Cox Automotive announced Monday the launch of a new social media audience extension product that employs anonymous website behavior data from Autotrader and Kelley Blue Book's KBB.com.
The audience extension product is designed to help OEM's and regional associations improve social media advertising efficiency, the company said.
Advertisers can use the behavior data from Autotrader and KBB when deploying highly targeted ads on Facebook and Instagram.
"Today's customers increasingly rely on online research before purchasing, and it's critical that our industry reaches them where they are and at the right moment," Cox Automotive product operations and social media director Adam Pavkov said in a news release. "This program gives advertisers the tools they need to get the right messages in front of shoppers when it matters most."
The program creates highly-targeted and unique advertising audiences for clients using real-time browsing behavior, according to Cox Automotive.
Car buyers are divided into different audiences based on their individual behaviors and preferences, such as specific make and model, in addition to location and demographic.
Advertisers can target their different audiences on Facebook and Instagram with their own specific message.
Honda Motor Company was an early user of the service.
"We're always looking for new ways to use data to make advertising more efficient and effective," said Dan Rodriguez, manager of AuSM Certified Pre-Owned at American Honda Motor Co. "This product has helped us more accurately identify in-market shoppers and narrowly target our messaging, and we're excited by the results."
Compared to other companies, advertisers using Cox Automotive's data for Facebook and Instagram campaigns reported on average 64 percent higher click-thru rates, 497 percent higher conversion rates with a 57 percent lower cost per conversion, according to the company.
Additionally, campaigns targeting conquest and segment audiences, show 39 percent higher click-thru rates, 175 percent higher conversion rates and 22 percent lower cost per conversion, Cox Automotive said.