Working the Drive 101: How to Maximize Service Revenue

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IHS Markit, 2021 From 2002 to 2020, the average age of a passenger car on the road went from 9.6 years to 12.1 years. Long before new vehicle inventory shortages, the average age of vehicles on the road was growing older. But as ongoing shortages spur some customers to hold onto their vehicles even longer, retooling your dealership's service department to better support your sales, acquisition and retention efforts can make a critical difference in your dealership's bottom line. In this whitepaper, we'll explore how dealers can maximize their service revenue and operations including: • How to drive sales through the service drive • How to support inventory acquisition efforts • How the service drive supports customer retention HOW TO DRIVE SALES THROUGH THE SERVICE DRIVE The first step to maximizing your service drive is connecting the dots between your service department and the rest of your dealership in an efficient, effective way. Your process needs buy-in from service, sales and F&I to ensure your efforts are consistent and collaborative. This is not only crucial to your service conquest and service-to-sales processes, but it also supports pre-owned acquisitions and customer retention strategies through the service drive. Ask yourself: Would your team know if there was a great sales prospect in the service drive? How? What's their process for finding out? Would they know what to say to them or what a good offer looks like for them? Breaking down the barriers between departments means everyone is working off of the same nformation. What tools are you providing your team to increase their knowledge and understanding of your service customers and where they are in their customer journey? Utilizing behavior prediction technology that integrates with your dealership's CRM, DMS, service and inventory data ensures your team is regularly mining your upcoming service appointments to identify additional sales and revenue opportunities. Task your team to proactively engage prospective sales leads ahead of their appointment and craft personalized sales offers to these service customers. This includes those driving vehicles out of warranty or over their lease mileage. WORKING THE DRIVE 101: How to Maximize Service Revenue NADA, 2021 After a dip to just $51.9b total revenue in 2020, service department sales once again soared in 2021, reaching $60.4B by June 2021.

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