Cycle Trader Expands Lead Generation Strategies for Dealers
Norfolk, VA — Jun 11, 2019In a robust new feature set designed to grow dealer leads, sales and profit margins, Cycle Trader has introduced a series of marketplace enhancements providing multiple new channels for connecting with in-market consumers. Additions include a new text messaging option and 24/7 managed chat service that increase engagement with buyers inquiring about specific listings; a new function created to encourage requests for dealer financing; and social media retargeting that drives traffic back to previously viewed listings by serving up ads about those units and related dealer inventory when users browse Facebook or Instagram. “These enhancements give dealers who advertise inventory on Cycle Trader more touchpoints than any competing marketplace to reach buyers, sustain their interest, and create opportunities to finance unit sales that will drive incremental profits,” said Lori Stacy, CEO at parent company Trader Interactive. “Add the fact that this marketplace has the largest audience in the industry and that these new features have shown measurable increases in consumer connections because they support consumers’ evolving digital communication habits, and you have a powerful new toolset for building business.” The new features are:
- Text messaging – In addition to connecting by email, phone or chat with a click, buyers can now text dealers about vehicles of interest directly from the relevant Cycle Trader listing. The service displays text messages in real time in the backend Dealer Center application, responds by texting the appropriate vehicle link until the dealer is able to answer, and returns all dealer responses in seconds, helping reach the 81% of adults who use text messaging and engage with consumers at a peak in their interest.
- 24/7 managed chat – A new 24/7 Managed Chat Concierge option allows dealers to outsource live chat discussions about their Cycle Trader listings to a top-rated third-party service used by the automotive industry. The service relieves dealer staff of chat responsibilities and provides chat coverage outside of dealership hours, helping increase chat leads 85-95%. Dealers receive chat leads and transcripts in the same email as their Cycle Trader leads for easy management.
- Dealership financing requests – To help dealers increase their financing opportunities, a new “Finance Fast Track” feature enables buyers to indicate interest in financing their purchases through the dealership by clicking on a dealer logo on Cycle Trader’s estimated payment form. The resulting email lead includes an “Interested in Financing” subject line as well as details on the unit of interest.
- Social retargeting ads – With this new option, a buyer who views a unit on Cycle Trader will see ads for that listing and other popular units from the same dealer’s inventory when browsing Facebook or Instagram. A click on the ad will bring the buyer back to the same unit on Cycle Trader with clickthrough rates from 14-22%, helping maintain buyer interest. This complements the GoSocial social media management service, which helps dealers attract new customers by building a strong Facebook and Twitter presence for a fraction of the cost of hiring an in-house team.