Data Mining/Equity Programs - what are the best?

Brandon McNett

One of the big items on the schedule for me this year is to identify which Equity program is going to be best for our dealership group.  I'm VERY interested in hearing from people who are utilizing a program what their thoughts are.

  • What do you like about it?  
  • What do you dislike about it?  
  • What do you wish it could do?  
  • What kind of results are you seeing?  
  • How is it implemented at your store?  
  • What makes it successful or unsuccessful? 

 

 

 

 

I'm particularly interested in people who have experience with more than 1 program and can provide comparisons!  

Heck, I'll even open this up to vendors if they're on here...what distinguishes your program from others?

Thanks in advance for your help!

Sarah Dodd

I personally LOVE AutoAlert. We just got Target Pro from VinSolutions and even though I've watched all the free training videos available, I still have no clue what I'm doing and they don't offer to come out and train you, even though we're spending a nice little chunk on it each month.

It may have changed since we last had it, but AutoAlert would list people from highest equity to lowest, it would give you an estimated monthly payment based off a similar vehicle,. You could replace that vehicle with anything else in stock with just a stock number, so if they're interested in something in particular, it gave you a great idea on where they would be if they traded. You could even change their estimated mileage to fit their situation. It also had a really great campaigning tool. The cons were just that it was slightly inaccurate sometimes, but typically if you had someone interested it didn't make enough of a difference to lose a deal. The only other con is, you work so hard behind the desk to get that payment down or close to the old one and you have to use their cancel-ables to do it, that when they go into finance they don't usually add all the warranties back on because then their payment isn't about the same as it used to be anymore. Little harder to talk people into paying that much more monthly when a day ago they didn't want to trade at all. So you lose money on back end products and you cut your front gross to get that payment where they need it.

Sorry I can't give much insight on Target Pro at this point, except that I do know it's about half the cost. As far as quality and useability goes, there's no comparison in my opinion!

Derrick Woolfson

Hi Brandon! Last year I was in the same boat as you in regards to selecting an equity mining solution. We have used DealerWizard & Dominion and looked at Elead. After much brain damage, Dominion offers a far better solution in so far as managing the "equity mining," ensuring that your database is not "over marketed too." 

We moved away from DealerWizard because even in 2017 they cannot provide a comprehensive report that entails open rate, click rate, and response rate! Dominion offers the ability to create call lists for equity mining with customers who have engaged with your website!!

In order to implement the program I would recommend the following: 

1. How many vendors currently handle marketing (OEM non OEM vendors)

2. Does the vendor use a data list from CRM or DMS (important when it comes to opt out customers, etc); DealerWizard often did not update Opt out list!!

3. What is your current marketing cycle - i.e. when do sales/service blasts go out? Make sure the vendor does not oversend. We found that DealerWizard just randomly sends the campaign, and the customer receives a barrage of emails. Whereas, Dominion does not send more than 3 marketing items within a 30 day period. 

All in all, we are getting great results. We are visibly seeing leads from "repeat" customers who have been targeted for "equity mining." Giving us a great call list!  Our wish (which was granted) was to use a simple, but effective tool that worked with our current CRM/DMS. Hope this helps. 

 

Kristopher Nielsen

While it's not yet available to all franchises, AutomotiveMastermind provides a great tool for Mercedes-Benz dealers (albeit a silly name). We like it because it's incredibly intuitive to use, allows sales people to adjust to other vehicles on the fly, and pulls social media info from customers to add context. They also do a killer paired direct mail campaign.

We also use AutoAlert for our other franchises and it works fine. Our local reps seem to get fired/quit every two weeks and the performance managers in California are really pushy/intrusive.

Chris K Leslie

Ive been using Revenue Radar for the past couple of years. 

 

  • What do you like about it?  
    • Its integrated pretty tight with Dealersocket so that is nice.

 

  • What do you dislike about it?  
    • ​​​​​​​It has a bit of a learning curve to it. It is pretty feature rich

 

  • What do you wish it could do?  
    • ​​​​​​​I wish it could be a bit more simplified 

 

  • What kind of results are you seeing?  
    • so far its been good. It does almost require a full time person managing it

 

  • How is it implemented at your store?  
    • ​​​​​​​We have a certain amount of pings we allow to be fed through a round robin to our BDC agents

 

 

  • What makes it successful or unsuccessful? 
    • ​​​​​​​I think the amount of resources you can dedicate to it. Its tough to add it on top of current peoples jobs because there is a lot to it. 

 

Mark Rask

we use revenue radar and it works well.....however none of the tools work well if you don't have a good process

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