Leveraging Your Dealership’s Equity Data to Crush Your Sales Goals

Your dealership actively gathers hundreds of data points as a part of your day to day operations. You likely have highly detailed information about every one of your shoppers and leads, including data like what vehicle they currently own, their service history at your dealership, what vehicles they may have shown interest in over time, what payment plan they are on and more. 

This treasure trove of data presents your dealership with a unique opportunity to identify not only which shoppers are most likely to make a purchase in the near future, but to understand which of those shoppers are well positioned to do so by determining their individual equity status. 

Let’s take a closer look at the power of dealership equity data, the potential it holds in helping you achieve your dealership’s business goals, and how a Customer Data and Experience Platform (CDXP) can help you easily and automatically harness your equity data to close more sales and drive customer loyalty. 

The Importance of Leveraging Equity Data as a Data Source

Equity data presents a significant growth opportunity for your dealership as it allows you to pinpoint your high-potential shoppers and target them directly and personally with valuable deals. 

Identifying your equity positive shoppers is a simple matter of connecting the dots between several different data points from your dealership’s CRM, DMS, trade-in APIs and other data sources and integrations, including the shopper’s current vehicle, the vehicle’s estimated trade-in value, the customer’s current financing plan, their previous service purchases, and more. 

Once you have successfully identified your equity positive shoppers, you can begin matching each individual shopper to relevant offers and payment plans based on their equity status and begin reaching out with relevant engagements. 

Simply put, equity data, when leveraged correctly, can help you get your dealership shoppers into their next vehicle faster than they may have originally planned for, creating an additional stream of revenue to help you reach your business goals. 

3 Ways a CDXP Can Help You Leverage Your Dealership Equity Data

1. Instantly Identify Equity Positive Shoppers 

With a Customer Data and Experience Platform (CDXP) in place at your dealership, you can avoid combing through millions of data points and tens of thousands of customer records to identify your equity positive shoppers. 

Because CDXPs are designed to unify and sort your various data sources, the platform can instantly identify your equity positive shoppers, eliminating the need for your team to manually sort through mountains of data to find the right customers to target. 

2. Generate Personalized Equity-Based Marketing Campaigns

Identifying your equity positive shoppers is only the first step. What really matters is what you do with that data in order to optimize your operations. 

Once the CDXP has identified your equity positive shoppers, it takes the data and instantly generates optimized, hyper-targeted, personalized omnichannel marketing campaigns that include a relevant trade-in or upgrade incentive for each individual shopper. 

For example, if Jim K. owns a vehicle and now has $18,000 of equity in that vehicle, the CDXP can automatically connect the dots and show Jim personalized, targeted ads that include an enticing trade-in or upgrade offer based on his positive equity status and encourage him to come into the dealership to make a purchase.

3.  Re-engage Past Customers to Drive Customer Loyalty 

One of the best things you can do for your dealership is create extended customer journeys – the kind that keep your customers coming back over time. Equity can play a unique role in this process and help you capture more of the lifetime value (LTV) of your customers. By engaging your customers over time with valuable, relevant, equity-based content, you can build trust and loyalty with your customers, ensuring they will choose your dealership for their next purchase. 

A CDXP can help you re-engage your previous customers who reach equity positive status. By sending your customers personalized, relevant content over time, you can build lasting relationships and ensure your customers come back to your dealership for their next purchase. 

Activate Your Dealership’s Equity Data with Fullpath’s Equity Engine

A Customer Data and Experience Platform is what you need to turn your equity data into your top closer. With Fullpath’s CDXP in place, you can activate your equity data to engage your shoppers with targeted messages based on their equity status to create an additional stream of revenue for your dealership.

Fullpath’s equity engine is designed to help you:

• Instantly identify your equity positive shoppers 
• Automatically target equity positive shoppers with hyper-relevant digital ads 
• Drive loyalty for your dealership with personalized, equity-based email campaigns.

Ready to learn more about how you can turn your equity data into revenue for your dealership? Reach out to our team at get.started@fullpath.com or click here to schedule a personalized demo.