Equifax Inc. and V12 announced a strategic relationship to deliver powerful digital marketing solutions to the automotive industry during the National Automobile Dealers Association (NADA) Show today in Las Vegas. This relationship combines anonymized Equifax customer economic data, based on direct measured sources, with V12 vehicle insights. Available through Equifax Automotive, the solution is designed to drive customer acquisition by matching the right car with the right buyer through a personalized shopping experience. The insight that comes from knowing what the consumer is currently driving helps automotive retailers maximize their digital marketing budgets.
Industry analysts have predicted that digital advertising spending by the U.S. automotive industry will reach $14.1 billion in 2020, up from $11.3 billion in 2018, and a Compound Annual Growth Rate (CAGR) increase of 13.7% from 2014 ($6.1 billion). Driving this increase are the millions of car and truck shoppers conducting early-stage research for their next vehicle online.
“Car shoppers want a simple, personalized car buying experience where they can seamlessly move from online to the dealership at any point in the journey,” said Byron McDuffee, automotive general manager at Equifax. “Equifax and V12 are helping automotive marketers meet the needs of their dealers and provide consumers with the right information during their online car shopping research phase. This includes helping to identify the vehicles that meet each shopper’s needs as well as their budget. Smarter understanding enables smarter actions. Enabling more personalized information up front helps dealers maximize their marketing spend and creates a better shopping experience overall.”
Equifax consumer economic solutions help brands to identify the likely financial and economic characteristics of customers and prospects. Insights into estimated household income, spending, and credit, buying behaviors and product preferences help in the development of more targeted online marketing campaigns and in the creation of better overall customer experiences.
The Equifax relationship with V12 enhances the targeted marketing process for the automotive industry by combining anonymized Equifax consumer economic information with V12 data on 180 million VIN sources across all 50 states. V12 information is fully populated with make, model and year, and other details including engine size, fuel type, drive train, engine block, and engine cylinders. The breadth of auto data enables more granular personalization that allows for the right vehicle to be presented to the right consumer.
“Bringing Equifax consumer insights and V12 vehicle insights together in a single solution creates a powerful opportunity for OEMs, agencies, dealers and lenders to more meaningfully interact with car shoppers throughout their digital journey,” said Andy Frawley, CEO of V12. “We are helping dealers better understand the specific behaviors and preferences of potential customers. This creates a shopping environment that best reaches the consumers most likely to purchase specific vehicle types, such as luxury, foreign, family, and eco-friendly automobiles. It also provides anonymized information on shoppers’ likely economic capacity and interest in auto loans.”