Fuel for Thought: NADA Preview
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.