ATLANTA, Jan. 20, 2015 /PRNewswire/ -- MakeMyDeal, a new company under the Cox Automotive umbrella, is redefining automotive retailing with an innovative communication platform that enables dealers and consumers to come together on the terms of a deal online. MakeMyDeal is Cox Automotive's first investment in automotive online retailing, and the company's unique approach keeps the relationship between dealers and consumers at the center of the online retailing revolution.
"There's no question that online retailing is coming to automotive, but we firmly believe that the 'shopping cart ecommerce' model that works for books and electronics, doesn't translate to automotive retail for the majority of car buyers," said Mike Burgiss, founder and general manager of MakeMyDeal. "People will continue to buy cars from people, so we designed a platform based on our philosophy of Connection Commerce, which puts the relationship between the dealer and the consumer first while enabling the deal structuring process to take place online."
The foundation of the Connection Commerce philosophy is the idea that successful automotive transactions require trust-based relationships between the buyer and the seller, and the best way to build those relationships is to provide a forum for dealers and consumers to form a connection and build a business relationship in a way that caters to both parties' needs. The MakeMyDeal platform enables consumers to start structuring a deal with dealers from the comfort of their own homes, with the privacy they desire. For dealers, the platform gives them the ability to receive the information they need from consumers and manage the structure of the deal while working closely with their potential buyers.
How MakeMyDeal Works:
Shoppers visit dealership websites for any dealers who participate in the MakeMyDeal platform.
Once they land on the VDP (vehicle details page) of a car they're interested in purchasing, they can start personalizing the deal by using the MakeMyDeal self-penciling experience located next to the vehicle photos and advertised price.
Shoppers setup an account for the MakeMyDeal platform to connect and communicate with the dealership around the terms of their car deal. Shoppers provide the following information to create a personalized deal structure and monthly payment estimate on their vehicle of interest:
- Purchase price offer (this is not included for single price inventory)
- Needed information to obtain a trade-in value
- Credit tier and desired length of term for financing
- Down payment amount
After a shopper saves and submits a proposed deal, a dealership representative receives the details along with the shopper's username and personal message to the dealership, which may include pertinent questions and details the shopper has shared about his/her buying situation.
The shopper receives an alert from MakeMyDeal when the dealership sales representative responds to the offer by "accepting" or responding with an updated deal structure.
At any point during the process, the shopper can decide to visit the dealership or schedule a test drive. When shoppers are ready to take the next step, they receive a MakeMyDeal Deal Summary, which includes instructions for completing the purchase in the dealership.
In addition to providing consumers with a better overall purchase experience, MakeMyDeal benefits dealers by helping them stay in control of the deal structure. The MakeMyDeal platform does not require dealers to honor a price promised by a third party and instead works to keep the dealer intimately involved in the deal structuring process. By doing this, MakeMyDeal helps form and strengthen the relationship between the dealer and consumer, rather than working to short circuit or replace it. Ultimately, MakeMyDeal delivers Desk-Ready Deals(SM) to dealers' inboxes, helping them sell cars more efficiently. MakeMyDeal helps dealers sell cars, not appointments.
"Until now, there hasn't been a viable way to make the connection from vehicle selection online to the in-store purchase," Burgiss continued. "MakeMyDeal bridges the online and offline experiences by enabling dealers and consumers to build meaningful business relationships and come together on the terms of the deal online. And it does that all while alleviating some of shoppers' top frustrations and giving them an experience, an online experience, that they prefer."
The MakeMyDeal communication platform was first launched in December 2013, and the beta platform became commercially available in June 2014. The experience can be accessed through participating dealer websites, select third-party sites including AutoTrader.com, and at makemydeal.com. Initial response from participating dealers and consumers has been overwhelmingly positive.
MakeMyDealSM is a new Cox Automotive™ company that is revolutionizing the car buying experience. The MakeMyDeal platform, which can be accessed through participating dealer websites, select third-party sites including AutoTrader.com, and at makemydeal.com, enables car shoppers and dealers to discuss and agree on the terms of a car deal. Buyers experience the convenience of negotiating and reserving their car deal online from the privacy of their own home. Dealers start trust-based relationships with buyers who submit Desk-Ready Deals(SM) directly from their online inventory pages. The deal gets finalized at the dealership, which leaves buyers and dealers each in control of their own deal making process. Based in Atlanta, GA, MakeMyDeal is a Cox Automotive company. Additionally, Cox Automotive owns Manheim Auctions, AutoTrader.com®, Kelley Blue Book®, vAuto®, Xtime®, VinSolutions®, HomeNet Automotive® and Haystak™ Digital Marketing. Visit MakeMyDeal online at http://makemydeal.com/dealers.
SOURCE Cox Automotive