![]() And internal teams - from product managers to business analysts - weren’t able to discover insights that could help improve customer engagement and conversion on marketing offers. Pricing updates only happened twice a month, which means they were basically obsolete as soon as customers saw them, and the process required multiple people, manual intervention and multiple days. However, without a centralized data repository, data access was complex which slowed ingestion and model development. With these new use cases popping up, our mechanisms to create customer value must be more flexible to accommodate variable circumstances.”Ĭritical to fulfilling these customer car shopping needs is Edmunds’ ability to not only provide accurate pricing models, but create a customer experience that drives conversion through marketing offers and new features within the car buying journey. Responding to these irregularities, Greg Rokita, associate vice president of technology at Edmunds says, “In this challenging environment, we need to provide customers with optimal decision-making tools to help them find their dream car, get the best deal, trade-in at the right time, or buy a used car for the first time. Additionally, new car inventory has shrunk notably due to these global supply chain issues. According to Edmunds data from June 2022, the average transaction price for used vehicles increased 8.9% year over year (YOY), while new cars are up around 11.6% YOY. However, due to microchip shortages and supply chain deficiencies caused by the COVID-19 pandemic, today’s used cars are actually appreciating in value. Struggling to provide actionable insights to usersīased on historical consistency, it’s a known fact that used cars depreciate in value. ![]()
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