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Edmunds.com Price Promise Program Delivers Strong Early Results for Car Dealers and Shoppers
Jul 11, 2013 (12:07 PM EDT)
SANTA MONICA, Calif., July 11, 2013 /PRNewswire/ -- Dealers participating in the new Price Promisesm program, which delivers instant guaranteed prices to car shoppers on Edmunds.com, are already enjoying significant increases to their lead and conversion rates, according to new data presented today to the Motor Press Guild in Los Angeles, CA, by Edmunds.com President Seth Berkowitz. The results show that participating Price Promisesm dealers have seen customer contacts increase as much as 100 percent and their closing rates with shoppers within a 15-mile radius increase by an average of 15 percent.
"The message is simple: if you make the car shopping process easier, you create better trust and engagement with car buyers," said Berkowitz. "Price Promise offers a feel-good shopping experience that leads to a smoother process for both customers and salespeople at the dealership."
Edmunds.com's data also reveals exactly how much shoppers have enjoyed the new service. Four out of five Price Promisesm shoppers report that they are "very satisfied" with the buying experience and 73 percent of customers that received a Price Promisesm quote said that the price on the certificate was on par or lower than what other dealerships were offering.
According to Edmunds.com's research, the biggest unmet need of car shoppers is finding an actual price for a car. Edmunds.com's Price PromiseSM tackles this issue head-on by offering an instant, locked-in price that the dealer will honor. Users can instantly receive the dealer's guaranteed price for a car by simply providing three basic pieces of information: name, phone number and email address.
Dealers who participated in the Price Promisesm pilot earlier this year noted that the shoppers who come through this process seemed more interested in saving time than getting the rock-bottom price, unlike consumers who request multiple price quotes.
"Over 18 million people visit Edmunds.com each month, and we anticipate that the majority of them will be compelled by the convenience and straightforward nature of the Price Promise experience," noted Berkowitz.
Car buyers and dealers can learn more about Price Promisesm at http://www.edmunds.com/price-promise.html.
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