Fixed Ops Magazine - 2020 Vol17 02 - 39

MARCH APRIL 2020 || FIXED OPS MAGAZINE

REMEMBER, A GREAT
EXPERIENCE IS WHAT
CONVERTS TRANSIENT
MOTORISTS INTO LOYAL
CUSTOMERS WHO
RECOMMEND YOUR SHOP
TO FAMILY AND FRIENDS,
AND INTO EXCELLENT
PROSPECTS FOR
SERVICE DRIVE
EQUITY MINING.

dents said positive online reviews influenced where they buy.
Capitalize on service drive
equity mining.
Happy customers who return again and
again obviously boost your service department's overall profitability. They are
also great prospects for equity mining.
Your dealership acquires a pre-owned
vehicle and gets a new vehicle sale.
Your service customer becomes a sales
customer and so on throughout the lifecycle of the customer.
Prioritizing used vehicle inventory is a
smart strategy. NADA forecasts that new
vehicle sales in 2020 will decline roughly
1.2 percent from 2019. Yet certified preowned sales are expected to hit a new
record high, according to Edmunds. This
indicates that new vehicles, with an average all-time high price of $37,183, are too
much of a stretch for price-conscious
consumers. But many consumers still

need or want a new-to-them vehicle.
Your service drive is one of the best
places to source the used vehicles you
need. There are no pricey auction fees
or transportation costs. Plus, your service team knows the vehicles so you
can avoid those that need expensive repairs to be front-line ready.
An equity mining tool helps you identify
service customers with equity in their
vehicles, or those coming up on the end
of a lease or loan. You can then provide
incentives for them to trade-up while
you boost your used inventory.
Dealerships doing it right dedicate an
equity mining expert to review all service appointments for the coming day
and identify eligible customers. The expert creates a written trade-in quote for
every vehicle and presents it to the customer in your service drive.
It's key to know your demographic and

39


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Fixed Ops Magazine - 2020 Vol17 02

Table of Contents for the Digital Edition of Fixed Ops Magazine - 2020 Vol17 02

Fixed Ops Magazine - 2020 Vol17 02 - 1
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