ATLANTA, Sept. 25, 2017 /PRNewswire/ -- Cox Automotive Inc., an industry-leading digital marketing, financial, retail and wholesale solutions provider for the overall automotive ecosystem worldwide, has announced the launch of a new audience extension product designed to help OEM's and regional associations boost the performance of their social media advertising. The social media audience extension product utilizes anonymous web site behavior data from Autotrader and Kelley Blue Book's KBB.com – the industry's two most utilized third-party automotive shopping sites — and in turn allows advertisers to use this data to deliver highly targeted ads on Facebook and Instagram.
Unlike other automotive shopping targets that use old data in an attempt to predict future shopping behavior, Cox Automotive's social media audience extension program analyzes real-time browsing behavior to create highly-targeted and unique advertising audiences for its clients.
According to the 2017 Cox Automotive Car Buyer Journey Study produced in connection with IHS, nearly three-quarters of all car shoppers visit Autotrader or KBB.com before making a purchase, giving the program access to a vast majority of the total automotive marketplace. Cox Automotive collects and analyzes the shopping activity on its sites and intelligently segments car buyers by behaviors and preferences, including specific make, model, competitive or segment intender audiences. Advertisers can then target these segments on Facebook and Instagram with their own specific message, utilizing the multiple creative options and campaign objectives Facebook and Instagram offer.
"Today's customers increasingly rely on online research before purchasing, and it's critical that our industry reaches them where they are and at the right moment," said Adam Pavkov, Director, Product Operations - Social Media, at Cox Automotive. "This program gives advertisers the tools they need to get the right messages in front of shoppers when it matters most."
Facebook's 2016 Annual Report states they have 230 million Facebook users in North America. Facebook reported users check their feed on average 14 times per day1, the product leverages Facebook's enormous audience of engaged users. Advertisers can further segment Cox Automotive in-market shopper audiences by location, demographic and interest-based targets to deliver effective and efficient campaigns.
Honda Motor Company was an early adopter of the product.
"We're always looking for new ways to use data to make advertising more efficient and effective," said Dan Rodriguez, Manager of Auto Remarketing Certified Pre-Owned at American Honda Motor Co. "This product has helped us more accurately identify in-market shoppers and narrowly target our messaging, and we're excited by the results."
An independent study conducted by Oracle Data Cloud from June-August 2016 to measure the quality of an advertising audience by quantifying its propensity to purchase a vehicle found that of the 6.9 million households analyzed, in-market shoppers in the Cox Automotive audience segments were 400 percent to 540 percent more likely to purchase a vehicle than the equivalent automotive audiences powered by other companies inside Facebook.
The industry's initial response to the program has been overwhelmingly positive, with users like Southeast Toyota Distributers seeing dramatic improvement in their marketing efficiency and performance.
Compared to Facebook or Instagram campaigns using data provided by other companies, advertisers using Cox Automotive's data reported on average 64 percent higher click-thru rates, 497 percent higher conversion rates with a 57 percent lower cost per conversion.2 For campaigns targeting conquest and segment audiences, Cox Automotive's data resulted in 39 percent higher click-thru rates, 175 percent higher conversion rates and 22 percent lower cost per conversion.2 Additionally, campaigns targeting audiences modeled after retention shoppers outperformed competitor–based campaigns with a 310 percent higher click-thru rate and a 72 percent lower cost per click.2
"Cox Automotive's social media audience extension product has really helped us make the most of our advertising spend," said Jenny Reed, VP Media Director at 22squared, the agency which supports Southeast Toyota. "We're being more efficient by getting the right messaging in front of the right shoppers at the right time – and Southeast Toyota is getting the engagement and back-end metrics they're looking for."
For more information on the Cox Automotive social media audience extension program, automotive agencies and OEMs can contact the Autotrader or Kelley Blue Book sales department.
2 Facebook report comparing 2016 campaigns
Autotrader connects with more actual car buyers than any other third-party listing site, with the most engaged audience of in-market shoppers. As the foremost authority on automotive consumer insights and expert in online and mobile marketing, Autotrader makes the car shopping experience easy and fun for today's empowered consumer looking to find or sell the perfect new, used or Certified Pre-Owned car. Using technology, shopper insights and local market guidance, Autotrader's comprehensive marketing solutions guide dealers to personalized digital marketing strategies that grow brand, drive traffic and connect the online and in-store shopping experience.
Autotrader is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. For more information, please visit http://press.autotrader.com.
About Kelley Blue Book
Founded in 1926, Kelley Blue Book, The Trusted Resource®, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides the most market-reflective values in the industry on its top-rated website KBB.com, including its famous Blue Book® Trade-In Values and Fair Purchase Price, which reports what others are paying for new and used cars this week. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies.
Kelley Blue Book Co., Inc. is a Cox Automotive brand.
About Cox Automotive
Cox Automotive Inc. is transforming the way the world buys, sells and owns cars with industry-leading digital marketing, financial, retail and wholesale solutions for consumers, dealers, manufacturers and the overall automotive ecosystem worldwide. Committed to open choice and dedicated to strong partnerships, the Cox Automotive family includes Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, vAuto®, Xtime® and a host of other brands. The global company has 32,000-plus team members in more than 200 locations and is partner to more than 40,000 auto dealers, as well as most major automobile manufacturers, while engaging U.S. consumer car buyers with the most recognized media brands in the industry. Cox Automotive is a subsidiary of Cox Enterprises Inc., an Atlanta-based company with revenues exceeding $20 billion and approximately 60,000 employees. Cox Enterprises' other major operating subsidiaries include Cox Communications and Cox Media Group.
For more information about Cox Automotive, visit www.coxautoinc.com.
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