“ Sitting at home , the consumer can provide information to get a reliable , bona fide offer on a vehicle , without having to go to the dealership ,” said Kevin . “ Pre-pandemic there was an appeal to this approach , and we saw some traction . However , during the pandemic it really became a key building block of the buying and selling process .”
Additionally , the contracting , registration and titling aspects of a vehicle purchase are quickly evolving as the pandemic has further accelerated digitization of the traditional paper environment . Retail Solutions employees in our Dealertrack offices — most of whom worked on-site through the pandemic — processed record-high volumes of vehicle registrations , titles and contracts for our dealer and lender customers .
AUTOTRADER IS NO . 1 AGAIN !
Autotrader , also a part of Retail Solutions , took back market share this summer to become the biggest and best online auto marketplace in America , surpassing CarGurus in unique monthly visitors for the first time since 2017 . This milestone reflects three years of hard work transforming the business into a true digital marketplace .
Autotrader also doubled down on improving SEO ( search engine optimization ) to increase site traffic and market the brand more aggressively during COVID-19 . The results speak for themselves : The team recently posted record-high customer retention ( 98.8 %) and the highest growth in subscription revenues since 2014 .
“ With the support of the Cox family , we continued to market and attract consumers to our site ,” said Greta . “ We now have everything working together , with all engines firing . All these things have helped drive our success .”
THE FUTURE IS BRIGHT AND ONLINE WITH COX AUTOMOTIVE ESNTIAL COMMERCE
Even when the pandemic subsides , car shoppers will continue to buy online , and Cox Automotive is helping the industry meet them there .
In July , it launched Esntial Commerce , a first-of-its-kind , end-to-end digital solution that allows consumers to buy a car 100 % online through a retailer ’ s branded website . Esntial Commerce is an AI-driven e-commerce platform that enables retailers to deliver a personalized online experience — seamless financing , reliable payments , automated checkout and even delivery . Esntial Commerce launched exclusively with Penske under its CarShop brand . Cox Automotive has also signed several new early-adopter clients and is working toward implementation , as well as many other product enhancements and features .
“ It ’ s a true e-commerce platform , which means a retailer could have a thousand deals go through in the middle of night — that ’ s a game-changer ,” said Paulo da Silva , vice president of digital commerce , Cox Automotive . “ Esntial Commerce makes our entire Cox Automotive Digital Retailing portfolio stronger . It ’ s the next big thing coming and a huge leap forward .”
Consumers are raising the bar for what they expect from automotive retailers . The addition of Esntial Commerce to Cox Automotive ’ s full lineup of market-leading brands and digital tools equips retailers to own every purchase path , no matter how a consumer wants to buy . With the most comprehensive set of digital solutions in the industry , Cox Automotive is leading the way as it continues to transform the way the world buys , sells , owns and uses cars .
25