EQ's proprietary data platform identifies a rebound in consumer interest for cars with a 56% increase in unique dealership visits for June
TORONTO, ON / ACCESSWIRE / July 30, 2020 / EQ Inc. (TSXV:EQ) ("EQ Works" or "EQ"), a leader in geospatial location data and intelligence, and TRADER Corporation, the leading digital marketing partner for Canadian automotive retailers and manufacturers, announced the findings of a proprietary study showing a turning point in consumer intention in the automotive sector, hard-hit by COVID-19. The study, powered by EQ's data-insights platform LOCUS, revealed a surge in consumer visits to Ontario auto dealers in June over the prior month, led by franchise dealers. Even more promising for the autos sector, repeat visits to Ontario dealerships jumped 85%, underscoring consumer purchase intent.
Other Key Findings:
Ontario dealerships saw a +46% increase in one-time visits
Repeat visits at Ontario Dealerships grew by +85%
Independent dealerships saw a +36% increase in visits
Franchise dealerships saw a massive +154% increase in visits
"Following a few challenging months surrounding the onset of the COVID-19 pandemic, we are observing promising consumer behaviour data," said Ian MacDonald, chief marketing officer, TRADER Corporation. "The EQ Works walk-in data helps paint a clear picture for our category and inform better discussions with dealers and with advertisers."
"A consumer's movement through the world, when combined with multiple other data sources, affords businesses incredible insight into purchase intent," said Geoffrey Rotstein, President and CEO EQ Works. "As the economy re-opens, marketers need a real-time pulse on consumer intentions to make critical investment decisions, as historical seasonality models don't apply in a pandemic landscape."
These findings are critical as auto brands and dealers confront the challenge of optimizing marketing and operations efforts as the economy re-opens. As with all businesses in the re-opening phase, insight into consumer spending intentions enables more effective sequencing of marketing, supply chain, and operational investments. Established patterns of how consumers move through the world as part of their daily routines have been up-ended by COVID-19 and new patterns and preferences are evolving. Harnessing the power of multiple consumer data sources, from location to spending patterns to socio-demographics is a requirement for successfully navigating the re-opening of the economy. Given the length of the autos sales cycle, and both the size and frequency of purchase, autos brands and dealers need to make the most of every purchase signal.
ABOUT EQ WORKS
EQ Works (www.eqworks.com) enables businesses to understand, predict, and influence customer behaviour. Using unique data sets, advanced analytics, machine learning and artificial intelligence, EQ Works creates actionable intelligence for businesses to attract, retain, and grow the customers that matter most. The Company's proprietary SaaS platform mines insights from movement and geospatial data, enabling businesses to close the loop between digital and real-world consumer actions.
TRADER Corporation is the leading digital marketing partner for Canadian automotive retailers and manufacturers. With over 22 million visits a month and more than 5 million mobile app downloads, TRADER's largest automotive marketplaces - autoTRADER.ca and autoHEBDO.net - are the #1 source for all things automotive in Canada. The company offers retailers and manufacturers access to a robust audience of new and used car shoppers, best-in-class digital advertising, website and software solutions, and rich data insights. TRADER Corporation is the first to offer a completely integrated digital retail experience for consumers and dealers on a major Canadian automotive marketplace. For more information, visit: go.trader.ca. Follow TRADER on LinkedIn, Facebook and YouTube.
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This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. EQ Inc. is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
SOURCE: EQ Inc.