- May 1, 2006
- First Name
I'll never forget the first time my green-pea'd self walked into the used car manager's office and said "hey boss, I've got a good one! They want us to get them a sedan with less than 30,000 miles for under $15,000." To which he replied: "does this look like a used car factory?"
Later he said something about a Chinese Bank, but that's another story for another day.
Well boss, it looks like a FRIKIN used car factory now exists! Check out SERVICEiQ for the industry's first Equity Engagement Engine to entice the service customers to sell or trade their car.
A year ago, Rusty West of Market Scan introduced me to something they were working on called mDrive. He explained how they used an algebraic algorithm to plot the programs available on every car in such a way that down payments, credit tiers, general rebates, and the customer's equity could be applied to a dealership or dealer group's entire inventory. In essence, we could pencil thousands of cars in less than a second. Think about that: we can pencil every car in inventory for each customer. And it is pretty damn accurate.
This gave us the idea of super charging the personalization aspect of what we do by focusing the customer on their equity. A nice little WIIFM goes a long way!
So we teamed up with TradePending to hyper-focus the used car valuations on the dealer's local market. We want to be as accurate as possible and realized doing this with just the sales DMS database (like traditional equity mining tools do) wasn't going to cut it. The service ROs were key to getting the most accurate mileage and making sure we are hitting customers who are still driving that car.
As a side benefit on the service feed we picked up two things:
- cell phone numbers because that's the easiest way for service writers to get a hold of a customer fast
- massive conquesting capabilities because most service customers did not buy their car from that dealership
Not bad timing amidst a new vehicle supply problem!
Learn more about FRIKINtech's SERVICEiQ Equity Engagement Engine.