Experian Automotive Launches Business Intelligence Tool That Delivers Unique Insights Into Automotive Market Velocity(SM) combines extensive data and advanced analytics to provide automotive professionals with actionable insights that enable more profitable decisions
LAS VEGAS, Feb. 5, 2012 /PRNewswire/ -- Experian Automotive today launched Velocity(SM) at the National Automobile Dealers Association (NADA) convention. Velocity is an online business intelligence tool that combines extensive automotive data with advanced analytics, enabling automotive professionals to better understand the market, the vehicles that are selling and the people who are buying them. Velocity's unique combination of data and analytics empowers users to quickly gain actionable insights and make profitable decisions.
According to a recent IBM study of 1,734 global chief marketing officers, the number one marketing challenge is to turn mass amounts of available data into information that allows companies to take action. Velocity provides this capability to automotive professionals, providing insight into what specific actions retailers can make to maximize sales.
"Data about sales registrations is obviously an important tool for any automotive marketer, but turning data into insight that can be put to use is where our clients need the most help," said Russell Evans, senior vice president of marketing and product management for Experian Automotive. "Velocity was designed to meet that need by helping results-oriented professionals better understand the market, the vehicles and the people who buy them, as well as provide them the insight they need to quickly adapt their strategies to take advantage of opportunities."
Velocity provides the ability for automotive marketers to track performance by region, ZIP Code™ and individual dealership, as well as to compare performance against competitive brands at the vehicle or dealership level. Velocity also allows marketers to develop customized key performance indicators to set goals and track ongoing progress. In addition, Velocity provides analytic tools that allow marketers to develop marketing strategies to make an immediate impact on sales performance.
For example, if a manufacturer wants to check on their retail network performance in a particular state, they can quickly retrieve sales registration data showing how all their dealerships perform against competitors statewide. They can then review how retailers are performing against their key performance indicators. If a particular region is behind selling a certain model, a campaign can be developed to specifically boost sales of that model in that targeted area. The entire data review and analysis can be performed in just a matter of minutes.
"Velocity is a powerful step forward in Experian Automotive's ability to give our client's real-time access to the tools that will help them make better and more profitable decisions," continued Evans. "The integrated approach to discovering what is happening at the retail level, why it is happening and how challenges can be addressed separates Velocity from simple analysis and data tools."
Volvo was the first manufacturer to put Velocity to use and has already benefited from its quick and in-depth insights into key markets.
"Understanding changes in the automotive market, identifying vehicle trends and gaining insight into the buying behavior of potential customers is information that every automotive manufacturer needs to be effective," said Tassos Panas, executive vice president of Volvo Cars of North America. "Through Experian Automotive's Velocity platform, we have access to a never-before-seen combination of information and insights that allow us to increase our competitive edge in the marketplace."
Experian Automotive will be demonstrating Velocity at the National Automobile Dealers Association (NADA) Conference, Feb. 3-6 in Las Vegas, booth # 2362. For more information about Velocity, visit http://www.experian.com/AutoVelocity. To learn more about Experian Automotive's other leading products and services, visit http://www.experian.com/automotive.
About Experian Automotive
Experian Automotive is a leader in providing information services and market intelligence to manufacturers, dealers, finance, insurance and aftermarket companies, helping them increase customer loyalty; target and win new business; and make better lending, purchasing and production decisions. Experian's AutoCheck reports provide customers with in-depth vehicle history information to confidently understand, compare and select the right vehicle. Its North American Vehicle Database(SM) houses more than 650 million vehicles and, when combined with Experian's credit, consumer and business information assets, meets the industry's growing demand for an integrated information source. Experian technology supports top automotive businesses, including eBay Motors, O'Reilly Auto Parts, Affinia, CarMax and NADAguides.com. For more information on Experian Automotive and its suite of services, visit our Website at http://www.experianautomotive.com.
Experian® is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was $4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit www.experianplc.com.
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SOURCE Experian Automotive