and, when done effectively, makes a positive impact to your profits. We have witnessed, first-hand, that investing in a reconditioning strategy that works for your dealership is key to your bottom-line.

The path to reconditioning success starts with having a strong plan in place, as well as a solid process to manage that plan, ensuring vehicles move swiftly through each stage. You want your eyes and ears on where a vehicle is at. Mike Boyd, founder of iRecon Used Car Reconditioning software and an innovative mind in the automotive industry, outlines some key considerations to get to the bottom of how efficient your reconditioning process is:

  • Is your reconditioning completed on or off-site?
  • Do you need to move your vehicles off the lot to be reconditioned?
  • Do you always know what stage of the process a vehicle is at?
  • Do you have clear communication with your reconditioning vendors?
  • Does your team know the status of every vehicle?
  • What is your reconditioning end goal? Do you want to spend less time? Spend less money?

Looking at some of these questions you may be thinking, “I can cut down on time spent if I look for a vendor closer to me” or “I spend way too much time tracking down vehicles”. These are the types of queries that Mike and his team use to evaluate a dealer’s current used car reconditioning process and help them establish and execute a strategy and plan to get them to where they want to be.

The answers to these questions are all baked into vAuto’s Used Vehicle Reconditioning Software, iRecon. Mike and his team help dealers like you rethink their reconditioning strategy to not only help them feel more confident with their plan, but also, to save money and increase profits. After establishing the desired end state, they work with each dealer to put a plan together that works for them.

A critical step in the journey to used car reconditioning process is the ability to make nimble decisions in order to take action sooner, thus getting the vehicle ready for your used car lot without delay. iRecon provides real-time notifications and reports to track the status of each vehicle, so that if it gets stalled at any point, you can take immediate action by communicating with your vendors. What makes this process even more convenient is the iRecon mobile app, which enables you to have your reconditioning in the palm of hands – quite literally.

Through the iRecon mobile app you can send and receive photos, as well as leverage advanced features, such as VIN scanning and location tracking to find a vehicle at any time. Each vehicle can have a customized reconditioning plan, that are, of course, simple to action through the Quick Plan Templates feature. Successful reconditioning is not only about making a vehicle look great, but moreover, saving you time and optimizing your daily operations.

iRecon helps dealers achieve unmatched results. Think about it this way, for every 2.5 days saved in your time to sale, your business will instantly recognize the benefit. It’s the equivalent of adding an additional inventory turn. Just imagine having a 13th month of sales to make this year your best yet!

While the reconditioning process and results will be different for your individual dealership’s needs, these time and cost savings are too good to pass up. When multiple cars get hung up in the process, this spirals even further, ultimately putting a dent in your bottom line.

The sooner you re-evaluate your plan and take action, the faster you’ll start seeing results you didn’t even know you could achieve.

Source: The Journey to Front-Line Ready, vAuto.

Positive Attitude Towards Vehicle Purchase Intention Carries Into 2021

As we approach the one-year mark since the start of the pandemic in Canada, we checked in with car shoppers on the autoTRADER.ca Marketplace to gain a better understanding of their purchase intentions going into 2021. Across the month of January, we surveyed 300 Canadian car shoppers who intended to purchase a vehicle within the next 6 months. The final read of the results shows a positive outlook for automotive sales in 2021, particularly for dealerships who continue to invest in online.

Throughout the COVID-19 pandemic, both new and used vehicle purchase intent within a 6 month timeframe remained stable. This metric has fluctuated between 16-18% over the past few months; sitting today at 17%.

As dealerships have become more transparent with how the car buying process plays out, while taking into consideration physical distancing requirements, consumers feel more confident in progressing with the purchase process. Consumers have adapted and become accustomed to the information and tools to shop safely online, resulting in completing more of the car buying process ahead of stepping foot into a dealership.

These factors likely shortened the time it would take to buy a vehicle today. Back in March of 2020, 72% of shoppers said it would take them longer than usual to purchase a vehicle due to the pandemic. This number has sharply declined to 46% of respondents stating their intention to extend the timeline of their vehicle purchase. As we’ve recommended before, dealerships need to continue to provide shoppers with a variety of online shopping tools, safe ways to conduct a visual inspection and embark on test drives, as well as a seamless purchase process. A streamlined process is much more attractive for buyers, as well as dealers, which may in fact become a mainstay on the other end of the pandemic.

Used car shoppers identify automotive marketplaces (57%), dealership websites (32%) and manufacturer websites (39%) as the top online sources used during their car buying journey. As expected, the activities that require more in person contact, such as visiting dealerships and talking to friends and family, have decreased since early in 2020.

Looking at triggers to purchase a vehicle, the results have remained consistent with previous research waves. The top two triggers are: considering a purchase due to current vehicle age (29%), and, the desire to upgrade to something newer/nicer (24%).

With the January spike in cases across most Canadian provinces, there is an uptick in the concern of COVID-19 as worsening, since our last touchpoint with car shoppers. What’s interesting to note is that although there is growing general concern surrounding COVID-19, there aren’t any changes to the level of concern about the economy, personal finances, or purchase affordability. Actually, these figures have decreased. At the beginning of the pandemic, 68% of shoppers said they would consider delaying their purchase due to COVID-19, whereas today, that number has decreased by 20 points to 48%. In terms of affordability, previously 56% of consumers said that they were nervous about being able to afford a vehicle due to the pandemic, while in our most recent research, that figure has decreased to 38%.

When asked whether now is considered a good time to make a major purchase, 40% agreed that it is, while 23% stated that they do not agree. What’s more, 48% of consumers shared that due to the pandemic they were able to put more money towards savings, to fund a larger purchase.

What we’re seeing through these results is that vehicle purchase intent remains strong and unchanged in 2021. Online resources continue to be the most prominent source of information, meaning, if you’re not where shoppers are, you risk missing out on potential sales. To continue to see success in your dealership operation, ensure that you’re investing in the right online platforms, such as being present on automotive marketplaces and having a strong dealership website. Don’t second guess your investments in online tools, such as the Remote Selling Suite or even Digital Retail, as these remain quintessential to beginning and completing many more stages of the car buying journey online.

Event Recap: TRADER Carology, The Science of Selling Cars

TRADER’s Carology event went virtual this year, welcoming dealers, OEM, agency, media and association partners across Canada to glean insight on The Science of Selling Cars. An impressive roster of industry expert speakers shared topics ranging from current and future industry trends, consumer behaviour insights, the car buying journey, and how technology has influenced the automotive industry.

The event was hosted by Ian MacDonald, Chief Marketing Officer at TRADER. Ian was joined by speakers from near and far, including Baris Akyurek, Director of Marketing Intelligence at TRADER, Lilian Lau, Vice President of Marketing at TRADER, Chris Schulthies, National Trainer at Wye Management, and Nick King, Director of Insight & Market Research at AutoTrader UK.

MARKETPLACE HEALTH UPDATE

The event kicked off with a look into the autoTRADER.ca marketplace performance over the past year. Baris Akyurek gave a view into the spike in traffic to the marketplace, as visits grew +29% year-over-year between May to November 2020 and VDPs increased +22% year-over-year during the same period. He continued to showcase positive trends as well as an outlook on the automotive market, as identified by third-party research, largely due to changes influenced by the pandemic.

Some of the most notable trends included vehicle ownership becoming 3X more desirable compared to ride-share programs and 2X more desirable versus public transportation. Baris shared that the demand to use Digital Retailing during the purchase process has increased amongst car buyers, which set the stage for the information and topics covered by subsequent speakers.

TOP THREE HACKS TO ATTRACT FIRST-TIME CAR BUYERS: ATTRACTING, HANDLING & CLOSING SALES OPPORTUNITIES

Lilian Lau dove into today’s first-time car buyer and how these specific buyers differ from the experienced buyer. She noted that first-time car buyers are open to influence and often teeter between wanting a used and new car. They typically visit many dealerships, which opens the opportunity for dealers to ensure their online presence does a good job of encouraging them to visit their lot. She stated that when handling first-time buyers, it’s important to put their interests first and make the car purchase process an enjoyable and memorable experience.

Lilian went on to explain that since these buyers are digitally savvy, they are looking for a more simplified buying process and prefer the ability to do more of the process online. Simply put, dealers need to create a seamless experience between online and offline. Based on consumer research studies, she established that the top 3 triggers that drive first-time car buyers to purchase from a dealership are: (a) the availability of financing options, (b) transparent pricing with no hidden fees, and, (c) tools to complete a portion or all of the vehicle purchase online.

The information shared by Lilian logically flowed into both Chris and Nick’s segments, as they further shed light on the techniques, tools and processes dealers can utilize to attract buyers.

KEY STEPS TO FINISH OFF THE YEAR STRONG & START 2021 OFF ON THE RIGHT FOOT

Chris and Ian joined in a discussion that provided dealers with valuable tips to enhance the way they operate today. The key message during their talk was for dealers to establish a unique value proposition and to choose, define and stick to a specific business model. Chris explained that the top selling used independent dealerships in Canada have common themes of offering a credible warranty program and a one price selling model, which we learned through Lilian’s presentation is essential for attracting and closing sales opportunities with first-time car buyers.

Chris looks at the ideal sales process in three pillars: informative, transparent, and, faster or more efficient.  He touched on how consistency is fundamental to finding success and outlined the importance to market the unique offerings your dealership provides its shoppers. Chris encouraged each dealership to be consistent with every customer, at every stage of the journey, whether it’s online, over the phone or in the dealership. Some simple yet highly effective takeaways from Chris that dealers could implement right away were showcasing their unique sales process on their dealership website, within their VDPs, in the showroom, and on their social media profiles, in order to make it transparent to car buyers what the experience will look like.

ADAPTING AND WINNING IN A MASS FORCED TECH ADOPTION

The event concluded with insights from keynote speaker Nick King, Director of Insight & Market Research at AutoTrader UK, who compared much of the car buying experience to other purchases. He explained that consumers expect the buying options they have through one retailor, to be the same in any other life transaction. Backed by mystery shopper research, Nick discovered many flaws and gaps in the car buying journey, that, if prevented, one in three consumers would have bought a car sooner if they had not experienced these pitfalls. Some of these issues included not being acknowledged by sales staff, not following up with a lead, having long wait times in store or on the phone, and not asking if the consumer even wants to buy the car, (or two, or more!).

Similar to Chris, Nick believes in four pillars of success: ease, transparency, speed and simplicity. In order to avoid the aspects of car buying that consumers find challenging, he suggested to allow easy comparison between new and used vehicles, and, understanding what triggered each prospective buyer to want to purchase a car as a means to simplify the buyer’s choice and options. This will help achieve all four pillars of success and ultimately drive the shopper to make the purchase with that particular dealership.

Each year Carology aims to share what it takes to win in an increasingly competitive digital automotive landscape. This year’s Carology was no different, effectively summarizing the trends observed through car buying behaviour across the year, combined with predictions heard over many years, ultimately providing attendees with truly actionable takeaways to implement in their business to help find success in the coming months that will pay off long-term. It all boils down to adapting to what car buyers want –  a simple and transparent car shopping journey.

TRADER Corporation & Motoinsight release performance data from Digital Retailing pilot on autoTRADER.ca

Dealers have experienced 36 per cent growth in leads from the marketplace and 80 per cent growth in website sales conversions

TORONTO, ON – November 26, 2020 – TRADER Corporation, Canada’s leading digital automotive solutions provider, is analyzing and reporting on valuable performance data collected from over 255 dealers currently benefiting from Digital Retailing on autoTRADER.ca, and sharing those findings with the Canadian dealer community.

autoTRADER.ca is one of the first marketplaces globally, and the first in Canada, to offer digital retailing functionality, which is powered by the Motoinsight MotoCommerce platform. The integration allows consumers to seamlessly build and complete transactions directly from autoTRADER.ca marketplace listings and dealer websites. Six months of performance data shows dealers using the MotoCommerce functionality on their dealership websites experienced an 80 per cent growth in lead-to-sale conversion.

Dealers utilizing the MotoCommerce software on their dealership website also have the ability to deploy the same functionality to their autoTRADER.ca marketplace listings, allowing them to provide nearly 10 million monthly marketplace shoppers with the ability to configure and complete transactions from a vehicle details page (VDP). Dealers with the ‘Buy Online’ feature activated on their VDPs have seen 12 per cent more views and 36 per cent more total leads than advertisers without the feature.

The incredible consumer response underscores growing demand among Canadians in conducting more of the car buying process digitally. A survey of autoTRADER.ca marketplace users, from April 2020, revealed 41 per cent are interested in purchasing a vehicle online, while 61 per cent would be interested in purchasing vehicle accessories online. Appetite for digital retail has also grown amid the pandemic more recently with 2 in 3 respondents expressing a desire to purchase a vehicle online since the start of COVID-19.

“Dealers using digital retailing have witnessed a significant increase in qualified traffic, enabling greater operational efficiencies through omni channel execution, and improvements to overall profitability and customer satisfaction,” says Matt Lawson, Vice-President, Dealer Software & OEM, TRADER Corporation. “We want to empower every dealer in Canada to reach the most qualified in-market shoppers and provide consumers with access to buy cars easily with a click of a button.”

TRADER Corporation was the first to launch a digital retailing solution on an automotive marketplace to dealers in May 2020. The autoTRADER.ca digital retail integration features include:

  • A “‘Build My Deal’ button allowing customers to enter the MotoCommerce platform directly from the dealer’s vehicle details page to configure pricing, review accessories and protection plans, complete trade-in appraisals, apply for financing, and lastly deposit and finalize agreements.
  • A ‘Buy Online’ badge on search results page listings, to drive awareness with buyers that the dealership offers an online vehicle purchasing option.
  • A ‘Buy Online’ identifying badge and a ‘Buy This Vehicle’ widget on vehicle details pages adds an additional layer of awareness for each retailer’s digital offering.

To learn more about activating Digital Retailing on autoTRADER.ca visit go.trader.ca/DigitalRetail

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About TRADER Corporation:
TRADER Corporation is the leading digital marketing partner for Canadian automotive retailers and manufacturers. With over 25 million visits a month and more than 6 million mobile app downloads, TRADER’s largest automotive marketplaces – autoTRADER.ca and autoHEBDO.net – are the #1 source for all things automotive in Canada. The company offers retailers and manufacturers access to a robust audience of new and used car shoppers, best-in-class digital advertising, website and software solutions, and rich data insights. TRADER Corporation is the first to offer a completely integrated digital retail experience for consumers and dealers on a major Canadian automotive marketplace. For more information, visit go.trader.ca. Follow TRADER on LinkedInFacebook and YouTube.

 

About Motoinsight

Motoinsight partners with automakers and dealerships to redefine automotive retail. Motoinsight’s flagship digital retailing platform MotoCommerce™ enables revolutionary omni-channel and e-commerce enabled car-buying experiences. As well, Motoinsight specializes in delivering tierless consumer experiences that connect Tier I, Tier II, and Tier III channels into a single, seamless journey. Motoinsight also operates a portfolio of owned and partnered automotive research and shopping websites, which includes experiences for brands like Consumer Reports, Globe Drive, Black Book, Unhaggle and others. Motoinsight solutions are used by nearly every automaker brand, over 1,400 dealership franchises and the largest lenders and insurance companies. The company serves customers in the United States, Canada and Australia. For more information, visit www.motoinsight.com.

 

For media requests please contact:

Gage Knox

gage.knox@wearecoop.ca

autoTRADER.ca Study Finds Vehicle Purchase Intentions Improving

We checked in with car shoppers on autoTRADER.ca during the month of July, to get an update on their intentions towards purchasing a vehicle and the information sources most commonly used throughout the car buying journey. Through surveying over 300 Canadian car shoppers, we found that as the effects of the pandemic have been diminishing across the country, consumer attitudes towards purchasing a car have improved.

Prior to the pandemic, 23% of consumers surveyed had intentions to purchase a vehicle. Towards the end of May 2020, we saw the lowest point in purchase intent, where this number decreased to 15%. Looking at consumer intentions in July 2020, we see this data point uptick to 18%, a trend in the right direction.

The estimated duration of the vehicle purchase process has improved significantly over the past few months, as, generally, consumers state that vehicle purchase timelines have decreased. At the start of the pandemic, 72% of consumers said their vehicle purchase timelines would be extended. Our latest findings show that this number has decreased by 27 points, where 45% now claim it will take longer than anticipated to make their purchase.

Consumers that were considering delaying their purchase has also improved, with only 42% of respondents expecting to delay their purchase, down from 68% at the start of the pandemic. Those who stated that nothing would delay them in buying a vehicle has doubled, from 6% to 13% in the latest wave of research.

The use of automotive marketplaces within the car buying journey has remained steady throughout the duration of the pandemic. Of those surveyed, 61% of used car shoppers rank online automotive marketplaces as their top information source. Used car shoppers are continuing to use dealership websites (46%) and manufacturer websites (41%) during their car shopping journey.

Looking at the triggers that initiate a vehicle purchase has remained the same throughout this entire time period. The top three reasons being their vehicle is getting too old, they want to upgrade to something newer/nicer, or, are in need of a larger vehicle. Keep these factors in mind as you unearth more about your customers’ needs and help situate them with a vehicle that aligns to their desires and expectations.

From the perspective of consumer feelings towards the pandemic, and whether they believe the situation is improving or worsening, we’re seeing a significant improvement. In March 2020, 66% of consumers stated that they were very concerned about COVID-19. As we have moved through the thick of it and have witnessed more of the country re-open, this number dipped to 43% in July 2020.

From these results we can conclude that shoppers are continuing to demonstrate an uptick in their intention to purchase a vehicle. They continue to rely heavily on online sources to do the bulk of their research throughout their purchase process. Based on these results, along with the unrelenting increases to quality traffic on the autoTRADER.ca marketplace we have experienced month-over-month, dealers should feel confident in their strategic investments to attract consumers to their virtual and physical lots.

Foot traffic study of Ontario automotive dealerships indicates substantial increase in consumer demand

 

TRADER commissioned research of Ontario dealership traffic reveals a 56 per cent increase in unique visitors and an 81 per cent increase in total visits month-over-month from May to June 2020

 

TORONTO, ON – July 16, 2020 – TRADER Corporation, Canada’s leading digital automotive solutions provider, continues to analyze consumer behaviour to provide dealers with valuable data to enhance their business operations and respond to evolving customer needs. A recent third-party study conducted by EQ Works and commissioned by TRADER, examined foot traffic among 750 Ontario dealerships. The findings of the study confirm a substantial increase in physical traffic between May and June 2020.

Walk-in data collected during the study revealed a 56 per cent surge in unique visitors and an 81 per cent increase in total dealership visits in June. The tracked Ontario dealerships also experienced a 46 per cent increase in one-time visits, while repeat visits grew by 85 per cent. This influx of consumer shopping demand is reinforced by a record-breaking month of traffic to the autoTRADER.ca marketplace, which reached a milestone of 22 million visits, after a previous record high in May.

‪“Following a few challenging months surrounding the onset of the COVID-19 pandemic, we are observing promising consumer behaviour data,” says Ian MacDonald, Chief Marketing Officer, TRADER Corporation. “Recent record-setting traffic on autoTRADER.ca coupled with a significant increase in dealership footfall affirms the auto industry’s current movement towards recovery.”

The study also found that both independent and franchise dealerships are benefiting from a sizable lift in consumer engagement. When examining footfall comparatively, the study recorded a 36 per cent increase in visits to independent dealerships, while franchise dealerships experienced a staggering 154 per cent increase in foot traffic.

Additionally, the study findings indicate that 17 per cent of all visits took place on Mondays, making it the busiest day of the week throughout June, with the highest volume of visits recorded between 4:00 p.m. to 7:00 p.m.

TRADER remains committed to researching and tracking relevant industry data. For more industry insights and study findings, visit go.trader.ca.

 

About TRADER Corporation:
TRADER Corporation is the leading digital marketing partner for Canadian automotive retailers and manufacturers. With over 22 million visits a month and more than 5 million mobile app downloads, TRADER’s largest automotive marketplaces – autoTRADER.ca and autoHEBDO.net – are the #1 source for all things automotive in Canada. The company offers retailers and manufacturers access to a robust audience of new and used car shoppers, best-in-class digital advertising, website and software solutions, and rich data insights. TRADER Corporation is the first to offer a completely integrated digital retail experience for consumers and dealers on a major Canadian automotive marketplace. For more information, visit: go.trader.ca. Follow TRADER on LinkedIn, Facebook and YouTube.

 

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For further information:

Gage Knox
gage.knox@wearecoop.ca
647-537-7017

 

Jessica Huynh
jessica.huynh@wearecoop.ca
647-985-5378

autoTRADER.ca Marketplace Traffic & Engagement (week of June 1 2020)

Last week’s autoTRADER.ca traffic and engagement report continued to reach new highs! Our Director of Marketing Intelligence, Baris Akyurek, gives us a breakdown of the results.

“As we’ve reported in past weeks, consumer engagement on the marketplace continues to grow. Last week we had 2.6M unique visitors, reaching a 35.7% increase YoY (year-over-year). We hit 5M marketplace visits, representing 36.6% growth YoY! VDP views jumped to over 17M, marking an increase of 28.4% YoY. Our dealers are continuing to see leads come in from more and more serious shoppers, with 123K leads and a massive 64.4% YoY increase!”

It’s so important to continue to offer consumers online options to shop for their next vehicle from your virtual lot. There are many new buyers entering the market searching for a great deal and a convenient shopping journey to make their purchase safely. Check out our COVID-19 Resource Centre for helpful tips, free tools and consumer insights to support you in effectively and safely engaging with shoppers today.