6 • September 2, 2019
USED CAR NEWS
Marketing – Continued from page 3
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1 The tradename “Subaru Motors Finance” and the Subaru logo are owned / licensed by Subaru of America, Inc. and are licensed to JPMorgan Chase Bank, N.A. (“Chase”). 2 The tradename "Mazda Capital Services" as well as the Mazda and Mazda Capital Services logos are owned by Mazda Motor Corporation or its affiliates and are licensed to JPMorgan Chase Bank, N.A.(“Chase”). 3
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“On Facebook, we target credit scores. We can target people within a 15-mile radius of the store,” he said. With things like geofencing, Myers can target people who have visited a competitor’s lot. He uses an after-hours tool that if someone visits his lot after the dealership is closed, they’ll be served up ads specific to that customer, knowing the customer was there at that time. In the pre-Internet days, terms like “reach-and-frequency for TV ads, or GRPs (gross rating points) on the radio side,” he said. “Now, with digital, they talk about ‘impressions.’ “Well, impressions can fool you.” An ad rep will tell a dealer they can have four million impressions, but the question is, did it help the dealer develop leads and sell cars? Lesage said once a consumer has clicked on a site for a white Toyota Tundra, for example, it’s about
staying engaged and following that consumer via the Google display network. The next time a consumer goes online over the next 30 days, they will come across that image or ad for a white Toyota Tundra. “Data companies are definitely listening,” he said. “They are definitely personalizing ads much more.” Lesage said Autotrader has a tool called “audience retargeting,” so that when they click on the Toyota Tundra, instead of going to the third-party site, it brings the consumer straight to the dealership site that has the vehicle, even if the buyer never heard of the dealership. Lastly, Tafreshi said dealers must pay attention to Yelp and other online reviews. “Dealers who don’t understand how important third-party reviews are in building trust and, thereby, confidence in their brand, will lose out,” he said.
Resale – Continued from page 1 how the vehicle retains its value. If a car is totaled in an accident, insurers will write the owner a check for the value of the car at the time of the accident. Midsize pickup trucks and midsize and large SUVs historically hold their value best, according to Kelley Blue Book. That’s because cheaper gas and improved fuel economy have made those vehicles more attractive. Electric vehicles and subcompact and luxury cars depreciate the most. Porsches are an exception because that brand’s low volume creates demand. Kiplinger reported that resale values vary widely among models within the same brand. For example, the Toyota Tacoma truck was named Kelley Blue Book’s resale winner for 2017, holding 67.5 percent of its value after three years and 57.5 percent of its value after
five years. The 4Runner SUV came next, with a resale value of 62.2 percent after three years and 52.5 percent after five. But the Prius C and Yaris models held only about 30 percent of their value after three years and 20 percent after five. Kiplinger pointed out that Kelley Blue Book and Edmunds.com both offer “cost to own” tools. These tools allow customers to enter a make and model and calculate additional costs of vehicle ownership, including depreciation, over the course of five years. The higher the depreciation figure, the more value it loses over time. Customers take advantage of depreciation by buying a used car instead of a new one. When there is a glut of off-lease vehicles, prices for used cars decline.