2015 User Profile Insight Tracking KBB Report Source: 2016 [Study Name] provided by Kelley Blue Book

Objective Vehicle Site Access & Consideration Engagement Demographics The purpose of this research is to monitor visitors to the Kelley Blue Book core website to track over time whether they are in-market to buy a vehicle, determine where they are in the shopping process, what they’re shopping for, and their demographics. Number of visits/month Reasons for visit How first learn of site How got to site Device used to access site Mobile app New vs. Used Frame of Mind Vehicle Segments Makes/Models Price range Important Features Source: 2015 KBB User Profile Vehicle Consideration Site Access & Engagement Shopper Types Gender Education Income Marital Status Employment Currently in-market When plan to purchase Purchase Timeframe Demographics

Methodology Visitors to KBB.com are intercepted and invited to participate in an online interview. In 2014, a total of 6,010 interviews were completed In 2015, a total of 5,531 interviews were completed Source: 2015 KBB User Profile

Purchase Timeframe

Two Months or Less From Purchase Currently Shopping for Vehicle In-Market Visitors In 2015 KBB experienced an increase in In-Market shoppers. In-Market for Vehicle Purchase Timeframe 53% 2014 59% 2015 70% 2014 68% 2015 Two Months or Less From Purchase Currently Shopping for Vehicle Source: 2015 KBB User Profile 48% 2014 56% 2015 Base: Total Respondents (2014 n=6,010 2015 n=5,531); (Note: 2014 base for Currently Shopping is n=2,920 due to qualification changes in the questionnaire); In-Market and Shopping (2014 n=2,692 2015 n=2,876) Q.3InMkt: Are you currently in-market to purchase or lease a vehicle? Q.7: Are you currently shopping for a vehicle? Q.8: When do you think you will purchase or lease this vehicle? / Indicates significant difference Y/Y at 95% confidence level

Vehicle Consideration

Undecided on Make & Model Frame of Mind A majority of KBB shoppers are undecided about the make/model they want to purchase, providing advertisers with an opportunity to compete for shoppers. Undecided on Make & Model 55% 57% Source: 2015 KBB User Profile Unofficial ATC Trend: Not certain down, Know exact vehicle up Base: Current In-market for a vehicle within the next year (2014 n=2,645 2015 n=2,831) Q.9 Which of the following best describes what you have identified about the vehicle for which you are shopping? / Indicates significant difference Y/Y at 95% confidence level

Vehicle Consideration New vs Used Intenders KBB.com shoppers are reflective of the market with regard to their interest in new versus used vehicles. They are open to both CPO and non-CPO vehicles. Vehicle Consideration Open to a Used Vehicle 79% 2014 78% 2015 Open to a New Vehicle Source: 2015 KBB User Profile 64% 2014 63% 2015 Primarily Considering New Unofficial ATC Trend: Used lean down, Used Only up 38% 2014 39% 2015 KBB Base: Current In-market for a vehicle within the next year (2014 n=2,645 2015 n=2,831); Open to used vehicle (2014 n=2,105 2015 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 Y/Y at 95% confidence level

Vehicle Segment Consideration KBB shoppers were more focused in their consideration set for body styles in 2015 and were more interested in SUVs, trucks, and crossovers than in 2014. Average Number of Segments Considered 2014 1.6 2015 1.4 Base: Current In-market for a vehicle within the next year (KBB 2014 n=2645, 2015 n=2831 ) 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 Millennial shoppers are open to more vehicle styles, and compared to other age groups, have greater interest in sedans, coupes, and hatchbacks. 2015 Millennial E Gen X F Boomer G Mature H SUV 40% 49% 47% H 37% Sedan (4-door) 39% GH 32% 21% 25% Truck 24% 14% 30% F 27% F Crossover 23% 16% 17% Coupe (2-door) 21% GH 12% 6% 7% Hatchback 15% GH 8% 5% Wagon 3% 4% Minivan 9% Convertible - 2% Average # of styles considered 1.8 FGH 1.5 1.4 1.3 Source: 2015 KBB User Profile Unofficial ATC Trend: SUV/CUV Up, Coupe Convertible Up, Hatchback Up Base: In-market for a vehicle within the year and answered the 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 In 2015 KBB shoppers shifted their focus from price to reliability, and hold a highly pragmatic feature focus overall. Vehicle Features 2014 2015 Price/Cost 54% 43% Durability/Reliability 46% 61% Fuel efficiency 41% 40% Driving comfort 27% 28% Safety 24% Driving performance 21% 16% All-wheel drive 18% 15% Brand reputation 11% Styling/Design 14% Towing/hauling capacity 8% Seating capacity 6% Cargo space Technology/innovation 4% Family friendliness 3% Environmental friendliness 2% 1% Other comments Higher Importance Durability/Reliability moves to top rated feature in 2015 Source: 2015 KBB User Profile Unofficial ATC Trend: Durability, Driving Performance, Comfort, Style, Safety, AWD, Seating Capacity, Cargo, & Family friendliness all UP, Fuel Efficiency DOWN Lower Importance Base: Current In-market for a vehicle within the next year (KBB 2014 n=2645, 2015 n=2831 ) Q14: Which of the following features are most important to you when selecting your next vehicle to purchase? Please select your top 3 features. . / Indicates significant difference for Y/Y at 95% confidence level

Payment & Financing

Average Purchase Price Intention Planned financing increased in 2015 among KBB shoppers, driven by dealership financing. The average KBB shopper budget decreased modestly at 2% year over year, compared to an 8% decrease in the general market. Total Shoppers New Only Shoppers Open to Used Shoppers 2014 (n=2645) 2015 (n=2831) (n=540) (n=632) (n=2105) (n=2199) $25,380 $24,900 (-2%) $34,640 $35,110 (+1%) $22,960 $21,950 (-4%) $30,590 $28,205 (-8%) $36,516 $34,169 (-6%) $24,869 $25,081 Finance 45% 2014 48% 2015 Source: 2015 KBB User Profile General Market* Base: Current In-market AND currently shopping (KBB 2014 n=2645, 2015 n=2831) 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 Y/Y at 95% confidence level

Site Access & Engagement

KBB visitors are highly focused on pricing resources in 2015 Fewer KBB visitors are visiting specifically for trade-in values. TOP REASONS FOR VISITING KBB Source: 2015 KBB User Profile Unofficial ATC Trend: Search for specific vehicle UP Top Research Activities 2014 2015 General research on vehicles (i.e., read articles) 50% 49% Adding or eliminating vehicles from consideration based on specifications 34% 43% Check vehicle ratings and reviews 39% 45% Compare vehicles side by side 33% Check out the latest car models 8% 11% Other comments 12% 10% Base: Total respondents (2014 n=2645, 2015 n=2831); Doing research (2014 n=1619, 2015 n=1405) Q:34 Which of the following describes your reason for visiting the KBB website today? Q.35 What type of research are you doing on this site? Note: Responses greater than 5% are shown. / Indicates significant difference Y/Y at 95% confidence level

/ Indicates significant difference Y/Y at 95% confidence level Method for Landing on Site Although visitors primarily get to the KBB site by typing the URL in their address bar, they are also clicking a link from a search engine, or typing in KBB or a similar phrase. Source: 2015 KBB User Profile Unofficial ATC Trend: Typed URL and Bookmarks UP, Link from search engine, link from another site, and link emailed by friend DOWN Base: Total Respondents (2014 n=2,178 total, 295 1st time; 2015 n=2,178 total, 295 1st time;) Q.36 How did you get to the KBB website today? / Indicates significant difference Y/Y at 95% confidence level

Link from search results top method for 1st Time Visitors Method for Landing on Site First time visitors are most likely to get to the KBB site via a link from a search result. Link from search results top method for 1st Time Visitors Source: 2015 KBB User Profile Unofficial ATC Trend: Typed URL and Bookmarks UP, Link from search engine, link from another site, and link emailed by friend DOWN Base: Total Respondents (2014 n=2,178 total, 295 1st time; 2015 n=2,178 total, 295 1st time;) Q.36 How did you get to the KBB website today?

/ Indicates significant difference Y/Y at 95% confidence level Site Personalization There was no change in frequency of KBB visitation in 2015; most visitors utilize the site infrequently. However, there was an bump in intent to register with KBB in 2015. Frequency of visits Source: 2015 KBB User Profile Unofficial ATC Trend: Registered and intend to register UP, No intention DOWN 2014 2015 Base: Total Respondents (KBB 2014 n=2645, 2015 n=2831 ) 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 Y/Y at 95% confidence level

Devices Used to Access Sites Usage of home computers and mobile phones both increased slightly in 2015, while tablet usage slipped. Use of a mobile phone is most common among younger visitors. Millennial Gen X Boomer Mature (E) n=287 (F) n=316 (G) n=1123 (H) n=345 Desktop/laptop home computer 86% 81% 87% F 92% EFG Mobile phone 29% FGH 23% GH 14% H 9% A work computer 22% GH 25% GH 17% H 8% Tablet 11% 16% EH 10% Connected TV 2% GH 1% H >1% Portable media player 2% 1% Other comments 3% EG 21% of Desktop visitors access the site from multiple devices 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 (KBB 2014 n=2645, 2015 n=2831 ; Millennial, AT n=287, ) Q:38 Which of the following devices have you used to access KBB in the past 30 days? / Indicates significant difference Y/Y at 95% confidence level Letters indicate significant differences between generations at 95% confidence level

/ Indicates significant difference Y/Y at 95% confidence level Mobile Device Usage In 2015, KBB mobile visitors may be more targeted in their searches than in 2014, and are primarily looking at prices of vehicles in their consideration set and checking the price of their current vehicle,. 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 (KBB 2014 n=2645, 2015 n=2831 Millennial, AT n=287, ) Q.39-2 What do you do on the site when accessing KBB on your mobile device (i.e., tablet, smart phone, etc.)? Q.40-2 I access KBB on my mobile device while ... / Indicates significant difference Y/Y at 95% confidence level

Segmentation and Demographics

/ Indicates significant difference Y/Y at 95% confidence level Shopper Types In 2015, KBB shoppers were more confident and less cautious and pragmatic than in 2014. Source: 2015 KBB User Profile 2012 ATC Cautious 18% Enthusiastic 22% Confident 26% Discerning 7% Averse 11% Pragmatic 17% General Market 2015 2014 Base: Those who answered segmentation questions (2014 n=6010; 2015 n=5531) / Indicates significant difference Y/Y at 95% confidence level

Source: 2016 [Study Name] provided by Kelley Blue Book Consumer Segments Source: 2016 [Study Name] provided by Kelley Blue Book

Demographics 67% make <100K 33% make >100K Income 2015 (n=4332) Ethnicity 2015 (n=4882) $25,000 or Less 8% $25,000-$34,999 $35,000-$49,999 12% $50,000 - $74,999 21% $75,000-$99,999 18% $100,000 – 149,999 $150,000 - $199,999 7% $200,000 - $249,999 3% $250,000 or More 5% Caucasian/White Non-Hispanic 85% African-American/Black 4% Hispanic or Latino 5% Asian American/Asian/Pacific Islander 2% Other 67% make <100K Source: 2015 KBB User Profile 33% make >100K Age 2015 (n=5531) 2015 n=2071 18 – 34 Millennials 8% 34 – 44 Gen X 9% 45 – 64 Boomer 49% 65+ Mature 34% Female 25% Male 75% 2015 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 In 2015 KBB experienced an increase in In-Market Visitors and Current Shoppers. The increase in In-Market Visitors was seen across all age groups, but was more pronounced among those in the Boomer and Mature age ranges. Females, Gen X visitors and Boomers drive the increase in those currently shopping. Reliability drove purchase in 2015 compared to 2014, while price became less of a factor. Year over year, fuel efficiency and driving comfort remain a constant. The decrease in focus on pricing is primarily driven by older shoppers. Directionally - shoppers are performing more vehicle research utilizing reviews, articles, and using the site to narrow their shopping list 2015 saw an increased level of interest in financing offered by dealerships. Lower income and younger shoppers are behind this increased in dealer financing consideration. ~75% of used shoppers would consider a CPO product at some level – only 8% of used shoppers state they are looking for used only KBB shoppers in 2015 took a more focused approach, as the number of body styles considered decreased from 2014. Males, Boomers and higher income consumers were more selective in their searches, driving the reduction in body styles considered. However, Millennials consider a significantly greater number of vehicle segments than do older consumers. Advertising should target Millennials who may be more receptive to competitive efforts than their older counterparts. SUVs and trucks increased in popularity between 2014 and 2015. The increase in interest in SUVs was driven by used shoppers and Boomers. High income shoppers, males, and those in the Boomer and Mature age brackets drove the increase in truck popularity. Source: 2015 KBB User Profile

Executive Summary Site Access and Engagement Visitors are using the KBB site differently in 2015 compared to 2014. Focus has shifted from trade in values to finding pricing information. This trend is consistent across males and females, income levels, and generations. A majority of visitors are intentional in finding the KBB site by typing in the URL. However, mature visitors tend to arrive at the site through a secondary source more so in 2015 than in 2014, by clicking on a link from another site or by clicking on an advertisement. Access of the site through a mobile phone increased in 2015, particularly among millennial users. Source: 2015 KBB User Profile