MAXDigital Dictionary

 

Welcome to the MAXDigital Dictionary. It is here that you’ll discover many terms related to our mission and products. Each term is presented as you would see in Webster’s, including a part of speech and clear definition. Furthermore, beneath each term is an italicized explanation that helps you understand why it’s important to you and your dealership. We hope you find this helpful.

ALT Image Tags

(n) A clear text substitute for an image on the screen. It gives consumers an understanding of what the image is and represents. ALT is shorthand for alternative attribute.

Dealerships have plenty of photographs to share. It’s important that you create accurate ALT image tags to reap the full benefits of its SEO potential.

Analytics

(n) Specified data compiled into reports that provide insight to the behaviors and actions performed on your website and in your market to more effectively tailor digital marketing plans.

When a dealership leverages data from analytics, as well as sets goals and benchmarks for that data, the leadership team can make better decisions from purchasing inventory to details written on each webpage.

Appraisal Tool

(n) Resource for dealerships to close more trade-ins effectively and in their favor.

By closing trade-ins more effectively, a dealership can maximize gross profits. It’s important the tool leverages accurate and comprehensive vehicle market data, so dealers know what to buy and at what price.

Auto Valuation

(n) Resource to help dealerships understand inventory pricing by comparing appraisal cost and market value.

MAXDigital’s cutting-edge technology and Inventory Management Platform allow dealerships to validate their inventory prices. Customers are placing more value on pricing transparency, so accurate, validated pricing is critical to optimizing dealership’s gross margin per unit sale.

Automotive Merchandising

(n) Activity of promoting the features, options, trims, and pricing of vehicles on a dealership’s lot.

Merchandising is a vital step in the process of making a sale. It helps establish value for vehicles, helping to generate interest and desire in that car, truck, or SUV. Part of that is the placement of vehicles in the showroom, so it’s important to understand what your audience is seeking.

Digital Marketing

(n) Modern version of advertising, championing the potential of reaching consumers through awareness generated from SEO, content, and other influential factors.

Digital marketing helps businesses connect with their customers through strategies that optimize online presence via a confluence of methods, resources, and skills. The intent is to guide consumers down a sales funnel from awareness to conversion.

Digital Retailing

(n) Platform used by MAXDigital to help dealerships win at every point of interaction along a customer’s shopping journey.

MAXDigital’s Marketing & Sales Platform integrates seamlessly with the Inventory Management System to help dealers create relevant ads, web pages, and digital showrooms. To reach these goals we use a state-of-the-art process known as the MAX Content Generation Engine.

FirstLook

(n) Inventory management product rebranded as MAXDigital’s Inventory Management Platform

FirstLook was the original name of the company’s product that helped dealership’s manage all aspect of its inventory. It later became rebranded as updated versions of it offered more advanced functionality.

Inventory Management

(n) Monitor and control the ordering and storing of vehicles at the dealership

A dealership’s inventory being fully stocked is a major asset for a convenient and positive customer service experience. It also helps the leadership team increase gross profits by reducing inventory turnover time, as well as give insight to what vehicle’s sell the quickest and slowest on the lot.

Inventory Turnover

(n) Ratio that illustrates the frequency a dealership’s inventory is sold and replenished.

This ratio is derived from dividing the number of days within a given period by the amount of inventory sold. The lower the number, the better you’re dealership is performing — and the more money it’s making.

MAX for Websites

(n) Tool that helps dealerships convert browsers into buyers with an all-new rating-integrated VDP page.

As one of three tools pulling information from the MAX Content Generation Engine, MAX for Websites brings consumers to your lot with a new VDP page that integrates Trade-In-Value and Dealer Rater ratings.

MAX Ad

(n) Powerful content generation engine built to help dealers with online automotive merchandising and digital marketing.

Our proprietary ad platform sources data and information from your inventory to create unique ads tailored to your customers. Content created by MAX Ad is automatically syndicated to over 300 websites with the goal of showing the right people the right cars at the right price.

MAX Digital Showroom

(n) Platform giving customers and sales associates alike easy access to vehicle detail pages and critical metrics.

This tool allows your customers to view your dealership’s inventory in a superior format on any device or browser. Give shoppers access to engaging vehicle descriptions, high quality pictures, and key metrics that demonstrate each car’s value and reinforce your pricing strategy.

Online Reputation Management

(n) The art of improving or rehabilitating your brand’s reputation. This is accomplished by negating, weakening, or eliminating negative reviews and other content available online.

From review sites to Facebook, there are plenty of resources consumers can utilize to give you feedback. There are instances in which the consumer merely wants to tarnish the reputation of a business, and ORM can help you defend your name and business online.

Pricing Proof Points

(n) Reports that explain to consumers why a vehicle is priced a certain way.

To match the change in consumer behavior, MAXDigital creates pricing proof points using accurate data to justify inventory prices. This ultimately builds trust with consumers and can increase your bottom line.

Search Engine Marketing (SEM)

(n) Process of utilizing Internet marketing methods that increase a website’s visibility in the search engine results pages.

Creating content relevant for consumers is the essential piece of search engine marketing. From model research and service pages to paid search ad copy, there are myriad ways for dealerships to market to a targeted audience.

Search Engine Optimization (SEO)

(n) Process of making appropriate changes to both the code and the backend of a website so search engines rank its web pages higher in the search engine results pages.

Title tags, meta descriptions, alt image tags, and much more comprise your website’s SEO. By tailoring your information to fulfill a search engine’s requirements, you have a greater chance of your dealership’s site to be recognized as an authority and a trusted source.

Showrooming

(v) Browsing the website of a dealership’s competitor while looking at physical cars on the lot or in the showroom of that given dealership; (n) Consumer behavior of using a mobile device to look at what a competitor offer versu the dealership whose lot he or she is currently on.

This behavior is part of the modern shopping process. Consumers go onto a dealership’s lot to physically see the cars, trucks, and sport utility vehicles, then use a mobile device to browse the inventory of a competitor. Because showrooming exists, it’s important that pricing and other information is competitive and transparent.

Stop the Drop

(v) Finding ways to build trust with customers instead of unnecessarily dropping inventory prices.

Changing consumer behaviors are putting more pressure on margins and gross profits. Consumers come to dealerships armed with online research ready to battle it out over price. Instead of unnecessarily dropping the price, dealers must prove the value of their inventory.

VDP

(n) Vehicle Detail Page or Vehicle Display Page; this page highlights the model’s most important information on a single page for a browser’s convenience to learn cost, fuel economy, features, options, and more.

The VDP places correct information on a page to assist with online visibility. Once a consumer locates one of these pages, he or she can find all of the requisite information to make an informed decision about purchases.

Vehicle Pricing Tool

(n) Resource to help dealerships set competitive prices for stocked inventory of vehicles based on market research and sales history.

A vehicle pricing tool will help ensure that a dealership’s prices compete with prices at other dealerships based on actual data, not assumptions. This will also help the dealership create greater transparency for consumers from the very start of the buying process.