As a company founded by auto dealership veterans, the National Automobile Dealers Association (NADA) Show is automotiveMastermind’s favorite place to share big news and launch new tools for our dealer partners. This year’s show in Las Vegas was no different, with a trio of significant announcements:
Mastermind’s OEM Serviceability Milestone
We know what matters to dealers, and since its launch last year at NADA we’ve been committed to building an improved incentives architecture within our Market EyeQ sales platform to accommodate deeper OEM incentives. Despite the challenges of every OEM’s proprietary model, we were proud to announce that we’ve achieved that goal for all major OEMs, partnering now with 30 brands.
This means Market EyeQ now offers seamless integration inside the dealership to better understand every buyer in a dealer’s market. This ensures that all our dealer partners have automated tools that provide actionable intelligence on every automotive consumer in their market.
Integrating every major OEM’s incentives to that level of granularity into Market EyeQ pays particular dividends in service conquest by identifying in-market buyers who are eligible to be activated into a dealer’s specific portfolio. Market EyeQ’s Service Conquest component provides those actionable insights with an extremely high VIN match rate.
Market EyeQ’s service conquest capabilities have also been enriched by the integration of CDK’s service arrival notifications and service appointment reports, among other tools. Dealers who rely on this DMS will have Market EyeQ’s insights to assist them with planning for scheduled appointments, as well as identifying conquest service-not-sale prospect walk-ins.
Our dealer partners already report gaining an average of 15 incremental conquest sales per month over prior models and a service conquest activation rate four times higher than other service-not-sold providers. These announcements show that we think there’s still more opportunity to build on those numbers and continue to improve dealers’ bottom lines.
Market EyeQ Will Add Pre-Owned Functionality
One of the requests we’ve received the most from our dealer partners who rely on Mastermind’s Market EyeQ in the new car showroom is for its capabilities to be extended to the used vehicle lot as well. At NADA 2020, we were happy to share the news that we will be adding both CPO and pre-owned functionality to Market EyeQ later this year.
We talk a lot about the importance of our data partners to Market EyeQ’s ability to deliver uniquely valuable and actionable insights to dealers, and the new pre-owned functionality is a perfect example of these relationships in action. The critical data on pre-owned vehicles comes from strategic information from IHS Markit.
Thanks to that data, Market EyeQ can map pre-owned vehicles to finance or cash customers who have previously purchased these types of vehicles.
We’ve also done a deep dive into used vehicle sales data and research and updated our Behavior Prediction DriversTM and our predictive marketing campaigns to help dealers more precisely target and engage with these customers just as they do today with new car sales.
The result for dealers will be improved conversion rates of pre-owned customers, as well as all the other benefits that Mastermind brings to new car sales such as improved marketing efficiency, increased customer satisfaction and a better bottom line.
Mastermind’s Dealers Make Us a “Top Rated” Partner
We were incredibly proud to receive a “Top Rated” Owner Marketing Award in the tenth annual DrivingSales Dealer Satisfaction Awards in the “Owner Marketing – Equity Mining” category.
While we appreciate and value every award and recognition we receive, this award is especially important to our team as it’s based on the experience and satisfaction of actual dealers using our products and services in the real world.
The Dealer Satisfaction Awards are, just as their name says, awards voted on by thousands of dealers in the DrivingSales.com community. We can talk all we want about improved conversion rates for our predictive marketing tools and share the evidence that our dealer partners who market with Mastermind have the lowest advertising cost per sale in the category ($115 versus the industry-average $624 reported by NADA), but the real evidence is in what those dealers say about us, not what we say about ourselves. This award is a powerful endorsement from the dealers whom we’re dedicated to serving, and we’re grateful to all those who voted for Mastermind over the course of 2019.
We hope you had a chance to stop by our booth at NADA. But for those who didn’t, we’re happy to come to you. Please contact us to schedule a demo and learn more about the new and upcoming capabilities that Mastermind brings to your dealership.