AutoLeadStar, a marketing automation platform designed for dealers, announced today that the Q4 2020 was the company’s strongest quarter to date, growing YoY new revenue by 2.5x, capping off a year that more than doubled the company’s subscription revenue and grew the team by 26 new hires. The growth supports the overall trend of dealers investing more in AI-based solutions and tech-driven marketing for better performance.
Among many of the feature releases in 2020, AutoLeadStar’s inventory boost helped dealers market their inventory efficiently by using cutting edge algorithms to prioritize vehicles the dealers needed to get off their lot quickly. In this way, dealers were able to promote the inventory they needed to shed for a faster turn, and make more room for the most profitable mix on their showroom floor.
“Dealerships became more progressive than ever this year and we saw 2020 as a prime opportunity to prepare dealers to go head to head with Carvana and other emerging digital platforms,” said Aharon Horwitz, CEO of AutoLeadStar. “Our AI-based commerce enablement tools level the playing field for dealers by giving them a hybrid “Hubspot” and “Shopify” style solution for automotive retail. It allows them to leverage technology to identify, target, and convert shoppers, down the entire sales funnel.”
AutoLeadStar equates this year’s success in large part to dealer groups increasingly adopting technology to create a personalized shopping experience for each person online, at scale and with speed. For instance, when consumers shifted browsing behavior from search to social in the beginning of the pandemic, dealers using machine learning technology, like AutoLeadStar’s tech, were able to swiftly change budget from search to social, wasting no time identifying and targeting in-market shoppers. Groups like Walser Automotive and Quirk Automotive were able to decrease overall cost per lead on social by making productive changes to their ad budget.
“Acquire made it seamless to optimize and change our budget in real time and react to the dynamic market. We saved thousands of dollars with a lower cost per lead, while still maintaining a high lead count…all without lifting a finger,” said Sean Western, Director of Marketing for Quirk Automotive.