Automotive Data Mining For Car Dealers

Automotive Data Mining For Car Dealers

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Equity mining automotive data offers your business a promising avenue of growth. Equity mining is the practice of using data to extract valuable information about customers’ equity positions and potential trade-in values. With this information, you can work to increase your sales by reaching out to customers who are likely to be interested in upgrading their vehicles.

The team here at Strolid is well-versed in this practice. Equity mining automotive information is an important tool in our arsenal. When you trust our team for your business development center (BDC) services, you’ll have a top-tier partner that is dedicated to helping your business flourish. Learn more about automotive equity mining below. Then, reach out to us to explore how we can develop a prosperous relationship.

Automotive Data Mining

Data mining is a sophisticated business practice leveraging advanced algorithms to discover patterns humans might not notice. It helps you gain insights into your customers, allowing you to offer the services they want – before your competition can swoop in and beat you to it.

Equity-mined customers often have a lower acquisition cost than others, which is another reason to try out data mining. Generally speaking, they also offer a higher gross for you – they’re not actively shopping when you reach out to them, after all. Before you can reap these benefits, however, you have to ensure you’re managing your data properly.

Preprocessing and data mining are complex and require expertise. While you and your staff are certainly capable, it can be a drain on your time and resources. You want your sales team out in the world or on call connecting with customers, not poring over spreadsheets. When you sign up for sales BDC service and equity analysis with Strolid, we’ll handle the data side of things so you can focus on sales conversions.

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Vehicle Equity Analysis

Data mining is a broad practice of learning more about customers and their habits using information to detect patterns. It’s particularly useful to dealerships for vehicle equity analysis. For example, while you may be able to determine customers with positive vehicle equity from your records, data mining can add value by providing additional information on those customers’ maintenance routines, demographics, and purchase history.

Analyzing and combining your equity and data mining information puts you in a position to identify customers with positive vehicle equity, so you can suggest that they upgrade to the latest version of the model they’re driving with minimal work on their end. This is a pretty attractive option for many customers – they can drive the same vehicle from the latest model year and keep their current payment. Plus, a new vehicle means restarting the service cycle for it with that customer, which is a massive revenue boost.

Our team can help your company grow by leveraging dealership equity mining tools and other BDC best practices to handle client communications, lead generation, and appointment management. If you outsource this work to Strolid, you’ll be able to focus on the art of selling vehicles while we work behind the scenes. You can learn more about what BDC is and how it can help you elsewhere on our website.

Strolid Helps Your Business Grow

Equity mining automotive data is a cutting-edge practice that helps a dealership improve its sales numbers. You can save money by reducing your cold calls and other marketing expenses, too. Instead, you can target equity-mined customers at routine service visits.

When you partner with Strolid, we can handle your vehicle equity analysis and provide you with other BDC services. For instance, we’ll help you determine when a lead is a lead. After that, it’s up to you if you want to contact equity-mined customers via calls, target them during service visits, or both!

Reach out to our team today with any questions about equity mining automotive information or any of our other BDC services. We’re excited to help you discover new ways to thrive in the digital age.

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Frequently Asked Questions

How can equity data mining help improve sales at car dealerships?

Mining automotive equity data provides insight into when customers have reached a positive equity position with the car they’re currently driving, along with further data on who is more likely to upgrade their vehicle upon reaching this benchmark. If you can reach out to them at the right time – when they have positive equity – you have a better chance of securing their business.

What challenges do dealerships face in implementing equity data mining?

Equity data mining is a process that requires significant knowledge and effort to do well. The data has to be “cleaned,” formatted, processed through sophisticated algorithms, and analyzed to identify high-quality leads from positive-equity customers. This is why many successful dealerships choose to partner with businesses like Strolid. We bring years of data mining expertise to the table. Contact us to learn more.

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