SOUTHFIELD, Mich., July 28, 2009 /PRNewswire/ – R. L. Polk & Co. has introduced a new, powerful complement to its Cash for Clunkers marketing list solution that enables automotive manufacturers, dealers and advertising agencies to identify and market to consumers eligible for the recently signed Consumer Assistance to Recycle and Save (CARS) program.
Based on sophisticated modeling techniques, this new offering adds the ability to identify households that are not only likely to qualify for the CARS program voucher, but those that also are estimated to have the financial means to purchase a vehicle at the time. It segments qualified consumers into one of three categories, as follows:
- Consumers who are likely to have the financial means to afford a monthly payment on a new vehicle.
- Consumers who are likely to require some additional financial incentives to be able to afford a monthly payment on a new vehicle.
- Consumers who are either not likely to have the financial means to afford a monthly payment on a new vehicle, or wouldn’t be interested based on past purchase habits of higher end vehicles.
“As the CARS program begins to take hold in the market, it’s important that we provide our customers with the most comprehensive solution for their marketing program needs,” said Lonnie Miller, director of industry analysis for Polk.
“Spending time and money marketing to those that don’t have the greatest potential for purchase is not a sound investment,” continued Miller. “In this economy, every marketing dollar matters – and this solution helps our customers determine the most cost-effective opportunities for reaching customers with the highest purchase potential, saving them time and money.”
As part of the development of these customer categories, Polk found that approximately 50 percent of households that are likely to own a “clunker” will be in the position to afford the payment of a new vehicle. “These households tend to own multiple vehicles in their garage and a significant share of them may keep the clunker as an extra vehicle,” said Dan Zetu, analytic consultant for Polk. “It is important for OEMs and dealers to clearly communicate their value proposition to convince consumers to dispose of the clunker and purchase one of their vehicles rather than one from a competing dealer.”
“We also found that about 35 percent of the likely ‘clunker owners’ are expected to be challenged in securing funding to pay for a new vehicle. For many of these owners, the clunker is the only vehicle they own,” noted Zetu.
This solution is now available within Polk’s Transportation List Access System (TLAS) to Polk customers, allowing them access to additional information that helps them develop targeted marketing solutions quickly with great flexibility. Additional information on this solution is available at www.polk.com/cashforclunkers/ or via phone 1-866-618-7438.
About R. L. Polk & Co.
R. L. Polk & Co. is the premier provider of automotive information and marketing solutions. Polk collects and interprets global data, and provides extensive automotive business expertise to help customers understand their market position, identify trends, build brand loyalty, conquest new business and gain a competitive advantage. Polk helps automotive manufacturers and dealers, automotive aftermarket companies, finance and insurance companies, advertising agencies, media companies, consulting organizations, government agencies and market research firms make good business decisions. A privately held global firm, Polk is based in Southfield, Mich. with operations in Australia, Canada, China, France, Germany, Japan, Spain, the United Kingdom and the United States. For more information, please visit www.polk.com.
Source: R. L. Polk & Co.
CONTACT: Michelle Culver, John Bailey & Associates, +1-248-362-4200 ext.
Web Site: http://www.polk.com