Relationship Leverages Anonymized Equifax Customer Economic Data and V12 Vehicle Insights to Personalize Online Car Shopping Experience and Match the Right Vehicle with the Right Buyer
Equifax Inc. (NYSE: EFX) and V12 announced a strategic relationship to deliver powerful digital marketing solutions to the automotive industry during the National Automobile Dealers Association (NADA) Show today in Las Vegas. This relationship combines anonymized Equifax customer economic data, based on direct measured sources, with V12 vehicle insights. Available through Equifax Automotive, the solution is designed to drive customer acquisition by matching the right car with the right buyer through a personalized shopping experience. The insight that comes from knowing what the consumer is currently driving helps automotive retailers maximize their digital marketing budgets.
Industry analysts have predicted that digital advertising spending by the U.S. automotive industry will reach $14.1 billion in 2020, up from $11.3 billion in 2018, and a Compound Annual Growth Rate (CAGR) increase of 13.7% from 2014 ($6.1 billion). Driving this increase are the millions of car and truck shoppers conducting early-stage research for their next vehicle online.
Equifax consumer economic solutions help brands to identify the likely financial and economic characteristics of customers and prospects. Insights into estimated household income, spending and credit, buying behaviors and product preferences help in the development of more targeted online marketing campaigns and in the creation of better overall customer experiences.
The Equifax relationship with V12 enhances the targeted marketing process for the automotive industry by combining anonymized Equifax consumer economic information with V12 data on 180 million VIN sources across all 50 states. V12 information is fully populated with make, model and year, and other details including engine size, fuel type, drive train, engine block, and engine cylinders. The breadth of auto data enables more granular personalization that allows for the right vehicle to be presented to the right consumer.
To learn more about the full suite of Equifax Automotive digital retailing solutions, please visit: https://www.equifax.com/business/automotive/.
V12 is the leader driving business outcomes through data, technology, and marketing solutions. The company’s broad data offerings feature a range of foundational and consumer intent data, highlighted by V12 AutoID, the leading VIN to consumer solution, and V12 Signals, which harnesses consumer behavior to deliver highly predictive consumer intent insights. V12’s solutions are powered by V12 Velocity, the top of market CDP that links first and third party data, powerful analytics, and customer journey management into a seamless retention, upsell and acquisition platform. For more information, visit v12data.com.
Source: Equifax Press Release