Turn Service Customers Into Sales With CRM Equity Mining

In the competitive world of automotive sales, dealerships are constantly looking for ways to increase their profits and maintain customer loyalty. One way to do that is through your existing sales data and service drive. Equity mining tools are incredibly popular and for good reason. They identify customers who are in a suitable position to upgrade their vehicle, which creates a potential sales opportunity.

Equity mining tools are becoming increasingly popular in the automotive industry due to their ability to significantly impact dealership sales and profit margins. This tool uses algorithms to identify potential opportunities every day. It can analyze a customer’s purchase history, current loan status, and other data points to determine if they’re a good candidate for an upgrade.

This allows dealerships to focus on customers who are most likely to be interested so your team is spending less time and resources on marketing to those who may not be ready to buy. This not only drives sales for the dealership but also builds customer loyalty, leading to repeat business in the future.

Customers also benefit from equity mining tools as they may receive a better deal on a new vehicle than they would've otherwise. By taking advantage of equity in their current vehicle, customers can lower their monthly payments and take advantage of a new car with a full warranty, potentially saving money on costly repairs.

If you want to make your store successful with an equity mining tool, you can adjust a few processes so it doesn’t have to be a daunting task.

• Choose a software that integrates seamlessly with your CRM. You can eliminate an additional vendor and place for your staff to log in each day to help drive adoption.
• Start with your service drive. Customers who service with you are more likely to buy from you. Plus, you likely have several customers in equity position already in your waiting area daily.
• Get buy-in from your Service Advisors. Taking a car out of the service drive doesn’t have to be a negative. Spiff them for referrals to your Sales team.
• Incentivize your customers for being repeat customers. Loyalty programs can be unique to your store. Get creative!

An equity mining tool is a win-win solution for both dealerships and customers. A solution like the one offered by CDK can drive more sales and profit for your operation as well as increase customer satisfaction and loyalty.