How to Improve Pre-Owned Car Sales with Market EyeQ

August 21, 2020 John Kehm

When we announced at the 2019 NADA show that we would be adding pre-owned auto sales functionality into our Market EyeQ car sales platform, we had no idea what changes, dealership challenges and opportunities 2020 would bring to the used vehicle sales operations of our dealer partners. It turns out our timing couldn’t have been any more fortunate.

Dealers know that used and CPO customers are harder sells – they’re more price sensitive, they’re less brand loyal and they’re more likely to present more challenges at the F&I desk. However, with the disruptions to new vehicle production across the automotive industry and with an uncertain economic future appearing to push many traditional new-car buyers into considering used/CPO options, dealers have refocused their attention on the pre-owned auto sales market.

For dealers trying to seize the opportunities presented by the evolving used car marketplace, our Market EyeQ platform’s pre-owned capabilities unlock new used vehicle sales and improve pre-owned auto sales profitability both in the current automotive marketplace and into the future.

Let’s look at the ways Market EyeQ’s pre-owned functionality delivers:

  • Higher car dealership conversion rates
  • Streamlined workflow
  • Lower inventory costs

Improve Your Car Dealership Conversion Rate

Market EyeQ’s pre-owned functionality is powered by the same predictive analytics capabilities that drive Mastermind’s Behavior Prediction Score® for new vehicle marketing and sales. And just as Market EyeQ’s new vehicle marketing empowers dealers with predictive marketing campaigns that generate up to 15x ROI, our pre-owned tools also make measurable and meaningful differences in a dealer’s bottom line.

Market EyeQ enables dealers to unlock new vehicles sales opportunities by matching pre-owned customers with relevant offers and simplifying complex used vehicle sales cycles with predictive marketing built around specific needs of pre-owned buyers.

These marketing campaigns use data to factor in the differences in the used car sales lifecycle, including the likelihood that a previous used car buyer will purchase used again, the importance of monthly payment size and more.

For instance, some of our most successful dealer partners use Market EyeQ to track customers on 72-month terms and structure personalized marketing offers to well-qualified auto prospects with 36 months or less left in their loan.

Knowing pre-owned customers are more likely to buy a pre-owned vehicle in the future, Market EyeQ further empowers dealers to improve conversions by integrating data from their available inventory to both match best prospects to the vehicle they’re most likely to purchase – whether that’s new or used.

Streamline Your Dealership’s Workflow

With Market EyeQ, dealers can now manage pre-owned and new replacement vehicles in the same predictive analytics-driven sales platform. This unlocks significant dealership productivity and efficiency improvements – right when they need them the most.

Having one unified sales platform for new and used car marketing and sales allows dealers to provide a consistent dealership customer experience for the growing population of consumers who are deciding between new and used as part of their shopping process. According to Edmunds, new vehicle shoppers also considering pre-owned cars increased by 5% between January and June 2020 and now make up 29% of the consumer marketplace.

Market EyeQ further improves dealership efficiency by automating the processes of sifting through historical sales data to identify potential customers and match them to pre-owned cars. Using predictive analytics to analyze data from your CMS, DMS and available inventory, Market EyeQ generates predictive marketing campaigns with relevant offers based on factors like make-model-trim, year, mileage and monthly payment predictions. If a pre-owned option isn’t available on the lot, Market EyeQ will automatically map a customer to their best new option.

Cut Your Dealership Inventory and Holding Costs

Market EyeQ gives car dealers greater control over pre-owned inventory with proven targeted marketing capabilities that improve turn rate without sacrificing profit. Further, Market EyeQ reduces wasted overhead by giving dealership managers and salespeople a single comprehensive vehicle sales platform to update rates and manage replacement new and used vehicles.

By centralizing a dealership’s customer insights and available inventory, sales teams can more efficiently identify which prospects are most likely to purchase – whether that’s new or used. From there, Market EyeQ’s empowers dealers to engage and convert prospects with intelligent marketing campaigns and personalized offers designed to boost ROI. By moving their pre-owned inventory faster and with greater predictability, dealers can both reduce overhead costs and ultimately maximize their profit-per-deal.

 

Interested in learning more about what Market EyeQ’s pre-owned functionality can do to help improve your conversion rate, streamline your workflow and reduce your dealership’s inventory costs? Contact us for a free Market EyeQ demo.

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