LAS VEGAS — Experian Automotive announced the launch of Velocity, an online business intelligence tool that combines automotive data with advanced analytics, enabling automotive professionals to better understand the market, vehicles and consumers.
The tool provides insight into what specific actions retailers can make to maximize sales, according to Experian. “Data about sales registrations is obviously an important tool for any automotive marketer, but turning data into insight that can be put to use is where our clients need the most help,” said Russell Evans, senior vice president of marketing and product management for Experian Automotive. “Velocity was designed to meet that need by helping results-oriented professionals better understand the market, the vehicles and the people who buy them, as well as provide them the insight they need to quickly adapt their strategies to take advantage of opportunities.”
Velocity provides the ability for automotive marketers to track performance by region, ZIP code and individual dealership, as well as to compare performance against competitive brands at the vehicle or dealership level, according to Experian. Velocity also allows marketers to develop customized key performance indicators to set goals and track ongoing progress. The tool also provides analytic tools that allow marketers to develop marketing strategies to make an immediate impact on sales performance.
If a manufacturer wants to check on their retail network performance in a particular state, for example, it can quickly retrieve sales registration data showing how all of its dealerships perform against competitors statewide, according to Experian Automotive. They can then review how retailers are performing against their key performance indicators. If a particular region is behind selling a certain model, a campaign can be developed to specifically boost sales of that model in that targeted area.
“Velocity is a powerful step forward in Experian Automotive’s ability to give our client’s real-time access to the tools that will help them make better and more profitable decisions,” Evans said. “The integrated approach to discovering what is happening at the retail level, why it is happening and how challenges can be addressed separates Velocity from simple analysis and data tools.”
Volvo was the first manufacturer to put Velocity to use, according to Experian.
“Understanding changes in the automotive market, identifying vehicle trends and gaining insight into the buying behavior of potential customers is information that every automotive manufacturer needs to be effective,” said Tassos Panas, executive vice president of Volvo Cars of North America. “Through Experian Automotive’s Velocity platform, we have access to a never-before-seen combination of information and insights that allow us to increase our competitive edge in the marketplace.”
For more information, visit http://www.experian.com/AutoVelocity.