automobileMastermind assists dealers in the sale and acquisition of inventory
automotiveMastermind® (Mastermind), a subsidiary of IHS Markit (NYSE: INFO) and provider of predictive analytics and marketing automation solutions for dealerships, has launched strategic product extensions to its proprietary and focused platform data to help dealers with inventory issues engage and retain buyers.
Mastermind’s product expansions are in response to changes in automotive retailing that are increasing pressure on dealerships. According to IHS Markit forecasts, inventory constraints are expected to last at least until the third quarter of 2022 – potentially longer – due to the shortage of microchips. This will make it more difficult for dealers to restock new car inventory and attract new customers.
To compound this problem, other data from IHS Markit shows that brand loyalty among U.S. consumers looking for new vehicles has fallen to its lowest level in six years in June 2021, after constant declines in April and May. Customers who once regularly supplied business to a dealership now shop where they can find inventory, eroding future sales pipelines. Mastermind’s proprietary algorithm powers predictive marketing campaigns that combat these issues by helping dealerships stay in touch with their loyal customers and prospects (regardless of their current stock level) and acquire preferred used inventory from untapped sources in their market.
Mastermind’s new campaigns encourage dealers to think strategically and creatively to foster continued engagement with individuals by:
- Acquire used vehicles in demand by leveraging IHS Markit’s Polk Audiences to help identify consumers within their loyalty and conquest portfolios who are most likely to sell their vehicles.
- Proactively engage and retain customers through pre-orders.
- Maximize service by identifying sales service opportunities and generating additional service revenue.
Additionally, platform enhancements allow dealers to send predictive marketing campaigns with personalized messages and compelling offers for customers to sell their vehicles, allowing dealers to bypass competitive and expensive auctions while maintaining a rotating inventory.
To engage returning buyers and to stay ahead of the growing demand for new vehicles, Mastermind’s product expansion is also helping dealers find customers earlier in their buying cycle to create a pipeline of pre-orders and reservations. Dealers can offer customers the option of purchasing vehicles that have not yet arrived at the dealership, matching buyers with the cars of their dreams without having to search for something in the field.
“Since the onset of the COVID-19 pandemic, we’ve been proactive and flexible with our product offerings to do what we do best – helping dealerships sell vehicles,” said the President and CEO and Co-Founder of AutomobileMastermind. Marco schnabl. “The goal of our latest production expansion is to help dealerships easily secure the inventory they need by leveraging our reliable and accurate data to reach the right people, at the right time, with the right messages. We have heard from several dealer partners that the strategies we offer through our technology have proven to be the difference in their ability to keep selling cars when inventory runs out.
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