20100201 multi channel sales approach for premium autos

AUTOMOTIVE

Multi-Channel Sales Approach for Premium Autos: Raising CostEffectiveness in Marketing and Sales

Editorial

The automotive industry in 2009 is without any doubt in the middle of one ofthe most serious crises it has ever experienced. The slump in sales, imminentinsolvencies and significant excess capacity all combine to make it clear thatrevolutionary changes in this sector are on the agenda.

One of the areas where such change is “waiting to happen” is automotive retail.The structures and business models for automotive marketing and sales haveremained somewhat static, despite the rising heterogeneity and complexity ofthe buyers. A spate of developments indicate that the prerequisites for changeare already present in the market, including target groups which do not feelproperly addressed, low margins on the side of the dealer, high sales costs onthe side of the manufacturer and an increase in intra-brand competition.Companies who introduce radical innovations within the distribution systemcan break out of this stagnation, and generate lasting competitive advantagesfor themselves.

To guide this re-orientation in the automotive industry, we can take a look atother branches where radical change in the sales channels has already takenplace. Following the example of these branches, we want to show in thisstudy how the establishment of a multi-channel sales approach, with a clearand segmented sharing out of activities between the OEM and the dealers, is a strategy option for working markets comprehensively and efficiently. The complexity of customers’ requirements for purchasing cars can be met bymanaging an integrated range of sales channels matched to the diversity ofcustomer segments. Many automotive companies have untapped potential inthe market which could be exploited as a result of such an approach, whichwould then create a clear competitive advantage for them.

With this study KPMG hopes to make a stimulating, if not provocative,contribution to the dialogue within the auto industry over changes in marketingand sales. I wish you good reading.

Dieter Becker

Managing PartnerGlobal Head of Automotive

© 2009 KPMG Europe LLP, a UK limited liability partnership, is a holding company of a number ofmembers of the KPMG network of independent member firms affiliatedwith KPMG International, a Swiss cooperative. KPMG Europe LLP and KPMG International provide no client services. No KPMG Europe LLP subsidiary or othermember firm has any authority to obligate or bind KPMG Europe LLP, KPMG International or any other member firm vis-à-vis third parties, nor does KPMG Internationalhave any such authority to obligate or bind any member firm. All rights reserved. Printed in Germany. KPMG and the KPMG logo are registered trademarks of KPMGInternational.


Executive Summary ..............................................................................................2

Introduction ...........................................................................................................4

Part I: Empirical Analysis.......................................................................................5

1 Twelve sales channels......................................................................................6

2 Prospects for success and further development of sales channels...............11

Part II: Evaluation and Scenarios........................................................................13

3 Suboptimal integration of the sales channels ................................................14

4 What a multi-channel sales approach needs to do.........................................16

5 Four scenarios ................................................................................................18

Conclusion: Raising Cost Effectiveness.............................................................28

Table of Contents

2 Multi-Channel Sales Approach for Premium Autos: Raising Cost Effectiveness in Marketing and Sales


To address the wide range of individualpreferences amongst car buyers regard-ing the purchase process, this studyhas identified twelve separate saleschannels:

1 Sponsoring

2 Factory sales

3 Customer contact in the context of servicing the auto

4 Dealerships

5 Cooperations with non-auto brandssuch as fashion or electronics

6 Internet website of the OEM

7 Internet website of the dealer

8 Automotive “shopping malls”

9 Events

10 City showrooms

11 Brokering from non-auto companies, e.g. a jeweller

12 Recommendations from third parties for new customers

The authors of this study present fourscenarios for customer segmentationand the corresponding structures/allocation of activities between theOEM and the dealers in managing thetwelve channels accordingly.

Scenario 1 – Retail trade

In the business-to-consumer segment,the manufacturer focuses predominantlyon the brand image, whereas the otherelements of the purchase process arelooked after by the dealer. In short, themanufacturer focuses on marketing forthe end users, the dealer focuses onsales. In contrast, business customersare serviced at nearly every stage bythe OEM. This business model is aboveall prominent in the markets for foodand household articles.

Scenario 2 – Cultivating strongbrands

As the owner of the brand name, themanufacturer plays a central role whenit comes to cultivating the market fornew customers. The dealer profits to agreat extent from the image buildingcarried out by the manufacturer and hisefforts with respect to canvassing newcustomers. This gives the dealer thespace to concentrate above all on thecontact to existing customers and onimproving the relations managementwith respect to the customers alreadyknown to him. It is often the case withproducts backed by strong brands,such as fashion or upmarket consumerelectronics, that the manufacturer culti-vates the brand image and stronglypromotes the acquisition of new cus-tomers. The dealer on the other handconcentrates in this case primarily oncustomers who are already committedto the brand.

Executive Summary

3


Scenario 3 – Purchase processwith or without personal salessupport

In this scenario, the manufacturer isresponsible for customers who needno personal support, while the dealercan focus his resources on his specialty,i.e. exactly those customers who dowant such support. It is possible in thiscase to draw a parallel to the travelindustry where the customers candecide whether they make their ownbookings on the internet or make useof the personal assistance offered by a travel agency.

Scenario 4 – Product-specificadded value in the automotivetrade

This scenario works on the premise thatthe OEM establishes a specific channelmix via which he processes all salesactivities independently, i.e. withoutincorporation of the dealer. Retail bank-ing, where the “producers” (i.e. thebanks) manage directly their own saleschannels, is an example where productknowledge is decisive for the genera-tion of an added value in the sales pro-cess for the customer. This scenario isconfigured such that manufacturers inthe automotive industry employ exactlytheir product knowledge in the sameway as retail banks do, to handle theentire distribution on their own.

The assessment of the success pro-spects of the scenarios shows a clearsplit on the one hand between OEMsand dealerships in Scenario 1, whichcomes closest to the current arrange-ments in the auto market.

Scenario 2 on the other hand sees afunctional distinction between the OEMand the dealerships. While OEMs handlethe overall image as well as the linkbetween specific product images andtheir target groups, the primary role of the dealer is managing customerrelations, sales and after-sales steps inthe purchase process. Thus, Scenario 2seems to make the most sense for thepremium segment.

Scenario 3 is the most radical departurefrom the current business models, andis based primarily on internal, i.e. cost,considerations. Within the context ofScenario 4, the OEMs would benefitfrom managing their own distributionchannels along the lines of Scenario 3,segmenting customers according tothe costs of managing them.

Raising cost effectiveness

The use of the internet as well as thecoordinated allocation of resources inthe sales channels, as provided for ineach scenario, taken together result inan increase in cost effectiveness. Ulti-mately, the internet as a sales channelis the most cost-efficient instrumentthat can be employed to communicaterelevant information and to handle salesprocesses. In the medium term, how-ever, it is not to be expected that allcustomers will make exclusive use ofthe internet as a sales channel. Thus,the segmented use of a range of saleschannels, in a clearly defined salesapproach for manufacturer and dealeralike, enables a systematic and cost-effective use of resources. Clearly defined fields of action, with the elimination of redundancies and theexploitation of synergies, foster thedevelopment of specific competencesand serve to raise cost effectiveness in a comprehensive manner.


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This study was prepared by KPMGtogether with the International Schoolof Management (Sebastian Waldorf,assisted by Professor Dr Ralf A. Brickau)between January and April 2009. Theresults are based on a combination ofdesk research and discussions withexperts. A total of eleven ManagingDirectors of dealerships spread overthe entire premium segment in Germanywere interviewed. The empirical analy-sis was rounded off by discussionswith experts from institutes and asso-ciations such as the Institute forAutomotive Business (IFA), GlobalInsight and the German Association ofthe Automotive Industry (VDA), as wellas an expert from AutoScout24.Because of the different geographicallocations and dealership sizes withinthe German premium automotive mar-ket, the dealers interviewed representan excellent cross-section for ensuringreliable results.

Structure of the study

In Part I, the empirical results of thestudy are presented. The twelve saleschannels identified as a result of theinterviews are described and evaluated.In the second section of Part I, theprospects for success in managingeach individual channel are presented.

In Part II, KPMG evaluates the empiri-cal results. The suboptimal integrationof channels is briefly touched uponhere. The statements arise in part fromcomments made in the interviews andin part from other market observationson the part of KPMG. In the secondsection of Part II, the demands madeon an integrated multi-channel salesapproach are portrayed, derived fromthe interview results and from the rele-vant literature. In the third section ofPart II, KPMG presents four scenariosfor a multi-channel sales approach.Although the structure of the scenariosis taken from other consumer branches,the content is derived from the inter-views. This section is summed up witha conclusion related to raising costeffectiveness in the car trade.

Introduction


Part I: Empirical Analysis



These days, it is possible for a premiummanufacturer to market his productsvia different channels and in doing so,to address his customers in a very indi-vidual way. The following text presentsa number of these possibilities andintegrates them later in possible salesscenarios. The figure below showswhat those interviewed said aboutthese channels during this study.

The comments on the individualchannels were as follows:

Sponsoring

The sponsoring of events such aslarge-scale sports meetings servesabove all to improve the image of acompany. Over and above this, pro-spective customers can be invited to

such an event and can be approachedduring its course. All-important is thatthe person who makes initial contactwith the customer is the one who willsupport him throughout the entirepurchase process and thus build up abond. Christian Boe, Managing Directorof the Porsche Centre in Mannheim,sees above all considerable advantagesin “sponsoring an event when yourown staff is on the spot and is involvedin the event themselves.”

Factory sales

Factory sales constitute the purestform of direct sales and are usuallyonly applied as part of VIP sales pro-grammes or in the used-car business.The discussions in the market haveshown, however, that these types of

1 Twelve sales channels

Figure 1: Sales channels and their evaluation

Sponsoring

Factory sales

Auto in service

Dealerships

Non-auto brand cooperations

Internet OEM

Internet dealer

Shopping malls

Events

Public events

Closed events

City showrooms

Brokerage

Recommendations

27% 45%

64%

27%

18%

18%

18%

18%

18%

18%

27%

27%

9%

9% 9%

9%

9% 9% 36%

9%

9%9%9%

9%

82%

Positive Neutral Negative No mention

18%

36%

73%

73%

73%

64%

55%

82%

91%

91%

82%

27%

45%

45%

7


activities by manufacturers are viewedas strong competition. Wilfried Hallier,Managing Director of the PorscheCentre Hamburg North-West, com-ments that “what manufacturers arealready practising today does not reallyhelp in a lot of sectors such as theused-car market.”

Customer contact while the auto is

in service

The time that the customer spends inthe dealership waiting for his car to beserviced, or any other form of contactwith the customer in the context ofservicing his or her car, can be mademuch better use of to actively approachthe customer and to initiate a subse-quent purchase process. Boe, forexample, thinks that “making use ofthe service process to approach thecustomer” is an option that is not yetbeing exploited to a satisfactorydegree.

Dealerships

The traditional car dealership in its cur-rent form is designed to cover differentprocess steps, namely customer rela-tions, sales and service. Generallyspeaking, it must also be ensured thatthe corporate image is communicatedand represented at exactly this cus-tomer contact point. Manfred Seidel,Executive Director Sales Germany atAutoScout24, the used-car internetsales platform, says that “the dealermust be in a position to serve both theinternet-savvy customer as well as thesenior citizen who wants to be shown

everything in detail,” whereas RogerStörzer, Managing Director of thePorsche Centre Nuremburg, adds that“customers place the quality and theservice offered by the salespersonabove the visual impression of theshowroom.” As far as the contact tothe customer goes, Professor Willi Diez,Head of the Institute of AutomotiveResearch, states that “selling via apoint of sale is these days somewhatoutdated. A lot of customers reallywant to be approached in a completelydifferent way than via the classic carshowroom.” But there are naturally alsoother opinions: an important elementhere is without doubt the test drive,which Roland Klement, ManagingDirector of the Porsche Centre atStuttgart Airport, still sees “as beingthe best sales argument and thusessential.”


With respect to contacting potentialcustomers, cooperating with firms fromoutside the industry was repeatedlybroached in the discussions during thisstudy. Christoph Käding, ManagingDirector of Bach Premium Cars, saysthat “joint ventures are perfectly feasibleand are gaining an increasing amountof attention, whereby it’s all aboutdeveloping a concept together with aninteresting partner.” In this particularcase, the joint activity was with themanufacturer of private yachts in hisshowroom in order to approach a com-mon clientele. Boe agrees and seespossibilities “in both directions, i.e.both in a car showroom, in order toincrease the customer frequency, as



well as on the partner’s premises.” Asfor gaining new customers in the pro-cess, Hallier says: “We invite the manu-facturers of premium brands to thePorsche Centre to present their prod-ucts on our premises, and we acquirenew customers for ourselves in thisway.” By the same token, Störzer says:“Joint ventures with other premiumproducts are great provided that thepartner is the right one. I can also envisage exhibiting our brand in theshowrooms of another premium brand.”

Internet OEM

The website of an OEM today servesmainly to convey the image, whereasthe acquisition of customer contactsand their transmission via this mediumwill play a much greater role in thefuture. In this context, Seidel says that“the internet will become the leadchannel to the dealer in the future.”Jürgen Niemuth, Managing Director of the Porsche Centre Munich South,makes a fundamental observation inthis context: “Internet has changed somany things. Even before coming tothe car showroom, the customerinforms himself thoroughly. And whenhe gets there, he usually only wants to know how much the car costs andhow soon he can have it. People simplyhave so many more possibilities withthe internet. For our part, however, thistrend means that we are often deprivedof the opportunity of having a realsales discussion.”

Internet dealers

In comparison with manufacturers,dealers can display their products ontheir website in a targeted manner andcan initiate the sales process there and then, and can also communicatedirectly with a customer. The internet is absolutely ideal for the used-carbusiness, and will become increasinglyimportant in the future. Peter Kraft,Managing Director of the PorscheCentre in Lörrach, says that there aretwo sides to this coin: “On the onehand, I can take an exotic car in partpayment because the marketplace for this car is the world. But on theother hand, the best-price shopperneed not buy in his immediate vicinity,but can rather purchase anywhere helikes.” Sascha Heiden, Senior MarketAnalyst at Global Insight, also says that “the internet will in future becomean increasingly important sales channelabove all in the used-car trade.”

Automotive “shopping malls”

The spatial positioning of differentbrands at one location is generally seenas being positive, provided that theoverall presentation has an exclusiveflair. Splinter, Managing Director of the Porsche Centre Berlin-Potsdam, for example, feels that “consolidatingdifferent brands makes sense becausethe presence of the right brands makesit possible to generate a higher cus-tomer flow.” Störzer sees the advantageabove all in the fact that “the customercan get a good overall idea of the entire market without having to gofar,” whereas there were some other

9


interview partners who rejected suchmodels on principle.

Events

With regard to the possibility of usingevents within the sales system, adistinction must be made betweenpublic events, those organised by thirdparties and closed events. Whereaspublic events include, for instance, thepresentation of cars in city centres,those organised by third parties can beexhibitions and sports events. Closedevents usually take place in the carshowroom itself or on the premises of a joint venture partner. In a furtherstep, according to Käding, “the eventsare split into two groups, namely thosethat concentrate on acquiring newcustomers and those that serve toenhance the loyalty of existing custom-ers.” Boe confirms the effectiveness of such events, because “to my mind,selling is no different to customer rela-tions management. Whoever succeedsin creating a good atmosphere will findit easier to make a sale.” Hallier addsthat “above all, themed concepts areimportant in order to create a bondwith customers.” As mentioned earlier,there is also the possibility of cooperat-ing with other companies. “What isnew is that we are hitching up to otherpremium brands and that we are tryingto make contact with the target groupvia these joint activities.”

Public events and those organisedby third partiesThe organisation of public events orthe integration of one’s own presen-tation in an event organised by third

parties serves primarily to enhance theimage of the company as well as togenerate initial contacts. Professor Diezsays: “One has to go to the customerthese days and not the other wayaround. It is immensely important topresent oneself at highly frequentedlocations and to try to go whereverthere is traffic rather than trying togenerate the traffic oneself. A roadshow in the centre of town, for example,is a good way to create a point ofinterest, whereby such an event mustalways provide the possibility of takinga test drive.”

Closed eventsClosed events serve more to cultivatecustomer relationships and thus customerloyalty, although once the customerleads have been reliably qualified, thereis nothing standing in the way of a successful contact to new customersvia closed events. For Hallier “theseevents are above all an important topicbecause we frequently attempt toacquire new customers at them.” PeerKraack, Head of Sales Porsche CentreLimburg, says that “open driving daysare encouraged because an extremelyhigh rate – higher than that known fromnormal test drives – can be achieved interms of making sales.”

City showrooms

The positioning of showrooms indowntown areas encountered a widerange of reactions by those who tookpart in the study. Whereas some ofthose interviewed argue against aconcept that is restricted purely to thepresentation of vehicles and Boe



questions the cost efficiency, Störzersees this concept as being very effec-tive, although “these lighthouse projectsshould only be seen as a lead channelto the car showrooms; the businessmust remain with the local dealer.” He also says, “In principle, I would liketo see such a showroom in every largecity, although this is not something thedealers can shoulder but is rather theresponsibility of the manufacturers.”Other interviewees also see a clearbenefit, but one that is nonethelesscountered by high costs. But when itcomes specifically to “the introductionof new products” and “the acquisitionof new customers”, everybody can see a clear advantage.

Brokerage

The concept of brokerage is that firmsfrom other sectors refer their customersto the dealership or the manufacturerand receive a quid pro quo in return.Splinter believes that “there should bea concept which provides for brokeringcustomers on a commission basis.Conceivable here would be a coopera-tion with upmarket jewellers, for exam-ple.” Boe, too, sees the possibility ofcooperating with “exclusive travelagencies who function as independentbrokers.”

Recommendations

Comparable with the concept of bro-kerage are recommendations, where athird party gives a potential customerthe opportunity of taking a test drive,for example, in order to bring him intocontact with the brand, thereby upgrad-ing his own products or services in theprocess. Or an existing customer couldrecommend a friend as a potentialcustomer in return for, e.g., a brandedpresent. Kraack sees “such ’tickets-for-a-friend’ concepts as an innovationwhich can be judged as extremely promising in cooperation with selectedpartners.”

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The automotive trade is currently at apoint at which the companies need totake fundamental structural decisionsin order to secure their competitivepositions in the long term. Today’s busi-ness model and the 12 channels identi-fied in this study reveal a host of areaswhere the potential for optimisation ispresent, in particular for generatingnew customer contacts, lead manage-ment and the used-car business. Underthe premise that the “experience” whenbuying a car must still primarily originatefrom the product itself, the test drive is still one of the most important ele-ments of the sales process, wherebyopen driving days and road shows arealso gaining importance.

With regard to service, it is clear thatcustomer demands have risen markedlyand the time that the customer spendsat, or at least in contact with, the serviceunit should be used more intensivelyfor communication. In this connection,it is furthermore clear that a sharedlocation for sales and service hasadvantages.

The start of a customer relationship cantake place anything up to two yearsbefore the actual sale. At the moment,however, the customer is barely beingtaken notice of at this time, meaningthat the possibility of an early bond tothe brand is not being exploited.

The traditional car showroom in its cur-rent form is designed primarily to cover

customer relations and sales and service.The sales approach must at all costs besupplemented by further channels,because although this business modelmay form the core of the sales activities,the customer does not necessarilywant to visit the car showroom in allphases of the purchasing decision pro-cess, but may well expect an activeapproach in a different environment.

As far as contact to potential customersgoes, the topic of cooperating withcompanies external to the industrywas raised repeatedly during the courseof the study and was assigned acorrespondingly high success potential.In this connection, the potential forbrokerage and recommendations canalso be rated highly.

Besides an increase in activities asso-ciated with used cars, the internet willplay a major role in the future above allin the acquisition of customer contactsand their direct transmission to therelevant sales units. In the mediumterm, however, and at least for themajor part of the target group amongstprivate customers, the internet will notestablish itself as the sales channel.This is, however, conceivable in thedomain of business customers.

The significance of events is on therise, and will continue into the future.Already today, events display a higheffectiveness when they are properlyorganised, because they build on the

2 Prospects for success and further developmentof sales channels



point that “sales” is basically nothingmore than pure relations management.Whoever is capable of creating a goodatmosphere will have success in thisarea.

One overall aim is to present oneself athighly frequented locations and to usethe traffic that is already available insteadof expending one’s own resources togenerate exactly that. In this context,public events are viewed positively,without any clear statements beingmade on their sustainability as a saleschannel. The views on showrooms inhighly frequented regions vary, becausein spite of a principled endorsement,the cost aspect constitutes a strongcounterargument.

The scenarios presented later in thisstudy use exactly these insights andshow how an OEM together with adealer can work the market in the future.They can segment the customersaccordingly and combine the channelsin order to increase the effectivenessand thus the profitability within theentire sales system, and increasecustomer satisfaction at the same time.


Part II Evaluation and Scenarios



The current positioning and manage-ment of sales channels is shown in thetable below.

Drawing on its own experience withinthe market, KPMG advances the follow-ing statements:

• There are many overlaps in the chan-nels operated by the manufacturersand dealers. This redundant use ofresources is inefficient.

• The channels are not directedsystematically towards a specificphase in the buying process, butrather are broadly designed to serveseveral purposes. This means thatthe channels are not focused onachieving clearly targeted objectivesin the sales process. With an orien-tation towards vague and diversifiedobjectives, the effectiveness of thechannels necessarily suffers as aresult.

• A closely meshed coordinationbetween the channels or between the phases in the buying processdoes not always take place. This has several aspects:

– In the dealerships, it is often thecase that customer contact whilethe auto is in service is not alwaysmanaged properly as a furthersales contact, e.g. the salespersondoes not always greet the cus-tomer personally when he bringshis car in for a service, or theservice contact is not used as achance to collect the thoughts ofthe customer about purchasingthe next car. Another example ofa lack of coordination within thedealership is, customer contactsfrom dealer events are not alwaysfollowed up properly within thecustomer relationship manage-ment system (CRM).

3 Suboptimal integration of sales channels

Figure 2: Sales channel management in the premium auto market today

Image First contact

Sponsoring

Internet OEM

Public events

City showrooms


Factory sales

Dealership

Internet dealer

Auto shopping malls

Closed events

Brokerage

Recommendations

Auto in service

Further contacts Sales Service

Performed by: OEM Dealer Both

15


– On the manufacturer’s side, thecontact details of prospectivecustomers generated from high-image events, the internet, or city showrooms are not alwaysrecorded. This means that thelink between activities promotingthe image on one hand, andmanaging the initial contact tothe potential customer, is notalways handled properly.

– The integration between OEMsand dealers is not always optimal.A good example of this is thefrequent lack of coordination inlead management: Initial contactsgenerated by the OEM are ofteneither not recorded at all, or notpassed on optimally – the rightinformation at the right time tothe right person – to the dealerfor personal contact. In the otherdirection, the OEM is not informedby the dealer about the successrate of the leads passed on bythe OEM; in this way, the OEMcannot assess the success of hisown lead generation.

– Above all, with regard to theinternet, with its potential for anextremely low-cost supportthroughout the entire buying pro-cess, channel management is notoptimally set up. On the websitesof both OEMs and dealers, thetiming and quality of the responseto a query is not always satis-factory. Even when the initialresponse is appropriate, oftenthere is no follow-up to supportthe customer in moving forwardin his or her decision-makingprocess. Finally, the data whichOEMs and dealers have on theirwebsites, or which they havegathered via their websites – e.g. product and customer infor-mation – is shared only to a limitedextent between the OEMs andthe dealers. Yet combining thisinformation would make the datayet more valuable to each party.



The study has shown that a modernsales approach for a company in theautomotive premium segment shouldbe in the form of a multi-channelsystem in order to make use of theresultant advantages and synergies.These include above all the chance ofopening up new customer fields thathave not yet been accessed using thepresent channels. Customer satisfac-tion – which forms a pivotal element of customer loyalty – can, for example,be increased in a lasting manner byemploying different sales channels,because these can offer services thatare specifically tailored to the individualcustomer groups.

Ultimately, the success of a multi-channel system is greatly dependenton achieving a good “channel fit” andon how the business relations and thecustomer interfaces, the so-called“customer touchpoints” can be opti-mised. The term “channel fit” is under-stood here to mean the optimum coor-dination of the different sales channels,whereby the focus is above all on preventing cannibalistic behaviour between the different channels, coor-dinating the activities in the market,and assuring a smooth flow of relevantinformation. In short, “channel fit”means a success-ful process integrationbetween the channels.

The customer contact points must there-fore be positioned such that customersat different points in the buying processare made aware of the company andits product portfolio, and can also buythe products featured in the portfolio.The interfaces at which the customeris made aware of the company should,for the premium segment, carry ele-

ments of exclusivity and allure, thusincluding an appeal to the emotionalmotive for making a purchase.

The design of the point of sale mustalways contribute towards cementingthe customer’s perception of the brandand the associated image. On accountof the upmarket target group, anatmosphere should therefore be createdwhich centres on an intensive productexperience and the opportunity of activeparticipation in shaping the buyingprocess. In a nutshell, this means thatthe customer should encounter apowerful product and service expe-rience at every single interaction withthe brand.

Professor Diez exhorts that “the expe-rience when buying a car must emanatefrom the product itself.” The imageplays a predominant role when acquiringnew customers, because it puts thecustomer in a positive mood withregard to the brand.

In order to support the customerthroughout the entire life cycle andestablish a lasting relationship, theactive support of the customer – i.e.customer relationship management(CRM) – will become even more impor-tant in the future in terms of recordingthe wishes and preferences of thecustomer as well as managing theactual contact with the customer.

The increasing heterogeneity of thetarget group leads to the necessity of having a number of different saleschannels, or at least sales formatsavailable if the individual demands inthe market are to be paid due justice. Boe says on this subject, “In the same

4 What a multi-channel sales approach needs to do

17


way as the manufacturers have tailoredtheir individual products, I think thatthe car showrooms will also have torethink along these lines, because thecustomer is becoming more andmore individual. And the products mustbe placed accordingly using a numberof different channels.”

A simplified segmentation alreadyexists in the car trade which dividesthe customers basically into premiumand non-premium customers. Thisdistinction is taken into considerationwhen setting up the channels. In asimilar way, different customer groupsare addressed at events with a focuson either new customer acquisition orbuilding the relation with existingcustomers. A fundamental observationcan, however, be made that segmentingis applied primarily in product develop-ment and is still being neglected insales. Professor Diez explains: “Thesegmenting of product offers is helpfulfor the strategic orientation of productpolicy, but this segmentation of productsis totally unsuitable for marketing.” The messages to segmented customergroups must be much more than simplythe product features of the correspond-ing cars.

Hand in hand with the use of differentchannels, it is necessary to establishclear-cut structures which do justice tothe increase in complexity amongstcustomers. The different channels withinthis structure must be coordinated and cross-linked such that the conflictpotential within an organisation is keptlow on the one hand, and that thecustomer is supported in a comprehen-sive and satisfactory manner on theother hand.

With regard to the linking of saleschannels, the flow of information between channels plays a crucial role.This applies in particular to acquiringnew customers and thus to leadmanagement. The customer data captured and stored in anyone of thechannels must be managed and relayedin such a way that an optimum contactto and support of prospective custom-ers is made possible in all channels andin all phases of the purchase decision.The diversity of sales channels demand-ed today is above all a result of theneed to generate initial contacts and toqualify these accordingly. The acquisi-tion of new customers harbours hugeoptimisation potential and is one of the key tasks of the automotive trade.Splinter underlines this with his state-ment that “ways must be found ofapproaching customers such that theeffectiveness of acquiring new cus-tomers can be increased.”

The current status of multi-channelsales in the premium auto segmentmay be summed up as follows. Thesales channels identified in this studyare all being implemented to somedegree within the automotive trade.On the one hand, there is a high levelof innovation to be observed, and onthe other hand, few channels aresystematically and consistently imple-mented across the market or within agiven brand. This highly differentiatedpicture of a channel applies particularlyto channels shared by the OEMs andthe dealers: sponsoring, non-auto brandcooperations, events and the internet.Above all in these channels, themanagement of leads is not optimallycoordinated. The channel operated bythe manufacturer alone, i.e. factory

outlets for new cars and also for usedcars, is rated very critically by the deal-ers in some cases. Judged positivelyby many, but not really established asyet, are the so-called automotive “shop-ping malls”. The same applies to bro-kerage and recommendations, whichmay already be a feature of salessystems, but are nonetheless notsystematically implemented. The internet is currently one of the mostimportant instruments in the automotivetrade, and its potential is by no meansexhausted. In addition to the above-mentioned optimisation potential inlead management, exploiting all thetechnical possibilities which the internethas to offer for the presentation ofvehicles is another area where morecould be done. Seidel says, “In my opinion, the technical possibilities already available on the internet – forexample, those that permit the visuali-sation of vehicles plus their fittings –are being made far too little use of forthe presentation of vehicles.”



The view presented so far in the studysuggests that the automotive industry– in contrast to the supply chain, whichis already extremely developed – lackscost-effective structures in the area ofsales systems. In this section, KPMGconsiders how a more cost-effectivesales system in the premium automarket would look, by applying theprinciples of a multi-channel salesapproach. The four scenarios therebyidentified were inspired by structures inother retail markets which have highlydeveloped multi-channel sales systems.The four scenarios structure the twelvesales channels evaluated in this studyto address segmented customer groupsin the new and used premium carmarket. These scenarios show throughwhich channel combination it is possibleto effectively approach the respectivecustomer groups throughout the indi-vidual phases of the buying processand to support them thereby. Althoughinspired by the sales approaches in

other retail branches, the four scenariosare nevertheless applicable to, andindeed rooted in, the automotive mar-ket. The validation for this assertion istwofold: elements of the scenarios willbe familiar to the reader because theyare already present in the automobilemarket, and the points raised in thecourse of the study apply neatly to the channel structures making up thescenarios.

The first scenario is based on a divisionbetween private and business cus-tomers, while the second makes adistinction between new and existingcustomers. The basis of the thirdscenario is the fact that there are cus-tomers who require personal salessupport and others who do not. Toconclude, the fourth scenario addressesthe idea of the manufacturers com-pletely assuming the marketing andsale of the vehicles themselves.

Scenario 1

This scenario works on the premisethat for private customers, i.e. in theB2C sector, the manufacturer concen-trates predominantly on the processmodule “image”, whereas the otherphases in the buying process are dealtwith by the dealers. As already men-tioned, the product is the main bearerof the image. Professor Diez notes inthis context “that the product exclusive-ness is becoming increasingly impor-tant for premium manufacturers.” Theproduct image is promoted and com-municated by means of advertisingand PR activities, which at the sametime promote the corporate image.This division between OEM and dealerapplies equally to the used-car market,because all those interviewed duringthe course of this study were of theopinion that the used-car business isof elementary importance and should

5 Four scenarios

Figure 3: Sales channel management for private customers (B2C)

Image First contact

Product, advertising, PR, CSR

Sponsoring


Public events

Internet OEM

City showrooms

CRM

Sponsoring


Customer contact in the service area

Public events

Internet dealers

Dealerships and auto “shopping malls”

Closed events

Brokerage

Recommendations


Performed by: OEM Dealer

19


therefore be tightly meshed with, andutilise the same approach as, new-carsales.

Whereas both manufacturers anddealers use the channels sponsoring,non-auto brand cooperations, eventsand internet, the aim of the respectiveactivities is in this scenario clearlysplit in order to manage the differentprocess steps separately. This impliesthat for the private customer busi-ness, only a minimum of coordinationbetween OEM and dealer is neces-sary.

In contrast to private customers, busi-ness customers are managed at justabout every stage by the manufacturer,i.e. the B2B sector is operated as faras possible by the OEM. The only fore-seen role of the dealer is to act as apossible partner for the delivery of theauto and for after-sales services.

Professor Diez is somewhat astonished“that the internet as a true transactionplatform in the area of business custom-ers has to date not really establisheditself.” And in the business segment,he does not see the absence of a testdrive as a problem.

Evaluation:This scenario offers the customer clear-ly defined points of contact where hisneeds can be optimally satisfied. Thereis a clear separation between the support of different customer groups by dealers and manufacturers. In thiscontext, the dealers become compe-tence leaders regarding CRM, whereasthe manufacturers specialise in com-munication of the brand image and sel-ling to business customers. The over-laps in sponsoring, events, internet andnon-auto brand cooperations need notbe understood as redundancies, becau-se as noted above, the activities are

aimed at different target groups.Rather, the overlaps can be regardedas a source of synergy in spillovereffects, where activities aimed at onesegment may well have a positiveimpact “for free” on other segments.Finally, this scenario is not far removedfrom current structures, involvingmainly a “de-coupling” of the OEMand dealers to eliminate redundanciesand sharpen capabilities in the allocatedroles. Therefore, the challenges toimplement the change may well bereadily overcome. This type of salesapproach is well established in thefood trade, in the cosmetics marketand in the market for white goods,because here too, the manufacturerconcentrates on developing his brandimage as well as supporting his busi-ness customers, whereas the corecompetence of the retailers lies inserving the private customers.

Figure 4: Sales channel management for business customers (B2B)

Image First contact


Sponsoring


CRM

Factory sales

Internet OEM

(optional) Dealership

(optional) Delivery

Public events

Closed events





Scenario 2

The acquisition and qualification of newcustomers is today one of the decisivechallenges if not to say the biggest chal-lenge in the premium market. Kädingobserves in this context that “the biggestchallenge today is the so-called prospect-ing, i.e. canvassing for new customerswho have had no previous contact withthe brand.” He goes on to say that “forthe manufacturers, it is a priority task tofind an effective way of introducingnew customers to the brand.” Whereby“it must always be clearly defined inadvance whether the customer is at allinterested in the brand. In other words,it is essential to find out whether thebrand suits the customer, because other-wise, a lot of time and energy is spentfrom which it is not possible to deriveany benefit.” Splinter sees above all a“need for innovation regarding the pre-selection of true prospective customersby the manufacturer and the need toreduce the fear of breaking new ground.”

As the bearer of the brand, in this sce-nario the manufacturer plays a centralrole in the challenge of identifying andaddressing the appropriate potentialcustomers. According to Hallier, definingand understanding the brand image iskey to qualifying customer segments:it is above all a question of “finding outwhere other premium brands are inorder to localise the target group andapproach them systematically.”

In this scenario, one of the biggestchallenges is the exchange of custom-er data between manufacturer anddealer. On the one hand, the newcustomer leads obtained by the manu-facturer must be transferred to thedealer effectively. And on the otherhand, this communication must beoptimally configured in both directionsso that as a result of the feedbackreceived from the dealer, the manufac-turer can measure the success of hisefforts and can accordingly plan furtheractivities directed at the customer.

The dealers profit significantly fromthe image building carried out by themanufacturers and their efforts regard-ing the acquisition of new customers.As a result, the dealers can concen-trate mainly on maintaining contactwith existing customers and can striveto improve their relations managementwith these known and valued customers.

As soon as the customer is ready toactually purchase the vehicle, thenaccording to Seidel, he definitely wantsto “discuss the price, and in this respect,the dealer is indispensable becausewhen all is said and done, it’s all aboutthe personal contact at the moment of signing the contract.” This processphase applies to both new and used-car business; as repeatedly stated inthe interviews, the pre-condition for anew car sale is that the new-car buyercan sell his existing car. Anything thedealer can do to speed the sale andraise the price in the used-car market,whether e.g. accepting the car as a

Figure 5: Sales channel management for new customers

Image First contact


Sponsoring


Public events

Closed events

City showroom

Internet OEM

CRM

Dealership

Internet dealer

Brokerage

Recommendations



21


Figure 6: Sales channel management for existing customers

Image First contact


Effect brought about byactivities for new customers

CRM

Dealership and auto “shopping malls”

Internet dealer

Sponsoring

Public events

Closed events


Auto in service


trade-in or acting as a broker, willstrengthen his position in the new-carmarket. Thus, the successful sale of a new car is dependent on a well-structured used-car trade.

The connection between the new andthe used-car business underlines theimportance of specialising in the exist-ing customers and supporting them intheir wide range of needs throughoutthe “ownership cycle”. Hallier states that“these days, the customer no longerwants to bother himself with suchthings (i.e. the intricacies of disposingof the existing car).” Störzer agrees andemphasises the significance of thisbusiness field: “Of crucial importancein the new-car business is the practiceof trading in the old car.” Niemuth addsthat “the used-car market is immenselyimportant in introducing the brand tothe customer and transforming himfrom a used-car buyer into a new-carcustomer.” To conclude, Kraack identifies“the used-car segment as being aninnovation and growth driver.”

In this scenario, the dealer is the special-ist for customer relationship manage-ment (CRM). In future, CRM will gaineven more importance with regard torecording customer wishes and prefer-ences as well as managing customercontacts. Boe backs this up and recom-mends “working towards the sale of the next car as soon as the new car isdelivered by making sure that continuouscontact to the customer is maintained.”The same applies to new customers,about whom he says, “As soon as I havedefined a person as a prospective cus-tomer, I need to actively support himand maintain continuous contact.” Andthis moment in time can be anythingup to two years prior to the actual sale.

Evaluation:This scenario is strongly marked by thebenefits of building experience andaccordingly expertise in the manage-ment of relations to the two differentcustomer groups: new vs. existingcustomers. Over and above this, thesynergies between image building and

new customer acquisition on the onehand, as well as on the other hand thecultivation of existing relations linked tothe selling activities for these custom-ers, create the basis for a successfulsplitting of tasks corresponding to thesegmentation of the respective targetgroups. Within the scope of this scena-rio, the exchange of information betweenthe OEM and the dealer constitutes themost critical success factor. The custom-ers whom the OEM has identified asqualified for the brand must be properlyhanded over to the dealer, while thedealer must inform the OEM whetherthe identified customers indeed weresuitable for the brand, i.e. if they did buy,and what they did buy. In the fashionindustry and the market for upscaleconsumer electronics, it is frequentlythe case that the manufacturer cultivatesthe brand image and concentrates onthe acquisition of new customers whilethe retailer manages already existingcustomer relationships.




Scenario 3

This scenario offers the manufacturerthe opportunity of taking over the lesscost-intensive customers who need no personal support. The OEM selectsthe channels most suitable for him that he wants to utilise in managingsuch “inexpensive” customers. As the“owner” of the entire sales process for such customers, synergies in thedifferent process stages, e.g. image,relations management and sales, canbe gained by the OEM.

With regard to this option, which isbased on the customer having onlylimited demands, Professor Diez says,“The more high-profile the brand is,the less elaborate the sales networkneeds to be.” Seidel adds that buying a car is certainly possible withoutpersonal contact points such as a testdrive, provided that a certain degree of confidence is already available, andpoints out that for factory outlets, “thecloser the customer feels to the factory,the greater the level of confidence.”Störzer, too, corroborates this and says

Figure 7: Sales channel management for customers without personal support

Image First contact

Product, advertising, PR, CSR Customer decides betweendealer or independent workshop

Internet OEM

Sponsoring


Public events

Closed events

City showrooms

CRM

Brokerage Factory sales

Recommendations



23


that “a test drive is usually superfluousif the customer already knows whichcar he wants to buy.”

Kraack confirms this and points outthat “buying a car without a test driveis above all possible if the customeralready identifies with the brand.”

Within the scope of managing suchcustomers, the manufacturer leavesthe decision of how and where serviceprocedures will be carried out to thecustomer. In this respect, a number of

different critical success factors arerelevant, such as the location of theservice workshop. The majority of theinterview partners spoke in favour ofcombining sales and service in onelocation. Splinter even warns againstsplitting up the two divisions and saysthat “in the long run, manufacturersshould have a branch in every large cityin order to set up a network that spansthe entire market, through which spe-cial situations in aftersales and the support of specific customers withindividual wishes can be better met.”

Figure 8: Sales channel management for customers with personal support

Image First contact


Internet OEM

Sponsoring


Public events

Closed events

City showrooms

Brokerage

Recommendations

CRM

Dealership and auto “shopping malls”

Internet dealer

Sponsoring


Public events

Closed events

Brokerage

Recommendations

Auto in service





With respect to the customers whoreally do want support, Kraack saysthat “the automotive trade is becomingmore and more a pure people busi-ness.”

Evaluation:The fundamental challenge of this sce-nario is the fact that the customer hasthe choice of selecting totally differentoptions with respect to shaping thebuying process. As a result, the coordi-nation of the customer data recordedand used by the manufacturer and deal-ers becomes more difficult. For exam-ple, if a customer lead generated bythe OEM via the internet or an event infact seeks personal sales support, thelead data will need to be transferredrapidly, and the dealer will have to takeup the lead quickly and effectively.Seidel says that “dealers especially willprofit from well-informed customerswho visit the showroom but whononetheless want to take advantage ofthe services offered there.” A similarapproach is already common in thetravel industry, where it’s up to thecustomer whether he makes his ownbooking on the internet or whether hewants personal assistance in a travelagency.

In comparison with today’s salesapproach, this scenario is characterisedby the OEM directly looking after thecustomers who demand no personal

support, allowing the dealer to focushis resources on exactly those custom-ers who do want the kind of supporton which he specialises. In view of thedifferences regarding the incurredcosts, the pricing must in some waytake account of the actual level ofcustomer support required. In thiscontext, it must also be ensured thatcannibalisation caused by so-called“channel hopping” is ruled out entirely.The prerequisite for this, too, is also acomprehensive and rapid communica-tion between the sales channels.

In principle, therefore, the processcosts in the individual channels andtheir relation to the benefits to thecustomer is the focal point of this sce-nario. It is absolutely essential thatthere is a clearly defined coordinationwith regard to the different sharedactivities such as internet and events.If this is the case and the channelsincluding those such as brokerage andrecommendations are effectively inter-meshed, then a great number of syner-gies can be utilised and all customergroups covered.

25


Scenario 4

This scenario is based on the segmen-tation possibilities already described,whereby here, the idea is that theOEM establishes a certain channel mixvia which he handles the entire busi-ness activities on his own, i.e. withoutincorporating the dealers. Such a busi-ness model is already being used inretail banking, for example, where theproduct know-how constitutes the corebenefit when it comes to generatingadded value in the sales process forthe customer. In the same way as thebanks, the manufacturers in the auto-motive industry could also look uponusing the product know-how as thebasis for a cross-segment, multi-channelsales approach.

Evaluation:As a result of the increasingly shortproduct life cycles and a high degree ofinnovation in the automotive industry,the customer will be confronted evermore frequently with new product fea-tures which he will want to understandfor his decision-making. Because ofthis, it could be argued that, particularlyin the premium segment, productknow-how is decisive nowadays if theaim in personal sales is to do justice tothe increasing size of the model rangeand the increasing complexity of thecar. In this scenario, the manufacturercan fully exploit his product expertiseby ensuring that the customer is givenan adequate degree of information andsupport at every single customertouchpoint. On the other hand, this

kind of direct access to the market isassociated with an increased tie-up ofcapital in finished products and distri-bution channels. On top of that, theshare of the selling risk that is todayborne by the dealers will fall to theOEM.

Assessing the prospects for success

of the scenarios

Scenario 1, splitting private and busi-ness customers, comes closest to thecurrent arrangements in the auto market,although increasingly OEMs are assum-ing ownership of dealerships, i.e.implementing Scenario 4 in a stepwisemanner. Scenario 2 fits to the basicfunctional distinction between the OEMhandling the overall image as well as thelink between specific product imagesand their target groups, while the dealerhandles customer relations and sales.Scenario 3 is the most radical departurefrom the current business models, andis based primarily on internal, i.e. cost,considerations.

In the premium segment the brand andits image is of particular importance. In developing and launching specificmodels, the OEMs with offerings inthis segment have invested a greatdeal of time and money in matchingthe characteristics of the model to thedemand of specific target groups.Parallel to this, the premium customershave the most diverse and sophisticateddemands on the sales channels, withthe strongest preferences to seek an



individualised path through the channelsin their purchase decision-making.

Thus, Scenario 2 seems to make themost sense for the premium segment.In this scenario, the OEMs build ontheir core competence in designingand producing cars to meet customerdemands, by extending this knowledgeto inform the prospecting for newcustomers in the targeted customersegments. The OEMs gain synergies inthat the analysis of target groups, whichwent into developing specific models,can be re-used in targeting the pro-specting activities for new customers.There is also a beneficial internal feed-back for them, in that the prospectingresults can be fed back to the productdevelopment teams to align better carcharacteristics with segment demand,by understanding better how the brandand model are perceived by potentialcustomers. Finally, the amount ofresources applied to the prospectingactivity can be adjusted to the forecastof how many new, as opposed to existing, customers are expected for agiven model. In the extreme, if a givenmodel is designed only for repeat buyers, then the OEM can be verymodest in its outlays to accompany thelaunch of the model; it would be leftlargely to the dealers to work their existing customer relations as theybest see fit.

In Scenario 2, the dealers specialise inmanaging further contacts with custom-ers, as well as the sales and aftersalessteps in the purchase process. This isthe part of the purchase process which

generally needs to be customised tothe individual customer, and the dealeris in the best position to perform thiscustomising. In addition, where dealersare positioned as primarily managingfurther contacts with customers, theymay come to understand their salesrole in a different way. To a certainextent dealers have understood theirrole as covering a specific territory inthe sense of being accessible for thecustomer. The underlying emphasis inthis role is to man the dealership andbe ready for the customers, both newand old, when they come. Clearly manydealers have moved beyond this some-what passive role, and are more activelyaddressing the customers. Scenario 2serves to support this trend, in thatwhere the primary role of the dealer ismanaging further contacts with cus-tomers, dealers will become more pro-active in seeking out those customercontacts where the customers are tobe found, rather than waiting for themin the dealership. That is, it can beexpected that in Scenario 2 dealers willto a greater extent themselves shiftover to a multi-channel sales approach,managing a range of channels toaddress the range of contact possibilitieswith the existing customers.

As mentioned in the evaluation ofScenario 2 above, one of the crucialsuccess factors in implementing thisscenario is the lead management. Theleads to potential customers generatedby the OEMs must be distributed to thedealers in a way which is both efficientand effective, as well as perceived bythe dealers as being fair: Dealers must

27


see that they benefit equally from theprospecting activities of the OEM. Inreturn, dealers must share the customerhistory of the leads with the OEM, sothat the OEM receives feedback on the hit rate of the prospecting: To whatextent is the OEM successful in identi-fying potential customers who in factend up purchasing the car?

In assessing the other scenarios, con-cerns over maintaining sales points in the dealer network in the face ofdealerships going bankrupt, haverecently led a number of OEMs toassume the ownership and manage-ment of dealerships in key locations.This trend is most pronounced in thepremium segment where, as describedabove in Scenario 4, product knowledgeis a decisive source of added value inthe sales process for the customer. Fora number of reasons, therefore, thetrend to Scenario 4 may continue.Within the context of Scenario 4, theOEMs would benefit from managingtheir own distribution channels alongthe lines of Scenario 3, segmenting

customers according to the costs ofmanaging them. Much like travel agen-cies, OEMs could reduce their costs by allowing the customer the choice ofgoing through the purchase processwithout personal attention. Furthermore,another cost-cutting option withinScenario 4 for the OEMs is to eliminatethe middleman in dealing with businesscustomers. They themselves can per-form the entire B2B sales process; i.e.implement Scenario 1. Finally, in manag-ing their own sales channels, OEMscan establish an organisational solutionwhich conforms to the structures androles identified in Scenario 2, in orderto gain the benefits of this approach aswell.

In assessing the success prospects of the scenarios it may be concludedthat they need not be regarded as strictalternatives, but can be combined indifferent ways to generate a multi-channel sales approach which is opti-mised to the specifics of a given marketsituation.

28 Steigerung der Kosteneffektivität im Automobilpremiumsegment

The clear and structured approach uponwhich the scenarios outlined here arebased, makes it possible to managethe multiple sales channels in such away that they are employed efficientlyand achieve maximum benefit. Toachieve this, it must be clearly under-stood exactly who is the target groupof the individual activities and to whatdegree this target group requiressupport.

The cost effectiveness is increasedprimarily in two ways, first by using theinternet, and second by allocating mar-keting and sales resources in a clearlydefined and targeted manner betweensales channels, respectively betweenthe OEM and the dealers. The internetas a sales channel is the most cost-effi-cient instrument that can be employedto communicate relevant informationand to handle sales processes. In themedium term, however, the internetwill not be used by the entire targetgroup as an independent sales chan-nel. Therefore, multiple sales channelsmust be established and managed tocover all the various needs of the dif-ferent customer segments. These chan-nels must be managed in an integratedway to minimise redundancies andmaximise synergies between differentchannels, and between the OEM andthe dealers. In addition, clearly definedfields of action will foster the develop-ment of specific skills and capabilitiesgoing forward, serving to raise costefficiency comprehensively in the entiresales system.

In the long run therefore, by clearlydefining the individual types of cus-tomer segments and matching them to the appropriate sales channels andprocess, it is possible to establish amulti-channel sales structure which ismore cost effective than the systemcurrently in place today. Such a systemon the one hand permits cross-segmentprocesses such as an optimised leadmanagement, and on the other hand –because of the synergies betweendealer and manufacturer – leads to arational use of resources and thus anincrease in efficiency. Furthermore, themulti-channel approach holds the prom-ise of configuring the sales processesin such a way that besides loweringcosts, the quality of the customer-specific processes are also significantlyimproved. At one and the same time,the customer purchasing experience is enhanced and performed more inex-pensively. It is exactly this improvedcost effectiveness – lower costs com-bined with higher customer satisfac-tion – which so often makes the dif-ference between success and failure in a saturated market.

Conclusion: Raising Cost Effectiveness


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The information contained herein is of a general nature and is not intended to address the circumstances of any particularindividual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that suchinformation is accurate as of the date it is received or that it will continue to be accurate in the future. No one should acton such information without appropriate professional advice after a thorough examination of the particular situation.

KPMG AG WirtschaftsprüfungsgesellschaftDieter Becker

Managing PartnerGlobal Head of AutomotiveTheodor-Heuss-Strasse 570174 Stuttgart, GermanyT +49 711 [email protected]

KPMG AG WirtschaftsprüfungsgesellschaftStephanie Göring

Manager, AutomotiveTheodor-Heuss-Strasse 570174 Stuttgart, GermanyT +49 711 [email protected]

KPMG AG WirtschaftsprüfungsgesellschaftBirgit Schlaitz

Manager, AutomotiveTheodor-Heuss-Strasse 570174 Stuttgart, GermanyT +49 711 [email protected]

Contacts

KPMG AGRoger Neininger

Partner, Coordinator AutomotiveSwitzerlandBadenerstrasse 1728026 Zürich, SwitzerlandT +41 44 249 [email protected]

KPMG LLPMichael Steventon

Partner, Coordinator Automotive UK2, Cornwall StreetB3 2DL Birmingham, United KingdomT +44 121 [email protected]

KPMG AsesoresMarcelo Veiga

Director, Coordinator Automotive SpainP° de la Castellana, 9529046 Madrid, SpainT +34 9145 [email protected]

KPMG Accountants N.V.William J.D. Koot

Partner, Coordinator AutomotiveNetherlandsBurgemeester Rijnderslaan 201185 MC Amstelveen, NetherlandsT +31 20656 [email protected]

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Documents

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