Edmunds also estimates that 3.2M used cars were sold in October, compared to 3.1M the year before.
CompetitorPro's analysis of over 20,000 franchised dealership websites shows that consumer engagement metrics are mostly trending in the right direction:
- Average website visits were 7.2K, an increase of 2.0% over September
- Average bounce rate was 23.2%, up 3.2% from the previous month
- Average page views per visit was 4.09, up 0.4% from September
- Average website visit duration was at 2 minutes, 25 seconds, which was up 2.9% from September
Strengthening website engagement in October will hopefully lead to relatively stronger November and December sales for car dealers.
It's worth noting the large variability of individual dealership performance across these consumer engagement metrics:
- The top 25% of dealers experienced average website visits of 20.3K, compared to the industry average of 7.2K
- The bottom 25% of dealers experienced average website visits of 332.
- Top performing dealers are experiencing average page views of 8.1, and average website visit duration of 6 minutes, 29 seconds.
"It's refreshing that the industry is finally able to benchmark dealer website performance," said Steve Greenfield, founder and CEO of CompetitorPro. "This data should help dealerships understand how they're performing relative to others and enable more informed conversations with both their dealership website vendors, as well as their marketing agencies."
"At CompetitorPro, we're a big believer in bringing transparency and insight to a dealer's operations," says Greenfield. "Management guru Peter Drucker wrote that 'What gets measured gets managed', but the industry still has a long way to go towards providing dealerships with comparative metrics and actionable insights so they can continue to improve their operations."
CompetitorPro is the industry's first competitive intelligence tool built specifically for automotive dealerships.
As dealers look for ways to compete more effectively, advanced competitive intelligence solutions provide accuracy, analytics, and actionable recommendations that are missing in the market today. CompetitorPro's competitive intelligence solutions utilize complex algorithms that summarize insights so dealers can perform at the highest level of effectiveness in today's dynamic marketplace.
Dealers interested in measuring how they stack up to their competition should visit http://www.CompetitorPro.com.
Contact: Steve Greenfield, steve@CompetitorPro.com
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