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New Car and Driver Trade Appraisal and Credit Score Tools Elevate Confidence Among Consumers; Build More Flexibility Into the Transaction Price and Deliver Dealers a More Qualified Shopper
Hearst Autos, parent to Car and Driver, Jumpstart Automotive Media, Road & Track, and enthusiast-driven content studio, the blend line, today announced new shopping tools for consumers and dealers. Coupled with recently expanded editorial reviews, vehicle listings, and pricing information, Car and Driver, the most trusted brand for automotive content, is delivering end-to-end solutions that are guiding consumers into the seat of their next car.
TRADE-IN VALUE, powered by Black Book®, is built with precise vehicle values that deliver transaction price flexibility for dealers and a trusted appraisal with fewer steps for consumers to complete. The combination of accuracy and trust in both these brands makes for a great offering for both consumers and dealers. In a recent study among car shoppers on Car and Driver, 90% of respondents said they trust the trade-in values provided by Car and Driver. The trade-in component is in fact, one of the most critical in the purchase process. According to recent media reports, an adversarial trade-in experience is the second-most likely scenario to kill a possible deal. Nearly half (47%) of those polled in a recent survey said they need the dealer’s offer to be between $501 - $1000 of their research quote for it to be acceptable.
The enhanced features of Car and Driver’s Trade-In Value make the tool among the most innovative resources available. Built with easy-to-use features such as suggestive search and form auto-fill, the new tool also gives shoppers the ability to obtain trade-in values in three simple steps without the need to provide unnecessary details. With these new features, consumers have been able to complete a trade-in appraisal in just twenty seconds. For dealer customers, the trade-in appraisal tool is also embedded into their VDPs on Car and Driver’s listings, and the new tool provides higher lead conversion rates within the experience compared to previous versions.
CREDIT SCORE, powered by Equifax®, provides consumers with a free and seamless experience to obtain their credit score, ultimately gaining a better understanding of what they can afford. The credit score remains private to the consumer, however the score is unique in that it forecasts the risk of default.
Among the greatest advantages of the new tool, consumers have found it to be quick, easy, and safe. Credit Score requires the consumer to enter limited personal information (i.e., Social Security No. and Date Of Birth are not required) in one simple form, on a single screen. This generates a more qualified lead for dealers, with performance showing that 26% of shoppers who use Credit Score purchase a car within thirty days, and 58% visit a dealer within seven days.
“Dealers and consumers have continued to look for ways to make for an easier, more efficient vehicle shopping process that reduces friction and headaches during negotiations,” said Brian Abrams, senior director of product strategy at Car and Driver. “We’re excited about the new Car and Driver TRADE-IN VALUE and CREDIT SCORE tools, and how they will help consumers receive a more accurate trade appraisal of their current vehicle and a better understanding of their financing options when researching their next vehicle. And for dealers, these products offer the ability to connect and engage with consumers at different stages of the shopping process, while providing more flexibility for trade-in offers and more personalized finance offers.”
A full-service implementation guide is included for both of these tools to ensure an optimal consumer experience on the dealer’s website, and the Car and Driver lead-nurturing program keeps the dealership top of mind with shoppers for sixty days following the trade-in appraisal or credit score engagement.
About Hearst Autos
Hearst Autos delivers qualified, in-market car shoppers directly to dealer websites through the credibility and trust of Car and Driver’s research, listings, and shopping tools, and the scale and performance of Jumpstart Automotive Media’s audience of more than 20 million unique monthly car shoppers. Jumpstart Automotive Media’s rich data coupled with its proprietary technology solutions positions a dealer’s customized display advertising in front of the uniquely matched in-market shopper wherever they’re shopping across Jumpstart’s diverse portfolio of publishers (Car and Driver, U.S. News Best Cars, J.D. Power Cars, NADAguides, Autoweek.com, Autobytel, Autolist.com, Daily News Autos, LeftLaneNews.com, CarSoup, CarBuzz, CarStory, and VehicleHistory.com). With industry- leading consumer data, insights and analytics, Hearst Autos engages the consumer car shopper from inception to the point of purchase decision.
About Car and Driver
Founded in 1955, Car and Driver is the definitive voice for in-market car shoppers, enthusiasts, and industry leaders. With an audience of more than 12 million unique visitors per month, Car and Driver is dedicated to delivering expert content and leading-edge insights on all things related to new, used, and pre-owned vehicles. With the most comprehensive vehicle testing, research, and reviews in the automotive category, Car and Driver delivers the most trusted car shopping experience for consumers and deep engagement for auto manufacturers and dealers. Car and Driver extends across all platforms including web, mobile, iPhone/iPad apps, events, social media, and digital products.