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Brand loyalty among U.S. consumers for new vehicles dropped to
a six-year low in June 2021.
IHS Markit
Identify New Opportunities
As loyalty diminishes in some cases, new opportunities are also emerging in the form of seemingly endless
opportunities to conquest from your competition.
As previously mentioned, inventory challenges are spurring some buyers to switch brands to purchase the bodystyle
of their choice. However, as new model releases reach the market in 2022, new research from IHS Markit shows your
best conquest opportunities are likely in-brand.
To successfully identify and target new opportunities:
• Using dealership marketing tools, identify prospective
buyers preparing to return to market in the coming
months, such as customers approaching the end of their
payment terms or the end of their warranty.
• To build trust with conquest prospects, personalize your
approach when reaching out based on each customer's
unique wants and needs and avoiding "bait-and-switch"
deals and including actionable offers.
Leverage Your Service Drive
With an aging fleet driving additional service visits and rising pre-owned values pushing some service customers to
consider trading up, dealers have a prime opportunity to leverage their service drive as a source of
pre-owned acquisitions.
Of course, not every service customer will be interested in trading-in when they come in for maintenance. To
identify potential pre-owned acquisitions, utilize dealership marketing technology tools to mine your upcoming
service appointments for potential trade and buy-back opportunities, like those with a higher-than-ideal interest
rate on in-demand vehicles.
In the first six months of a
new product being on the
market, more than half of the
model's registrations come
from same-brand owners.
IHS Markit
From here:
• Connect your sales and service departments using a dedicated
member of your BDC to walk customers from start to finish (and
beyond into loyalty).
• Engage customers when confirming their service appointment to
gauge their potential interest in upgrading.
• Ensure your service team has the information needed to engage
customers in the service drive with a personalized upgrade offer.
• Follow up with prospects to ensure satisfaction, review the offers
presented during their appointments and build rapport.
In the last quarter,
Mastermind's dealer
partners acquired over
1,200 vehicles equating to
over $31M in inventory.
While inventory shortages are likely to persist well into 2022, there is still ample opportunity for dealers to
proactively acquire and sell vehicles in the year ahead.
Interested in learning how automotiveMastermind can help your dealership
overcome 2022 inventory challenges? Contact us to learn more
