CarStory Market Reports help educate Hyundai customers, enabling them to make faster, more informed purchasing decisions
Austin, TX, January 24, 2017 – CarStory today announced that its CarStory Market Reports have been selected by Hyundai Motor America to help showcase Hyundai Certified Pre-Owned (“CPO”) vehicles listed on its hyundaicertified.com website. The Market Reports, which have been adopted by over 6,500 dealers to date and viewed by more than 15 million consumers each month, will be customized specifically for Hyundai to help the manufacturer highlight the benefits of its CPO vehicles to in-market CPO vehicle shoppers.
In addition to critical pricing data, CarStory Market Reports highlight the most important used vehicle information, according to consumers, including condition and feature value. The additional ‘CPO Chapter’ will further outline specific CPO advantages, including warranty details, inspection points and roadside assistance, and will give consumers side-by-side comparisons of non-CPO versus CPO vehicles to help them make informed purchasing decisions.
Educating shoppers about CPO benefits increases the likelihood of consumer engagement. A 2015 Autotrader study found that only 49% of used car shoppers are familiar with CPO programs, but, once exposed to program details, they are 22% more likely to consider purchasing a CPO vehicle.
“CarStory Market Reports give Hyundai consumers real-time, relevant CPO information right on the VDP. This means less shopping time for consumers, and a faster sales process for the dealer because online shoppers become in-store buyers more quickly,” said Chad Bockius, Chief Marketing Officer of CarStory. “Hyundai dealers should experience immediate benefits from the integration of CarStory Market Reports resulting from an increase in VDP engagement. Hyundai is giving dealers a tool that has been shown to increase lead conversions from the VDP by more than 60%*.”
“At Hyundai, we’re always looking for ways to better convert online CPO shoppers into sales and CarStory’s independent reports do just that,” said Jose Froehlich, Hyundai’s senior manager of certified pre-owned.
CarStory Market Reports analyze tens of millions of pieces of customer preference data to offer the kind of upfront information that consumers are asking for, all while helping dealers move their inventory. The transparency of the reports resonates with today’s online shoppers who have come to expect deep, accurate data when looking at any product online.
CarStory is a service that matches used car shoppers with the right car. Using patented technology and an industry-leading dataset, CarStory facilitates an efficient, effective discovery process resulting in a confident purchase decision. With a network of over 6,500 participating dealerships nationwide, CarStory’s available inventory and user-data is the largest, and most accurate in the industry.
Vast is a big data-as-service platform that provides consumer experiences —powered by data and analytics — for big purchases in automotive and real estate. Founded in 2005, Vast is the premier provider of big data solutions for many of the Global 1000’s largest automotive and real estate businesses. Learn more at Vast.com.
*Based on 120-day analysis of a dealer website with CPO-enhanced Market Reports