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Definition • veh·i·ko/ˈvehi-ko/ • Verb: • Vehiko is ensuring buyers the lowest possible price on a new car while providing dealers with a guaranteed sale in an easy‐to‐use and efficient web‐based reverse auction platform. What is Vehiko
Vehiko for Dealers • Vehiko delivers serious buyers because the consumer pays for the service • Dealers will be invited to participate in an auction based on location of buyer • Dealers can participate in an auction based on available inventory matching buyers requests regardless of geography • The automated bidding system allows dealers to update their bids on the fly so they don’t lose out on a potential bid • Dealers see lowest bid from other dealers • Comprehensive reporting and analytics tool to track and monitor pricing based on historical transactions • It is a FREE service for dealerships
Vehiko for Consumers • We eliminate the haggling process • We save the buyer time and money from driving to dealership to dealership looking for the best price • If no dealer does not have the exact car and price the buyer is looking for, they don’t pay for the service • The buyer can push the request out to a multitude of dealers allowing more dealers to compete • We provide everything accept the “test drive” • Comprehensive reporting and analytics tool to track and monitor pricing based on historical transactions to educate the consumer on sale prices • Consumer feedback on experience with dealers – Rating system
Why use Vehiko A better way to find car buyers online has long been needed from the dealers’ perspective. As digital marketing expert Brian Pasch writes: “Most car dealerships are paying ‘car enthusiast’ sites $20‐$25 per lead every time a person asks for a quote on a new/used car in their zip code area. These third‐party leads normally have a conversion rate between 5‐10% and cost dealerships on average $350 per car sale in lead costs and hundreds of additional dollars in labor pursuing non‐productive leads. “When dealing with third‐party lead providers, there is no way to easily verify if these purchased leads have been sold to other local dealers. There is also no way to validate what percentage of the leads are bogus. If you ever have purchased automotive sales leads, which convert on average no better than 10%, you know that many leads can have email addresses that never reply when you send out a quote. With the auto industry margins under pressure, dealers need to create a sustainable and cost‐effective Internet lead generation solution which they can control.
Market Analysis • According to an article in SmartMoney, the best way to purchase a new car might be to skip the dealership altogether and head online • The ways in which consumers purchase everything from cars to vacations has changed since Web 2.0 tools became mainstream, and the objective remains the same: make the process easier for the buyer. • The Automotive Buyer Influence Study, conducted by Polk and utoTrader.com, reveals that consumers spend an average of 18 to 19 hours online researching both new and used vehicle purchases • Of the 4,005 study subjects, 58% of used car buyers and 50% of new car buyers indicated that their Internet research was the most influential element in their vehicle search, and ultimately led them to the dealership where they purchased their vehicle
Market Analysis • This chart compares Internet users by income groups for certain online activities on any given day,
At last count, there were more than 50 companies in the business of automotive lead generation. They buy the clicks and sell them to aggregators, such as Dealix, Autobytel.com, and AutoUSA.com. The aggregators then sell those leads to any one or a number of the 39,708 new car franchised dealers in the United States (Automotive News ). • Dealers currently spend $18-23 per lead, and online leads convert to sales roughly 2-5 percent of thetime. How does it work?
Lead Generation Is Broken for Dealers and Customers The lead generator’s incentives are not aligned with those of either the dealers or the buyers. The assumption with lead-gen is that a request for a price quote means the customer is a serious buyer. In fact, the numbers say differently. “it’s the model most likely to move things forward in a positive direction, by making the car buying process more enjoyable for consumers and more effective, efficient and productive for car dealerships – a win-win situation for all involved.”
We provide everything accept the “test drive” For further information please contact: Tim Houchin firstname.lastname@example.org 860.301.6811