SANTA MONICA, Calif. — June 5, 2013 — Edmunds.com, the premier resource for car shopping and automotive information, today presented to the Automotive Press Association its new Price PromiseSM program, which is designed to give shoppers a convenient and reliable way to know exactly what price they’ll pay at the dealership.
“According to our research, which included talking with over 10,000 car shoppers, the biggest unmet need of car shoppers has been getting an actual price for a car. Edmunds.com’s Price Promise resolves that issue by offering an instant, locked-in price that the dealer will honor,” stated Edmunds.com President and Chief Operating Officer Seth Berkowitz in his presentation to Detroit-based media.
Berkowitz went on to explain that a car shopper who is interested in a car listed on the Edmunds.com Web site can instantly receive the dealer’s guaranteed price for that car by simply entering three basic pieces of information: name, phone number and email address.
“This is about a feel-good car shopper experience. It’s about high satisfaction, no stress – making things smoother at the dealership for both shopper and salesperson,” said Berkowitz.
Dealers who participated in the Price Promise pilot earlier this year reported impressive engagement among car shoppers. They also noted that these consumers seemed more interested in saving time in the process than getting the rock-bottom price, unlike consumers who request multiple price quotes.
“Since signing up for the Edmunds Price Promise program I have received 10 times the number of [inventory] prospects and have closed them twice as often as other prospects,” noted Michael Bailey, E-Commerce Director at Portland, Oregon’s Town & Country Auto Group.
Edmunds.com plans to roll out a national television advertising campaign in the fourth quarter of this year to raise further awareness of the program.
Car buyers and dealers can learn more about Price Promise at http://www.edmunds.com/price-promise.html.