How Mastermind Benefits More Than Your Dealership’s Sales

by automotiveMastermind

Too many dealership technology solutions focus almost entirely on sales. Not ours. While vehicle sales are the lifeblood of a dealership, there’s much more that goes into building a profitable and sustainable business. Part of what makes Mastermind’s automotive dealership solutions so effective is they are exactly that – dealership solutions, not just sales or marketing.

The data-driven insights generated by Market EyeQ not only start the automotive marketing and sales process but continue to be of value to teams throughout the entire dealership. From the marketing department to the service drive, in this post, we’ll outline how Market EyeQ’s customer insights generate cohesive and uniform messaging that benefit every department in the dealership.

In this post, we will explore how Mastermind’s automotive marketing software can help your dealership’s various departments:

Marketing
Finance & Insurance
Service Drive
Customer Service
Accounting

Marketing

From OEMs to dealerships, automotive marketing is quickly evolving thanks to digital disruption. Market EyeQ’s predictive marketing solutions empower dealers to stay competitive in today’s changing market. Dealership marketers can turn the traditional sales lead “volume versus quality” equation on its head with visibility that Market EyeQ provides into their entire local marketplace, generating both quantity and quality by taking advantage of big data technologies.

Big data marketing starts with the right data, and that’s where our unrivaled access to aggregated data from IHS Markit, TransUnion and Carfax makes a critical difference for dealership marketing teams. The better the information your digital dealership tools are working with, the better insights and quality sales leads they’ll generate. The more efficient and effective your marketing is, the better dealership ROI you’ll produce.

Mastermind’s marketing tools deliver in some of the most competitive or complicated marketing DMAs in the country. Nationwide, our dealers report a marketing cost-per-sale of just $115, compared to the $624 industry average.

Finance & Insurance

In a challenging F&I environment, and with affordability a gigantic concern for car shoppers, everything an F&I team can do to put together the right offer makes a huge difference. Market EyeQ supports F&I experts with insights based on a variety of public and proprietary data sets, including our TransUnion partnership.

Integrating those insights into Market EyeQ’s predictive marketing campaigns also means car buying prospects are presented with high-quality offers early in the sales cycle, and they are more likely to arrive in the showroom with an attractive offer in hand. This shortens and simplifies the offer development and negotiation process, saving dealership F&I team’s time and reducing the time customers spend in the F&I process – which improves their overall experience.

Importantly, integrating data-driven insights into marketing outreach also means fewer high-risk or non-financeable prospects ever enter the sales cycle, unless your dealership makes the decision to include them in its targeting. It similarly simplifies the F&I process for certified pre-owned and used vehicle sales, thanks to Market EyeQ’s addition of pre-owned/used inventory and functionality.

Service Drive

The service drive is a make-or-break environment for the dealership customer experience. The more you know about your service customers, the better job you can do to meet their needs while building a relationship that either keeps them around as loyalty customers or turns them into service conquest.

Market EyeQ’s Service Conquest functionality is a powerful tool for service drive and other fixed ops staff. Whether it’s through predictive marketing to identify, communicate with and activate service-not-sold customers or in identifying the best prospects from among your upcoming service appointments for a trade-in or early termination, Market EyeQ’s service drive functionality works so well that our dealers report activating 55 percent of service-not-sold customers into qualified in-market leads – a rate four times that of any other automotive dealership solution provider.

Customer Service

Mastermind’s Dealer Relations Managers are experts who work as your partner, not your vendor. This includes dealership training for customer service teams to ensure they’re able to use Market EyeQ’s insights effectively throughout the entire customer relationship.

While traditional dealership sales training only focuses on closing deals, our DRMs recognize that the quality of customer service after the sale is the beginning of the sales process for the customer’s next car. The best dealership leads, after all, are the ones already in the dealership.

The proof is in the results: Mastermind’s dealers report an average 15 percent increased retention sales rate over the competition.

Accounting

Dealerships are numbers-driven businesses, and very little matters if the bottom line isn’t right.

That’s why Mastermind has developed strong dashboard and reporting tools that benefit management and anyone who’s devoted to what the numbers look like now, and where they’re forecasted to go. We also understand the importance of working within an existing tech stack, which is why Market EyeQ seamlessly integrates with your DMS to minimize friction and time-wasted switching between dealership tools.

Just as it helps the F&I team with developing financing options for CPO and used sales, Market EyeQ’s addition of inventory and functionality for used vehicles gives accounting teams the ability to oversee both new and used lots more effectively in one interface.

Interested in learning more about how Mastermind’s capabilities can make teams throughout your dealership more efficient and effective? Contact us today to set up a free demonstration.

How MarketEyeQ Benefits More Than Your Dealership’s Sales Department