discover monster strategies for winning in equity mining
TRANSCRIPT
Discover MONSTER
STRATEGIES for Winning
in Equity Mining
Get the Right Data to Drive
More Sales Revenue
• Award-winning software solutions – CRM – Marketing – Inventory – DMS
• Proven processes to keep customers for life
• One partner for all your dealership needs
Welcome
Audience Participation
–To reduce background noise, audience members have been muted.
–We encourage your questions.
–Use the Questions text box on the GoTo Webinar side panel.
–Webinar will be recorded and made available.
Guest Speaker
Lyndsey Rodriguez Director of Equity Solutions
The Current Landscape
• Financially cautious
• Hold onto vehicles longer
• Want personable, trust-worthy brands
• More educated during the car-buying process
Current Landscape: The Profile of Today’s Consumer
• Economy has customers fearful of new car purchase
• Auction prices continue to rise
• Reconditioning costs eat away potential profit
Current Landscape: The Cost of Quality Used Inventory
• You know what you’re getting for trades
• Take trades in below auction values
• Recon is less on these vehicles
• No transportation cost on these vehicles
Current Landscape: The Upside to Sourcing Your Customers
Monster Strategies
5 Position your store for success
Optimize sales in your service drive
Pull customers back into the market
Drive your message with target marketing
Secure quality pre-owned inventory
Pull Customers Back into the Market
Pull Customers Back into the Market
• Market to customers who can trade
• Increase customer loyalty
• Arm your salesperson with the information to create the interest
• Deliver higher closing ratios and higher grossing deals
What if … you could identify equity customers that currently own the ideal vehicles you need to stock your pre-owned inventory?
Pre-Owned Dept
What if … you could offer these equity customers the opportunity to get into a new vehicle at or below their current payment with little to no money down?
Pre-Owned Dept
New Car Dept
What if … you could turn the newly-acquired used vehicle to a new customer within 30 days at maximum profit?
Pre-Owned Dept
New Car Dept
Dealership
What if … the customer is now better satisfied because you have offered an easier and more cost effective means of new vehicle ownership?
Pre-Owned Dept
New Car Dept
Dealership
Customer
Monster Results
“In a record quarter, we sold an additional 141 vehicles. In one month, we added 48 sales,
grossing over $93,000. Since implementing equity mining, my gross profit has increased 10%.”
Tommy Hudson General Sales Manager
Hudson Nissan
Powerful Calculations
• Determine the current value for each vehicle
• Calculate a payoff
• Identify a specific term and rate based on buyer history
• Factor in all current rebates and incentives
• Match with “actual” inventory
• Identify opportunities
Intelligent Equity Calculator
Source Quality Pre-Owned Inventory
Search for specific equity scenarios
Create multiple campaigns focusing on different groups
with no overlap
Quickly and easily set all
criteria for your new equity
search
Key in on the Deal Details
Analyze structure of
previous deal
Ensure you have appended customer
info, including 48 month NCOA and
phone numbers
Require real-time calculations of the customer’s estimated
equity position
Identify your top opportunities
Compare estimated payments for
recommended vehicles in your inventory
Review the Deal Structure
Drive in Reverse
Move aged inventory by identifying
customers who can reduce their payment by upgrading to your
aged units
Monster Results
“My average lift per vehicle is $500 for new and $1000 for pre-owned sales.”
Don Asher General Sales Manager
College Hills Honda
Optimize Sales in your Service Drive
Transform your service lane
• Monitor and manage service drive
• Potential to be most profitable source of revenue
• Customers not in the market for a new vehicle
• No previous research
Seize daily service opportunities
Identify customers who can upgrade their
vehicle that are coming in for an appointment or
are in service NOW!
Identify “Conquest
Customers” (who didn’t buy from you) and
present them with welcome info
Monster Results
“For the last 2 years, I have a salesperson who has sold at least 15 additional cars per month, armed
with critical information to engage customers. This has allowed us to retain and add to our
customer base through conquest data.”
Dave Cruce Business Development Manager
Sport City Toyota
Poll Time
Which of the following is an untapped, motivating factor for a consumer to purchase a new car? a. Aesthetics
b. Fuel economy
c. Expired warranty
d. Recall issue
Drive Your Message with Target Marketing
The real power of marketing
• Reduce cost of promotional campaigns and materials
• Increase sales and revenue opportunities
• Implement direct mail and email communications
Monster execution
Marketing Services to assist your efforts:
• First-class, direct mail
• Permission-based, dynamic email campaigns
Experienced BDC resources:
• Professional follow-up
• Secure appointment
Monster Results
“Recently, we sold 71 vehicles from a single equity marketing campaign.”
Kirt Cahill Chief Financial Officer
East Coast Honda
Position Your Store for Success
5
1. Find the Right Solution
•Align with dealership goals
•Leverage DMS, ILM, and CRM systems
•Inventory (complement current used-vehicle management)
2. Start at the Top (buy-in)
3. Leverage Internal Resources
4. (Re)define Process
• Customers make the best prospects (mine YOUR database!)
• Locate to identify
• Establish a direct communication path
• Develop a retention strategy
Our Monster Summary
Questions
Monster eBook: Winning The Sourcing Dilemma
A follow-up email will go out
next week with links to:
• Recorded webinar
• Slide deck
• eBook
Contact Us
Lyndsey Rodriguez - Featured Speaker Director of Equity Mining
Dominion Dealer Solutions 813-695-8042
Aileen Ott - Moderator Director of Marketing Communications 757-846-8245
Dominion Dealer Solutions
@AileenOtt
@DominionDealer