Taking Ten with LOTLINX COO Jason Knight
DN: Since some of your marketing will no doubt include a concise explanation of what you do, what would your elevator pitch sound like?
JK: We know people are in the car market these days and no one wants to give up their personal info anymore, that’s why we got in the business. We detect car shoppers and score their behavior (intent to buy) as they transition from shopper to a buyer and then we feed them ads across social platforms, websites, dealer sites etc. We are a cost per action provider with close to real-time data that allows us to detect likely buyers closer to the bottom of the sales funnel and entice them with vehicles that they are interested in but are considered slower movers (75% of the inventory). We’re the cure for “aging inventory” or “lot rot” (DN’s term).
DN: What is the cost to the dealer and what is the business model?
JK: Our basic lead generation program charges $3.99 per lead (per action). The dealership basically has a budget (i.e.$4,000) and draws down on that budget as leads are delivered on specific vins or perhaps slow-moving vehicles the dealer selects. Our user experience optimized program is $4.99 per action and includes a specialized page with chats, texts and elements that are proven to increase conversions. All unused budgets are rolled over to the next month. It’s not “use or lose”.
DN: How do you differentiate yourself from competitors and define your use of the term AI?
JK: Attribution is very hard to determine these days. LOTLINX can see engagements, basically what shoppers are doing via social, video, vehicle views, lead form fill out email etc. and we can prioritize them by engagement as we track them and use an omni-channel approach to feed them ads based on what they want and what the dealer has in inventory to match their search.
DN: How do you drive traffic to a VDP
JK: 75% our more of our traffic has never been to a dealer’s site. We don’t do retargeting per se. We serve ads if to car shoppers on dealer sites, CNN, review pages, Google ppc, virtually anywhere they go we can serve them ads all based on their score in our buyer algorithm. We don’t advertise the same Honda a dealer advertises to everyone, we advertise any one of the other Hondas they have in their inventory. Many dealers actually spend most of their ad budgets for VDP views on 5 cars!
DN: What do you mean by mobile first VDP?
JK: More than 80% of traffic we see is mobile traffic. We created CS Amp page that renders really fast and has features that lead to 400% better conversions by adding graphics, text, chat etc. We haven’t cracked any special code but we know what leads to more conversions and that’s what our $4.99 per lead program is. If a mobile site doesn’t load in 3 seconds, you lose 50% of the traffic so that’s why we developed CS AMP which is a play on the Google platform and a play to increase a dealer’s profit.
Content Manager/Dealership News