Back to Basics: Giving car buyers what they want
As a Verified Dealer on the OfferUp platform, you’re familiar with the many differentiators in your package that set you apart from a traditional consumer profile. A Verified Badge, click-to-call phone number and website, hours of operation, and Google Reviews imported to the profile - to name a few - all help build trust and credibility with potential buyers. Pre-built into your account as well are Promoted Placements (advertisements) that help drive your marketing results. So, how can you best take advantage of them?
Promoted Placements
OfferUp Promoted Placements will take your purchased amount of promotions and surge those to the top quarter of results in the Cars & Trucks search feed. Within an 80-mile radius of your dealership location, buyers can see your highlighted vehicles and quickly save, message, and/or call you with inquiries. Promoted placements get about 14X the views as an organic post on the app, so you want to ensure you’re using them to your best advantage.
Listing Filters
Currently, you can filter your promotions between 4 different choices. 1) Minimum Price. This will showcase your lowest-priced vehicles (total depends on your monthly subscription) and tends to deliver high engagement. Let’s say you’ve been sitting on some of your pricier vehicles for some time and would like to sell them faster - filter 2) Highest Price, might make more sense. This pushes your most expensive vehicles into the ad spots. The best part is that once a vehicle sells, the system will automatically replace the promotion with the next qualifying piece of inventory. The 3rd and 4th filters refer to the amount of time you’ve owned the car: 3) Oldest Inventory and 4) Newest Inventory. Excited about the newest crop of vehicles in your lot? The Newest Inventory filter will promote those cars, regardless of price point. The reverse logic applies to Oldest Inventory.
When to update
These filters are completely free to change with your Offerup Motors Account Manager, and we encourage you to make changes to your marketing as you see fit. The most successful dealerships on the platform will typically leave a new filter in place for ~3 weeks+ to ensure enough visibility on those promotions to be able to discuss results.
Curious about changing or adding on promotions? Contact OfferUp Motors to delve into a strategy that will work for your business.
The importance of Recommerce Marketplaces with Rising Inflation
It’s no secret inflation rates continue to rise. Despite this, consumers spent $138 billion online in the first two months of the year and are predicted to break a record in 2022 by spending more than $1 trillion online. While there is still high demand for inventory, and consumers have the ability to search a variety of places for what they want with one click, it becomes even more important to understand what consumers are looking for and where.
A few key trends from a recent survey on shifting consumer shopping habits found:
8 in 10 Americans identify ‘discounted price’ as a primary benefit of buying a used or resale item
51% cited sustainability/keeping items out of landfills as the main interest
76% of shoppers plan to buy resale in the coming year, with 84% of those under 30 already having bought used goods in the past year and 87% planning to do so in the next year
When you are considering where to advertise your vehicles in the midst of a potential economic downturn, keep these trends in mind. As the largest mobile marketplace in the US, OfferUp is well-positioned to support what is important to buyers in difficult times. In the coming year, recommerce will become even more important as prices continue to rise. Buyers are focused on prioritizing cost and still want choices when it comes to used vehicles. OfferUp is a platform consumers will continue to turn to when looking to purchase quality items at a lower cost.
In addition, with economic factors shifting, it becomes more important than ever to have inventory advertised on a horizontal marketplace like OfferUp. By having listings in front of potential local buyers in your area with other good verticals (furniture, electronics, clothing, etc.), you increase your chance of enticing in passive buyers. These buyers may not think they are quite ready for a new vehicle, but see inventory listings advertised on OfferUp and shift purchasing priorities and timelines to make it happen. A win-win for you and your business.
This month in Automotive History
dEmile Levassor was the winner, driving a Panhard et Levassor car with a two-cylinder, 750-rpm, four-horsepower engine. He finished the 732-mile course from Paris to Bordeaux and back in just under 49 hours, averaging an impressive (at the time) 15 miles per hour.
If you are new to OfferUp Motors, learn how our tools and dealer ads can help you connect your inventory with the right local buyers. Contact us today. All first-time dealerships are eligible.