Motor retail data and marketing

How do you ensure the vehicles you buy and sell haven’t been stolen, written-off, modified or subject to a competing ownership claim? Experian offers a full range of tools to validate your vehicles, including . Services like Experian Autocheck and Experian Vehicle Mileage Check should give you the confidence to proceed with purchases.

There’s no one-size-fits-all approach to pricing, and the volatile nature of the market means you need access to up-to-date data to ensure your own pricing remains both competitive while and profitable. Experian can harness big data from hundreds of thousands of vehicle classifieds in real time to understand the current – and future – value of the vehicles you own.

Regulations demand you develop rigorous financial forecasting models to accurately predict the economic risks to your business. Experian’s Ascend Intelligence Services can help you build, test, deploy and – when necessary – update both risk and marketing models to help steer your business in the right direction.

Customer understanding is derived from data, so it’s important it’s accurate, up to date and compliant. Look to audit your customer database regularly – you can send it to Experian for both a comprehensive health check and a full cleansing, removing or updating outdated and inaccurate information.

A good data cleansing process will also give you the opportunity to add in new information from trusted sources, providing you with a more fully rounded view of your customers. A tool like ConsumerView can link your records to its own rich data sets to reveal a wealth of extra information, all of which meets stringent privacy and compliance regulations.

How well do you know your marketplace? You may already use demographics and focus groups to try and understand your customers better, but how rich are the insights you gain? By combining your own data with that from other sources, you’re able to add depth and colour to your customer insight – a tool like Experian’s AudienceView lets you define your audience and then observe that group’s online behaviours in close to real time, ensuring your insights are accurate and up to date.

Once you’ve rounded out your customers, look to group them into segments by whatever criteria you choose – a service like Experian’s Mosaic offers 66 distinct types organised into 15 logical groups. From this you can target specific audiences with more relevant communications and offers.

Many customers will wish to part-exchange their current vehicle for a new one. If you want to do this safely, look for a solution that performs comprehensive checks to confirm the vehicle’s provenance and the customer’s ownership of it, as well as providing you with a fair valuation. Something like Experian’s AutoCheck may be the right choice – it uses three industry leading providers to calculate a vehicle’s current and forecast value, as well as its retail and trade price.

Many prospective customers will be looking to purchase on credit. The quicker you can confirm their eligibility, the more likely you are to close a deal. Look for a solution which can reach customers across multiple channels, from your website to social media or a customer’s smartphone. Experian’s Eligibility Check can give prospects a strong idea of what they can afford in seconds, all without requiring a full credit check.

One advantage of gauging a customer’s probable affordability is the ability to show them vehicles they’re actually able to buy. This may translate into guaranteed preapproved offers or simply scoring a customer’s likelihood of being able to afford the vehicle. Prequalifying customers gives them the confidence to apply for products that are right for them, helping smooth the customer journey.

Confirming a customer is who they claim to be is an essential part of the car-buying process, but it needn’t be a laborious one. In fact, it can be done entirely electronically. Look for solutions that streamline the process by combining biometrics with digital document checks. Experian’s CrossCore solution can even use the information supplied to pre-fill forms.

Data-driven lending decisions rely on the quality of data at their disposal to gauge a customer’s long-term ability to pay. If you choose a solution like Experian’s affordability checks, you’ll be tapping into a massive reservoir of shared financial data to validate customer-supplied information such as their salary, and it’ll also help you form an accurate and rounded overall picture of them.

Data-driven decisions such as those made by Experian’s solutions ensure both you and your customer gain a fair outcome. They also greatly reduce the need for manual review and deliver decisions swiftly, removing another potential barrier to purchase.