In this episode David sits down with Alex Vetter, CEO of Cars.com. Alex and David discuss the growth of the NADA show and the evolution of the industry towards digitalization. They also dive into Cars.com’s recent acquisitions of Credit IQ and Accu Trade, and what these mean for the platform’s efforts to put the customer first. Alex shares his insights on the differences between aggregators and platforms and how Cars.com positions itself as a comprehensive platform focused on enabling the profitability of its participants.
The automotive industry has undergone significant changes in the past year, with a sudden 80% increase in the number of vehicles manufactured and sold, from 1.1 million to 1.8 million. This has resulted in a major shift in the way the industry operates, particularly in terms of supply and demand. On one hand, there is an increase in the number of vehicles being manufactured and sold, while on the other hand, there is a shortage of used car inventory due to the recent decline in availability.
Cars.com’s Role in Helping Dealers
Cars.com is a marketplace that has seen tremendous growth in the last 12 months, becoming the number one website for car traffic. They can amplify your market reach by pre-qualifying your marketing and advertising campaigns using their first party data, which has been shown to result in a 4x amplification of any marketing vehicle.
In addition to this, Cars.com can help dealerships run more efficiently by assisting in the trade-in and financing processes through their Accu Trade and Credit IQ services. This allows consumers to do more of the process online, making the process smoother and more efficient for both the consumer and the dealer.
The Need for Technology-Driven Solutions
Dealers today are facing a profitability challenge, and many are looking for ways to increase performance without increasing expenses or staffing. In the past, technology was supposed to make the industry more productive and efficient, but it has not lived up to expectations. However, the pandemic has given dealers an opportunity to rethink and reassess their operations, with many reducing their staffing and finding that they can still operate effectively with fewer employees.
Cars.com understands the importance of technology-driven solutions and has acquired Accu Trade, a wholesale car trading platform, to help dealers increase efficiency and sell more cars. The acquisition of Accu Trade has provided Cars.com with a wealth of data and information, making it an even more valuable resource for dealers.
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