Every now and again, DealerKnows comes across a product or service that we perceive as being more than that. One that has the ability to be a trend, causing significant change and benefit to both dealers and the customer experience. A no-brainer sign-up. Over the past several months, we’ve been helping the team at CarStory as they develop a robust (and FREE) inventory value report. It’s time all of our followers jump on the bandwagon now, as we see the CarStory Market Reports to be more than a free product, but a “movement.” Read on and then register below for free. Now.
DealerKnows recently spoke with Matt Lamoureux, CarStory’s Director of Business Development, about the latest release of the CarStory Market Report.
DealerKnows: Matt, tell us a little bit about CarStory.
Matt: Thanks, Joe and Bill. First, I’d like to explain, for those who don’t know, exactly what CarStory is. CarStory is a free online resource for both consumers and sales consultants that educates, builds confidence, and ultimately accelerates the used vehicle purchase decision.
It’s an independent report that uses local market data to merchandise all the pre-owned vehicles on the lot, especially off-make models, and positions them to sell.
CarStory is available online, right on the dealer’s website, and also accessible right on the lot using a smart phone or tablet.
DealerKnows: Where does CarStory get all their data?
Matt: We power over 300 used vehicle marketplaces online today which translates to 100 million used car searches each month and more than 30 million vehicle listings processed every day.
The search and inventory data across these marketplaces provide CarStory the largest database of supply and demand insights in the automotive industry. Our Data Scientists analyze and present these insights in the CarStory Market Report.
DealerKnows: What makes CarStory different from the other used
vehicle data reports?
Matt: Like I mentioned, our database is a huge resource for CarStory. Our Data Scientists uncover valuable insights to help consumers discover and choose the right vehicle for them.
One of the first things everyone wants to understand is what kind of deal you are getting. That is accessible on many sites out there, but CarStory also tells you what your savings are going to be and what the market average is for a vehicle.
Today there is so much technology, so many features to consider and, unlike other sites, CarStory helps consumers by highlighting the ones that are the most interesting and valuable, all based on what consumers are searching for, and puts those front and center. This feature is particularly valuable because it helps consumers understand whether or not the car is going to have a high resale value based on it having high value features.
CarStory also highlights critical items such as: one owner, low mileage, CPO and CPO program details.
DealerKnows: Tell me more about how CarStory highlights CPO and CPO programs.
Matt: According to a recent study, only 45% of used car shoppers are familiar with CPO. Yet when asked, they are 38% more likely to consider a CPO vehicle once exposed to program details.
CarStory’s CPO verses used vehicle comparison tool quickly demonstrates the value of a vehicle and the entire CPO program. This easy to understand side-by-side comparison is great for the sales consultant too. He or she often has a hard time explaining the value of buying CPO to their customer.
DealerKnows: And, you said this product is free?
Matt: Yes, totally free.
It only takes a dealer 30 seconds to sign up. We then do all the work to get CarStory live on the dealership website – both on the vehicle search and vehicle detail pages.
DealerKnows: How do dealers sign up for CarStory?
Matt: To sign up for CarStory, dealers can visit our website: www.carstory.com. It’s a simple form and takes only 30 seconds to complete.
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