Snapchat Partners with InMarket to Analyze Auto-Buying Trends

Snapchat has teamed up with InMarket and S&P Global Mobility to gain deeper insights into how its users engage with automotive brands and make purchasing decisions. The partnership aims to provide advertisers with a more data-driven approach to reaching potential car buyers, particularly as the platform continues to see significant engagement from users in the market for new and used vehicles.

According to recent research, 29.1 million Snapchat users planned to purchase a new car in the first quarter of 2024, while 19.9 million intended to buy a used car. The study also found that from January to July 2024, Snapchatters purchased 1.6 million cars, contributing to $59 billion in auto sales. Additionally, Snapchat users were shown to be 40% more likely to buy a new vehicle than the general U.S. population and demonstrated a stronger preference for fuel-efficient options, being 10% more likely to purchase electric vehicles and 16% more likely to opt for hybrids.

To help automotive brands maximize their ad performance, Snapchat and InMarket piloted a new Lift Conversion Index (LCI) – a closed-loop attribution system designed to measure incremental dealership visits and sales directly tied to Snapchat advertising. Initial results from multiple auto advertisers showed a 66% median lift in dealership visits and a 39.38% increase in incremental sales.

Given the high cost and complexity of auto purchases, Snapchat’s partnership with InMarket was meant to be a step towards making car purchases over the platform both possible and more streamlined. While many people would find it unthinkable to purchase a car over a platform like Snapchat in such a direct way, this work alongside InMarket potentially opens the floodgates for automotive advertising to become a lot more common on the platform.