A few equity tool questions

Ben Kuscsik
  • So this week's Automotive News had about 8 pages of information talking about Negative Equity directly or mentioning it in the author's conversation.  The number of people with Negative Equity is greater now than ever before, and the amount of Negative Equity is greater than ever before.  The other fact that caught my eye was that Loan Terms are at their longest ever.  Because of my history helping dealers better understand how to mine their database with their equity tool, I was left with some questions that you might be asking yourself.

Are there enough customers left in your database in "key swap" position to justify the cost of your equity tool?

Are you mass marketing every month to your database and "burning" your final few candidates with the same untimely message?   

Do you have a tool in place that recognizes customers intent to buy so you can target your database effectively?

 

I'm interested in hearing what you guys think relevant to those couple points listed above?   

 

respectfully

 

ben                           

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Chris K Leslie

The price of the tools are expensive in my opinion.  But you can reduce expense by automating the campaigns to these customers. Instead of having humans do it. 

Joe Tareen

The most effective way to do this in my opinion is to leverage customer visits in Service and  pre-screen every customer with vehicles over 3 years or older. The customer and trade-in are both present on campus and you can always extract customer intent. Pre-screening gets you payoff of 100 percent of customers not to mention open loan details. If a customer has equity, credit viability and intent then make a strong value proposition. Be transparent about what you are putting in for their trade and use a recognized pricing standard to sell you car. This is the most effective way of handing equity period. Everything else in my opinion is a stretch to pin down ROI. Selling to your service drive customer using this method not only covers customer retention effiorts but also is the best customer acquisition strategy because not every one that services with you bought from you. If you need help please feel free to reach out. I can help you!

mark rask

Joe that sounds like a good approach

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