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V12 Releases New In-Market Automotive Model to Identify Consumers 4.5 Times More Likely to Purchase a Vehicle Within a 90 -Day Timeframe
Use of real-time shopping behavior data and machine learning marks a dramatic improvement from historical purchase data
BOSTON, MA / MATAWAN, NJ / TAMPA, FL – August 13, 2018 – V12, a leading provider of people-based marketing solutions, today announced the release of its new in-market automotive model to identify consumers actively shopping for vehicles. The model identifies consumers who are 4.5 times more likely than the average U.S. population to purchase a vehicle with a 90-day time frame.
The in-market model was built using V12’s proprietary intender solution, V12 Signals, which uses mobile location device data to identify in-market shoppers who have visited a dealer’s lot or automotive aftermarket location within the previous 24 – 48 hours. Using machine-learning processes, the model is continually ingesting this feed of in-market behavioral data to deliver predictions and recalibrate.
“Our new model is highly predictive, using in-market behavior indicators versus historical data,” said Andy Frawley, CEO of V12. “Using current purchase-intent data, we are able to more effectively predict who is in the market now. Today’s business climate is constantly changing and evolving, and these real-time factors combined with our machine-learning platform have allowed us to build a truly competitive model that adapts to market changes.”
As part of the development process, V12 Signals data was validated against verified auto purchase data. Research done in conjunction with a third-party research partner revealed that consumers with multiple visits to a dealer within a two-month time period are more likely to purchase a vehicle in the next 90 days compared to consumers with only a single visit. Based upon this data, consumers with 4+ sales visits have a much higher purchase rate compared to consumers with fewer visits.
The company’s industry leading Vehicle Identification Number (VIN) database, V12 AutoID, provides the foundation for the in-market automotive model. Formerly known as Relevate Auto, V12 AutoID is the largest and most accurate VIN database in the automotive marketing industry with information on over 215+ million consumers and 186+ million VINs. The database is available for all 50 U.S. states with zero marketing restrictions and is fully compliant with the Shelby Act, DPPA, and other similar legislation.
Recent enhancements were also made to V12 AutoID including growth of close to 7 million VINs, creating an overall total of 186+ million VINs. Vehicle mileage data was also added with coverage on 62+ million vehicles.
As an omnichannel data powerhouse, V12 combines the power of data, analytics, technology and people to deliver omnichannel solutions that signal imminent intent and drive performance for our clients. Our data, technology and people are deliver innovation for marketers to anticipate buyer behavior and manage customer experience at speed and scale. For more information, visit www.v12data.com.