Introducing Deal Builder & Deals API
For the last 12 months we ’ve been trialling Deal Builder, a new omnichannel retail solution, which enables consumers to complete more of their buying journey on Auto Trader.
As valued partners, we wanted to share some key learnings from the trial and provide insight into how retailers are finding success with Deal Builder. As we scale the product, Deal Management will likely become increasingly important for retailers and we’ll be releasing an API which will allow retailers to action, edit or manage deals in a 3rd party system.
What is Deal Builder?
Earlier last year we launched a small-scale beta trial for Deal Builder which has now grown to include over 1000 retailers, with more retailers being onboarded every day. This new way of retailing allows retailers to offer a seamless online buying journey via their Auto Trader adverts.
Deal Builder allows consumers to complete more of their buying journey on Auto Trader including adding a part-exchange, completing a finance application, choosing their handover preference, and reserving the vehicle.
Here’s a video demonstrating the consumer journey on Deal Builder.
The evolving retail landscape
Changes to consumer appetite around wanting to complete more of the buying journey online is a driving factor to the evolving retail landscape. With 7 in 10 buyers wanting to do most “jobs to be done” online and this rising to 9 in 10 for buyers under the age of 34, the demand for an omnichannel experience is already here.
The blend of physical and digital experiences is one of the key drivers for success in the evolution of the automotive industry. We see this as 90% of car buyers still visit a retailer during their buying journey. Enabling a frictionless experience for retailers and car buyers creates the need for better, real-time data.
We are constantly investing in making our data more accessible to Partners and developing new solutions to make our connectivity better than ever before so that no matter how they manage their stock, retailers can harness the power of Deal Builder and meet the evolving expectations of car buyers.
Developing the Deals API
Throughout the trial we have continuously invested in optimising and evolving the journey, working with retailers to create the best possible experience and maximise conversion. To support the management of deals generated through the journey, we have also been developing the Deals API which is currently being trialled by a small number of Partners. The Deals API will allow retailers to action, edit or manage deals in their existing systems. We are currently in the first phases of development and will look to open integrations to more Partners over the next 12 months.
Scaling Deal Builder and the Deals API
Following the success of the closed beta trial, we have invited all eligible retailers to register their interest in being part of the Deal Builder trial.
As part of opening the trial to more retailers you will begin to see more Deal Builder activity across our channels including consumer marketing activity and may see changes being implemented across our Auto Trader Connect services to accommodate changes made in Deal Builder & Deals API. An example of this was seen a few weeks ago when we released changes to the Stock API to allow for “Unreserved deals” in Partner systems. As always Partners will be given notice for any upcoming changes that will impact their integrations.
We have been working closely with a small group of technology partners to trial the Deals API for our Partner systems. This beta trial is currently in its first phase: Deals 1.0 enabling retailers to view deals and partially manage deals in their own systems. Deals 2.0 will be our next iteration, enabling full deal management capabilities in third party systems. We will be looking to enable integrations with more Partners later this year as we continue to scale the Deals API.
If you would like to know more about Deal Builder and/or the Deals API then please email: autotraderpartnerteam@autotrader.co.uk and one of the Partner Team will be in touch.
How high performing retailers are finding success with Deal Builder
As our Partners we wanted to share some of our findings from the last 12 months on the Deal Builder trial and demonstrate how the best performing retailers are having great success with Deal Builder.
Out-of-hours Deals
Deal Builder means retailers are open for business all-day, every day. Retailers on the trial have found that 45% of deals come out of hours*1, meaning consumers can complete their deal even when business is closed, ultimately resulting in more sales.
More purchase-ready buyers
Deals typically convert around 2x the rate of leads, with the top performing retailers on the trial seeing conversion in excess of 80% on deals*2.
“Deal Builder has increased our conversion and has helped us reach new customers that we may not have had before. Overall, the customers are more engaged which has certainly helped us.”
Less haggling on the forecourt
57% of retailers on the trial say that buyers are less likely to haggle on Deal Builder*3. With more consumers transacting online and better price transparency giving them confidence in the price, we’ve seen that typically consumers transact without haggling.
More time saved
74% of retailers say they spend less time on admin since joining Deal Builder*4. With consumers being able to complete a deal seamlessly in their own time, retailers are receiving deals which require less admin and less contact with the buyer in the earlier stages, meaning retailers on Deal Builder have found more time for what really matters.
“With Deal Builder, we’ve done deals with absolutely no contact over the phone whatsoever. And, because customers can do it seamlessly and in their own time, we’ve had deals through that we may not have previously.”
As we continue to scale the Deal Builder trial and bring on more retailers, we’ll continue to share how retailers are finding success with Partners. We’ll also continue to provide development updates on the Deals API as we look to bring on more Partners over the next 12 months.
1) Source: Auto Trader data analysing all deal volume from July – December 2023. Based on 9am-5pm typical opening hours.
2) Source: Retailer quant survey, January 2024. N=23
3) Source: Retailer quant survey, January 2024. N=23
4) Source: Retailer quant survey, January 2024. N=23
