2015 User Profile Insight Tracking Cox Automotive Report

Vehicle Consideration Objective The purpose of this research is to monitor visitors to Cox Automotive’s Autotrader and Kelley Blue Book websites and track over time whether site visitors are in-market to buy a vehicle, determine where visitors are in the shopping process, what visitors are shopping for, and profile visitor demographics. New vs. Used Frame of Mind Vehicle Segments Makes/Models Price range Important Features Source: 2015 Autotrader User Profile Vehicle Consideration Shopper Types Gender Education Income Marital Status Employment Purchase Timeframe Demographics Currently in-market When plan to purchase

Methodology Visitors to the Autotrader and Kelley Blue Book websites were intercepted and invited to participate in an online interview. In 2014, a total of 7,622 interviews were completed (1,612 Autotrader interviews, 6,010 KBB interviews) Source: 2015 Autotrader User Profile In 2015, a total of 7,709 interviews were completed (2,178 Autotrader interviews, 5,531 KBB interviews)

Cox Automotive 2015 vs. 2014

Purchase Timeframe

Two Months or Less From Purchase In-Market Visitors While more Cox Automotive visitors were in-market in 2015, fewer are planning to purchase in the next two months. In-Market for Vehicle Purchase Timeframe 59% 2014 65% 2015 67% 2014 63% 2015 Two Months or Less From Purchase Source: 2015 Autotrader User Profile Base: Total Respondents (2014 n=7,622 2015 n=7,709); In-Market (AT)/In-Market & Shopping (KBB) (2014 n=4,009 2015 n=4,612) Q.7 Are you currently in-market to purchase or lease a vehicle? Q.8 When do you think you will purchase or lease your next vehicle? / Indicates significant difference Y/Y at 95% confidence level

Vehicle Consideration

Undecided on Make & Model Frame of Mind Cox Automotive shoppers are often undecided on the make/model they want to purchase, providing a receptive audience for advertisers to position current offerings. Undecided on Make & Model 55% 2014 55% 2015 Source: 2015 Autotrader User Profile Base: Current In-market for a vehicle within the next year and answered question (2014 n=3,859 2015 n=4,463) Q9. Which of the following best describes what you have identified about the vehicle for which you are shopping?

Vehicle Consideration New vs Used Intenders Cox Automotive shoppers are more likely than the general market to be shopping for a used vehicle, and most are open to both CPO and non-CPO vehicles. The percentage of those undecided regarding used vehicle type increased in 2015. Vehicle Consideration Open to a Used Vehicle 85% 2014 85% 2015 Source: 2015 Autotrader User Profile Open to a New Vehicle 58% 2014 56% 2015 Primarily Considering New 30% 2014 29% 2015 Base: Current In-market for a vehicle within the next year (2014 n=3,920 2015 n=4,503); Open to used vehicle (2014 n=3,347 2015 n=3,816) Q.10 Which of the following best describes your mindset regarding the vehicle you are considering? Q.11 Which of the following types of used vehicles are you considering? *Source: 2015 Cox Automotive Consumer Brand Tracker / Indicates significant difference Y/Y at 95% confidence level

Vehicle Segment Consideration Among Cox Automotive shoppers, interest in SUVs and trucks increased significantly, while interest in sedans and hatchbacks slipped between 2014 and 2015. Average Number of Segments Considered 1.6 2014 1.6 2015 Base: Current In-market for a vehicle within the next year and answered question (AT 2014 n=3,920, 2015 n=2,366 ) Q.12 Please indicate which body styles of vehicles you are seriously considering for your next vehicle purchase. / Indicates significant difference Y/Y at 95% confidence level

Average # of styles considered Vehicle Segment Consideration Cox Automotive Millennial shoppers are open to more vehicle styles and compared to other age groups, have greater interest in sedans, coupes, and hatchbacks. Older shoppers are more interested in convertibles than are younger shoppers. 2015 Millennial (n=297) Q Gen X (n=324) S Boomer (n=1,270) U Mature (n=420) W SUV 42% W 46% UW 39% 35% Sedan (4-door) 44% SUW 34% W 31% W 26% Truck 25% 28% Crossover 19% UW 16% 15% 13% Coupe (2-door) 25% SUW 12% 11% Hatchback 18% SUW 10% 8% Wagon 7% Minivan 5% 9% 6% Convertible 4% 8% QS 10% QS Average # of styles considered 1.9 SUW 1.7 W 1.6 W 1.4 Source: 2015 Autotrader User Profile Base: Current In-market for a vehicle within the next year and answered question (See table) Q: 12 Please indicate which types of vehicles you are seriously considering for your next vehicle purchase. Letters indicate significant differences between generations at the 95% confidence level

Most Important Features While price, reliability, and fuel efficiency are consistently the three most important features to Cox Automotive shoppers year over year, the importance of overall price and fuel efficiency declined in 2015, while the importance of durability increased. Vehicle Features 2014 2015 Price/Cost 53% 48% Durability/Reliability 46% 54% Fuel efficiency 38% 35% Driving comfort 26% Driving performance 22% 19% Safety 23% All-wheel drive 18% 17% Brand reputation 14% Styling/Design 16% 15% Towing/hauling capacity 9% 10% Seating capacity 8% Cargo space 6% Technology/innovation 7% 5% Family friendliness 4% 3% Environment friendliness 2% 1% Local service - <1% Other comments Higher Importance Source: 2015 Autotrader User Profile Lower Importance Base: Current In-market for a vehicle within the next year (2014 n=3,920, 2015 n=4,503 ) Q14 Which of the following features are most important to you when selecting your next vehicle to purchase?. . / Indicates significant difference for Y/Y at 95% confidence level

Most Important Features Younger Cox Automotive shoppers are more price conscious while older shoppers are more interested in driving comfort. Vehicle Features Millennial (Q) n=481 Gen X (S) n=529 Boomer (U) n=2,348 Mature (W) n=1,090 Price/Cost 58% UW 53% W 48% W 38% Durability/Reliability 54% 52% 55% Fuel efficiency 38% S 32% 35% 34% Driving comfort 13% 16% 25% QS 38% QSU Driving performance 24% SUW 17% 18% 19% Safety 23% 21% 26% All-wheel drive 15% 18% W Brand reputation 10% 15% Q 16% QU Styling/Design 14% Towing/hauling capacity 6% 10% Q 11% QW 7% Seating capacity 10% W 13% UW 7% W 5% Cargo space Technology/innovation 4% Family friendliness 6% UW 9% UW 2% 1% Environment friendliness Local service - 1% W <1% Other comments Higher Importance Source: 2015 Autotrader User Profile Lower Importance Base: Current In-market for a vehicle within the next year (see table) Q.14 Which of the following features are most important to you when selecting your next vehicle to purchase?.

Autotrader 2015 vs Kelley Blue Book 2015

Purchase Timeframe

Two Months or Less From Purchase In-Market Visitors While Autotrader visitors are more likely to be in-market, KBB in-market visitors have a shorter purchase timeframe. In-Market for Vehicle Purchase Timeframe 80% Autotrader 59% KBB 54% Autotrader 68% KBB Two Months or Less From Purchase Source: 2015 Autotrader User Profile Base: Total Respondents (AT n=2,178 KBB n=5,531); In-Market (AT)/In Market & Shopping (KBB) (AT n=1,736 KBB n=2,876) Q.7 Are you currently in-market to purchase or lease a vehicle? Q.8 When do you think you will purchase or lease your next vehicle? Indicates significant difference between brands at 95% confidence level

Vehicle Consideration

Undecided on Make & Model Frame of Mind Autotrader shoppers are more focused in their approach to buying a vehicle than are KBB shoppers. Undecided on Make & Model 51% Autotrader 57% KBB Source: 2015 Autotrader User Profile Base: Current In-market for a vehicle within the next year and answered question (AT n=1,632 KBB n=2,831) Q9. Which of the following best describes what you have identified about the vehicle for which you are shopping? Indicates significant difference between brands at 95% confidence level

Vehicle Consideration New vs Used Intenders KBB shoppers are more reflective of the general market than AT shoppers in their likelihood to purchase new vs. used vehicles. AT shoppers considering a used vehicle purchase are more likely than KBB shoppers to focus on purchasing a certified used vehicle. Vehicle Consideration Open to a Used Vehicle 97% AT 78% KBB Source: 2015 Autotrader User Profile Open to a New Vehicle 45% AT 63% KBB Primarily Considering New 12% AT 39% KBB 2015 Base: Current In-market for a vehicle within the next year (AT n=1,672 KBB n=2,831); Open to used vehicle (AT n=1,617 KBB n=2,199) Q.10 Which of the following best describes your mindset regarding the vehicle you are considering? Q.11 Which of the following types of used vehicles are you considering? *Source: 2015 Cox Automotive Consumer Brand Tracker Indicates significant difference between brands at 95% confidence level

Vehicle Segment Consideration Autotrader shoppers consider a greater variety of vehicles, while KBB shoppers are more focused, and are likely considering an SUV. Average Number of Segments Considered 1.7 Autotrader 1.4 KBB Base: Current In-market for a vehicle within the next year and answered question (AT n=1,672 KBB n=694 ) Q.12 Please indicate which body styles of vehicles you are seriously considering for your next vehicle purchase. Indicates significant difference between brands at 95% confidence level

Most Important Features While price, reliability, and fuel efficiency are consistently the three most important features to shoppers of both publications, AT shoppers are more price focused, while KBB shoppers place greater importance on reliability and fuel efficiency. Vehicle Features Autotrader KBB Price/Cost 55% 43% Durability/Reliability 61% Fuel efficiency 26% 40% Driving performance 23% 16% Driving comfort 22% 28% All-wheel drive 21% 15% Styling/Design 11% Brand reputation 18% Safety 17% 27% Towing/hauling capacity 12% 8% Seating capacity 10% 6% Cargo space 7% Technology/innovation 4% Family friendliness 3% Environment friendliness 1% Local service -- Other comments 5% Higher Importance Source: 2015 Autotrader User Profile Lower Importance Base: Current In-market for a vehicle within the next year (AT n=1,672, 2015 n=2,831 ) Q14 Which of the following features are most important to you when selecting your next vehicle to purchase? Indicates significant difference between brands at 95% confidence level

Payment & Financing

Average Purchase Price Intention Autotrader shoppers are more likely to plan to finance their vehicle purchase although they have a smaller budget than KBB shoppers. Finance 58% 48% General Market* Source: 2015 KBB User Profile (n=1,672) (n=2,831) $21,840 $24,900 $28,205 Base: Current In-market for a vehicle within the next year and answered question (AT n=1,571, KBB n=2,831) *Q.23: How do you plan to pay for your vehicle? Q.21: How much are you looking to spend on your next vehicle? *Source: 2014 Cox Automotive Consumer Brand Tracker Indicates significant difference between brands at 95% confidence level

Site Access & Engagement

Autotrader and KBB visitors utilize the site differently While KBB visitors are primarily finding pricing information, Autotrader visitors are interested in searching for a specific vehicle and doing vehicle research. TOP REASONS FOR VISITING Source: 2015 KBB User Profile Unofficial ATC Trend: Search for specific vehicle UP Top Research Activities Autotrader KBB General research on vehicles (i.e., read articles) 45% 49% Adding or eliminating vehicles from consideration based on specifications 48% 43% Check vehicle ratings and reviews 26% Compare vehicles side by side 38% 33% Check out the latest car models 12% 11% Review features/specifications available on specific vehicles 18% - Other comments 8% 10% Base: Total respondents (AT n=2,178, KBB n=5,531); Doing research (AT n=1,145, KBB n=1,405) Q:34 Which of the following describes your reason for visiting the AutoTrader website today? Q.35 What type of research are you doing on this site? Indicates significant difference between brands at 95% confidence level

Method for Landing on Site KBB visitors are more likely to get to the site by clicking on a link in a search engine, while Autotrader visitors are more likely to have bookmarked the site. Source: 2015 KBB User Profile Base: Total Respondents (AT n=2,178, KBB n=5,531) Q.36 How did you get to the Autotrader website today? Indicates significant difference between brands at 95% confidence level

Site Personalization Frequency of visits Autotrader KBB Autotrader visitors utilize the site more frequently than KBB visitors and are more likely to be registered members. Frequency of visits Source: 2015 KBB User Profile Unofficial ATC Trend: Registered and intend to register UP, No intention DOWN Autotrader KBB Base: Total Respondents (AT n=1,178, KBB n=5,531 ) Q.33 How many times have you visited the KBB website in the past 30 days? Q37 Are you registered with My KBB to save your cars and searches? Indicates significant difference between brands at 95% confidence level

1.3 1.6 Devices Used to Access Sites Average Number of Devices Used Autotrader visitors use a greater number of devices to access the site and are more likely to use a mobile device. Average Number of Devices Used 1.6 Autotrader 1.3 KBB Source: 2015 KBB User Profile Unofficial ATC Trend: Mobile and Work Computer UP Millennial age <=34, ATC (n=187), KBB (n=843) Desktop 90.4, 91.5 Mobile 51.3, 26.5 Work Comp 28.3, 25.3 Tablet 19.3, 15.4 PMP 1.6, 1.4 VC 1.1, 1.3 Other 1.1, 1.1 Base: Total Respondents (AT n=2,178, KBB n=5,531) Q:38 Which of the following devices have you used to access KBB in the past 30 days? Indicates significant difference between brands at 95% confidence level

Mobile Device Usage AT mobile visitors are likely to be looking at vehicle prices and photos, while KBB mobile visitors typically look at vehicle prices and check the value of their current vehicle. 80% 74% Source: 2015 KBB User Profile Unofficial ATC Trend: Mobile and Work Computer UP Millennial age <=34, ATC (n=187), KBB (n=843) Desktop 90.4, 91.5 Mobile 51.3, 26.5 Work Comp 28.3, 25.3 Tablet 19.3, 15.4 PMP 1.6, 1.4 VC 1.1, 1.3 Other 1.1, 1.1 Base: Accessed site on mobile device and answered question (AT n=652, KBB 459) Q.39 What do you do on the site when accessing on your mobile device? Indicates significant difference between brands at 95% confidence level

Segmentation and Demographics

Shopper Types KBB visitors are both more confident and more cautious than Autotrader visitors, who tend to be more enthusiastic. Source: 2015 KBB User Profile 2012 ATC Cautious 18% Enthusiastic 22% Confident 26% Discerning 7% Averse 11% Pragmatic 17% General Market Autotrader KBB Base: Those who answered segmentation questions (AT n=878; KBB n=5,531) Indicates significant difference between brands at 95% confidence level

Demographics Income 2015 Ethnicity 2015 Age 2015 Female 19% 25% Male AT (n=1822) KBB (n=4332) $25,000 or Less 9% 8% $25,000-$34,999 $35,000-$49,999 10% 12% $50,000 - $74,999 20% 21% $75,000-$99,999 17% 18% $100,000 – 149,999 19% $150,000 - $199,999 7% $200,000 - $249,999 3% $250,000 or More 6% 5% AT (n=791) KBB (n=4882) Caucasian/White Non-Hispanic 79% 85% African-American/Black 8% 4% Hispanic or Latino 5% Asian American/Asian/Pacific Islander 3% 2% Other 6% Source: 2015 Autotrader User Profile Age 2015 AT (n=2071) KBB (n=5531) 18 – 34 Millennials 14% 8% 34 – 44 Gen X 15% 9% 45 – 64 Boomer 54% 49% 65+ Mature 17% 34% Female 19% 25% Male 81% 75% AT n=2101 KBB n=5298 Base: See Table Q.46 What is your gender? Q.47 What is your age? Q.48 What is the approximate total PRE-TAX ANNUAL INCOME of your household, including salaries, bonuses, and other sources? Q.49 Which of the following best describes your ethnic origin?

Executive Summary Shopping Behavior 2015 brought a greater percentage of in-market visitors to Cox Automotive sites. These shoppers are accessing the site earlier in the purchase process than in 2014. Autotrader visitors are more likely than KBB visitors to be in market, but KBB shoppers have a shorter purchase timeframe in mind during their visit. While a majority of both Autotrader and KBB shoppers are undecided on the vehicle make/model they will purchase, Autotrader shoppers are more likely than KBB shoppers to have narrowed their focus to a specific vehicle. Millennials shopping the Cox Automotive sites have greater interest in sedans, coupes, and hatchbacks than do older shoppers. A strong majority of visitors to both Cox Automotive sites are open to purchasing a used vehicle. However, among those interested in a used vehicle, the percentage focused on a certified used vehicle slipped in 2015. Interest in a used vehicle is greater among AT shoppers than among KBB shoppers. Potentially driven by falling gas prices, interest in sedans and hatchbacks declined among Cox Automotive visitors in 2015, while interest in SUVs and trucks increased, particularly among Autotrader shoppers. Although price and fuel efficiency were still a priority in 2015, Cox Automotive shoppers placed less emphasis on these attributes and greater importance on vehicle reliability. Autotrader shoppers are more focused on vehicle price while KBB shoppers are more interested in fuel efficiency and vehicle reliability. Driving performance is a greater priority to Millennials while driving comfort is more important to Mature shoppers. Autotrader shoppers are more likely to plan to finance in spite of having a smaller budget than KBB shoppers. Source: 2015 Autotrader User Profile

Executive Summary Site Access & Engagement Site utilization differs significantly between visitors to the two Cox Automotive sites. KBB visitors typically use the site to find pricing of their current vehicle, while Autotrader visitors are more focused on vehicle purchase information, including searching for a specific vehicle. Typing in the URL is the most common method for accessing both sites. However, KBB visitors are more likely to click a link from a search engine and Autotrader visitors are more likely to bookmark the site. Autotrader visitors access the site more frequently than KBB visitors and are more likely to create a profile (i.e. My Autotrader, My KBB). Autotrader visitors use more devices to access the site and are more likely to use a mobile device. Visitation on a mobile device is reflective of overall visitation, with Autotrader mobile visitors focusing on vehicle purchase information and KBB visitors checking the value of their current vehicle. Source: 2015 Autotrader User Profile