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CarStory and its ways to enhance your car inventory

22 Apr

The other day I came across CarStory. Since I’ve started with car comparison site carwow I’ll always keep an eye out for similar sites, changing the way in which consumer buy new or used cars. Given that I’m not a US based car dealer, my testing of the CarStory site and app is limited. I did, however, learn quite a lot about CarStory’s service by reading reviews and watching videos.

These are the main things that I learned about CarStory:

  1. Mission statement – “Turn car shoppers into customers” is CarStory’s main tagline. On its homepage, there’s a succinct description of CarStory’s value proposition. The service is aimed at car dealers, providing them with a “CarStory” to their inventories. A CarStory is a market report which “tells a story”, highlighting your cars’ unique features and value in the local market (see an example in Fig. 1 below). CarStory’s goals are to (1) build consumer confidence and (2) accelerate purchase decisions.
  2. Use cases – I guess the main benefit for dealers using CarStory is that they will have a good bit of car specific info at hand, not having to check multiple sources to answer customer questions about e.g. fuel consumption, features or alternative models (see Fig. 2 below). From a customer’s perspective, dealers are likely to be set up well for specific questions e.g. about price comparison or the most popular features on a specific car.
  3. Infographics – Apart from vehicle specific ‘story cards’, dealers can also use CarStory’s infographics to provide their customers with more data and insight about a specific model. For example, I can look at high level supply and demand data for a specific model (see Fig. 3 below).

Main learning point: CarStory offers an interesting way of creating market reports and integrating these reports into a dealer’s daily workflow. It currently only seems to apply to used cars and it would be good to find out from a customer’s perspective how the CarStory data and insights help in making purchasing decisions, whether it’s for a new or a used car.

Fig.1 – Screenshots of a sample CarStory – Taken from: https://www.carstory.com/static/img/market_sample.pdf

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Screen Shot 2015-04-22 at 07.57.43Screen Shot 2015-04-22 at 07.58.47Screen Shot 2015-04-22 at 07.59.41

 

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Fig. 2 – CarStory use cases – Adapted from: http://blog.carstory.com/business-development-sell-more-with-carstory/

  • Identify other cars in your inventory to match customer needs – A dealer is on the phone with a customer and can use CarStory to check his inventory to see if there are any cars in the other to meet a customer’s requirements.
  • Provide car specific info on the phone, email or on text – With the data included in a CarStory for a specific vehicle, dealers will be able to answer specific customer questions on the phone, email or on text. The idea is that customers don’t necessarily need to come into the dealership to find out certain details about a car.

Fig. 3 – Example of a CarStory infographic – Taken from: http://blog.carstory.com/market-reports-dodge-caravan-infographic/

dodge-caravan

Related links for further learning:

  1. http://www.dealerrefresh.com/carstory-app-interview-with-vast/
  2. http://www.autoremarketing.com/trends/features-info-used-car-buyers-want-most
  3. http://blog.carstory.com/get-to-know-carstory-part-3-vehicle-condition-is-key/
  4. http://blog.carstory.com/business-development-sell-more-with-carstory/
  5. https://www.carstory.com/static/img/market_sample.pdf
  6. http://blog.carstory.com/getting-to-know-carstory-part-1-can-you-trust-the-data/
  7. http://blog.carstory.com/get-to-know-carstory-part-2-good-deal-great-deal/
  8. http://blog.carstory.com/top-10-carstory-market-report-tips-and-tricks/
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Posted by on April 22, 2015 in Data, Digital Content, Uncategorized

 

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