Research Reveals How the Internet and Social Media Work Together to Sell Cars and Trucks

ROCHESTER, MI – June 18, 2010 – (Motor Sports Newswire) – Foresight Research, a Rochester, Michigan based market research firm specializing in automotive research, has spent more than five years compiling data for its proprietary “2010: Automotive Marketing Return On Investment” study.  As part of that study, a detailed examination of the influence of the internet and social media on automotive purchase decisions was conducted and returned interesting results.

In 2009, 86% of all new vehicle buyers used the internet in their new vehicle purchase process. Of this group, 90% used the internet to compare vehicles and pricing, while 83% checked it for incentives.

Of note, nearly 13% of all new buyers used some form of social networking to share information on their purchase decision.  Social networking was virtually non-existent as an influencer in previous years.  For young buyers under the age of 35, nearly a quarter (24%) used social networking to share their decision.

“What we are seeing is the profound and rapidly growing effect of peer-to-peer communication on social networking sites and the dramatic influence they’re having on vehicle decision making,” said Steve Bruyn, President of Foresight Research.

“What’s interesting is that the information and advice given on social networking sites typically comes from automotive ‘shouters’ – that thin slice of the population that is most acutely familiar with the latest vehicle models, offerings and options – these are the people that influence other folks automotive purchases.  In our complete Marketing ROI study, we have specific information related to how these shouters obtain and digest information.  These shouters, in turn, have the greatest influence on the broader population. In a sense, we’re suggesting that internet word-of-mouth can in fact be directed. Implemented correctly, this could be an automotive marketing holy grail,” concluded Bruyn.

To demonstrate this point, Bruyn noted that among the most influential car buyers, 29% offered vehicle recommendations on social networking sites and 93% used the internet.

“The influence of the internet on vehicle shopping habits isn’t new news,” said Bruyn.  ”But what is interesting is our ability to track how the influential information is first created and later consumed.  Understanding this process gives automotive marketers the opportunity to have a louder voice in the upstream dialogue where it can have the biggest impact.”

Foresight’s complete research study offers more detailed and intricate views of the data, including by brand and by major metro areas.  All those interviewed were actual car buyers who had made their purchase an average of six months prior to the interview.  Foresight Research can be reached on the web at www.foresightresearch.com for more information.

SOURCE: Foresight Research

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Industry Chooses Kelley Blue Book Values Over Competition in Automotive Digest Poll

KBB Preferred 3-to-1 by Industry as Only Used-Car Valuation Source

IRVINE, CA – June 9, 2010 – (Motor Sports Newswire) – Kelley Blue Book, www.kbb.com, the leading provider of new and used car information, today announces it ranked highest in an AutomotiveDigest.com poll asking site visitors “If you were to use only one Used-Vehicle Value Guide, which one would it be?”  Kelley Blue Book garnered 66.23 percent of the votes, followed by NADA Used Car Guide (16.88 percent), Black Book (14.29 percent) and Galves Auto Price List (2.60 percent).

“Kelley Blue Book continues to provide leading edge used-vehicle data and information that dealers can use in purchasing and marketing inventory competitively,” said Chuck Parker, publisher for Automotive Digest.  ”As seen in the survey results, Kelley Blue Book has again demonstrated its position as one of the leading industry sources of vehicle valuations.”

In the last few years, Kelley Blue Book has hired market analysts, statisticians, mathematicians, data management and technology experts with extensive industry experience, growing its analytic team almost threefold.  During the same period, the company has taken data acquisition to a new level, obtaining vehicle-related information from more than 250 sources.  The company collects thousands of data points for every vehicle and is the only valuation company that manages lifetime vehicle information in a single database, including new, used and residual values.  Its transaction database houses more than 256 million observations, which includes over 1.5 million vehicles that have been physically inspected at auctions nationwide by the company’s dedicated field force.  With weekly updates and the advanced statistical models Kelley Blue Book employs, the company can accurately project what values will be next week, next month, and even further in the future.

“Kelley Blue Book works tirelessly to produce the most market-relevant vehicle values by continually pushing the technological and quantitative envelope.” said Vince Nelson, executive vice president of Analytic Insights for Kelley Blue Book.  ”Being recognized as the preferred used-car valuation guide reinforces the work we do and our commitment to being the world’s most trusted resource for buying and selling vehicles, with values at its core.”

Automotive Digest’s poll was conducted on their website from May 9 to May 19, 2010.  For information on Kelley Blue Book dealer products, services and solutions, visit www.800bluebook.com.

About Kelley Blue Book (www.kbb.com)

Since 1926, Kelley Blue Book, The Trusted Resource®, has provided vehicle buyers and sellers with the new- and used-vehicle information they need to accomplish their goals with confidence.  The company’s top-rated website, www.kbb.com, provides the most up-to-date pricing and values, including the New Car Blue Book® Value, which reveals what people actually are paying for new cars.  The company also reports vehicle pricing and values via products and services, including software products and the famous Blue Book® Official Guide.  According to the C.A. Walker Research Solutions, Inc. – 2009 Spring Automotive Website Usefulness Study, kbb.com is the most useful automotive information website among new- and used-vehicle shoppers, and half of online vehicle shoppers visit kbb.com.  Kelley Blue Book’s kbb.com also is a W3 Gold Award winner, sanctioned by the International Academy of Visual Arts.  Kbb.com is a leading provider of new car prices, used car Blue Book Values, car reviews, new cars for sale, used cars for sale, and car dealer locations.

SOURCE: Kelley Blue Book

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