Unlock Hidden Potential: Maximize Vehicle Acquisition and Customer Retention

Dealerships often focus on attracting new customers, but there’s significant potential in leveraging existing customers. By prioritizing customer retention, dealers can unlock valuable opportunities for vehicle acquisition, boost used car inventory, drive new car sales, and increase long-term service business.

The Power of Retention for Acquisition

Retaining customers is more than just good customer service; it’s a strategic move for vehicle acquisition.

• Happy customers are more likely to return for future purchases and services.
• These customers represent a prime pool for trade-ins, providing a consistent source of quality used vehicles for the dealership.
• Many of these trade-ins are newer models, which are highly desirable for certification programs, further enhancing their value.

Strategies and Action Items for Vehicle Acquisition Programs

To effectively tap into this potential, dealerships can employ several tactics, and Omni Advertising is equipped to help dealers develop and execute these strategies:

• Vehicle Exchange Programs: Proactively target existing customers with offers to upgrade to a new vehicle.
  • These programs can be promoted through various channels, including direct mail, email, and in-dealership displays.
  • Emphasize the benefits to the customer, such as lower maintenance costs, improved safety features, and better fuel efficiency.
• Action Item: Develop compelling point-of-purchase displays to showcase the program in the showroom and service areas.  

• Service Lane Acquisition: The service lane presents a unique opportunity to identify potential sellers.
  • Train service advisors and dedicated staff to identify and approach customers who may be ready to trade in their vehicles.
  • Use tools and data to assess customer equity and target those who are likely to benefit from an upgrade.
  • Call or text the customer the day before their scheduled appointment to start planting the seed.
  • Present customers with clear and compelling offers, highlighting the advantages of trading in their vehicle.
  • Create a spiff program for the service writers for test drives and sales. This can help incentivize the service staff to introduce customers to the sales team. 
• Action Item: Implement a “Hot List” board to display vehicles coming in for service that are desirable for acquisition.
  • Create two versions of the board:
    • Customer-facing: Include customer’s name and vehicle of interest.  
    • Dealer-facing: Located in the sales office, with additional details like customer equity and current finance rates.  
  • Prepare vehicle option quotes in advance:
    • Review inventory, lease, and finance programs to determine what would be the best fit for the customer’s existing financial terms.
    • Calculate potential trade-in values and new vehicle payment options to present to customers during service appointments.  
    • Offer test drives and incentives:
      • Have the newer model readily available for a test drive.  
      • Consider offering a small incentive, such as a gift card to a local coffee shop, to enhance the customer experience.   
• Data Mining and Targeted Outreach: Utilize your dealership’s CDP or CRM to identify customers who are:
• Focus on Value Proposition: When communicating with customers about vehicle exchange, emphasize the value proposition.
  • Frame the conversation as an opportunity for the dealership to acquire a vehicle, rather than simply a sales pitch.  
  • Highlight benefits such as competitive trade-in values, lower monthly payments, and access to new vehicle technology and features.  

Omni’s Role

Omni Advertising offers a creative powerhouse to help dealerships develop effective messaging, talk tracks, and creative assets for their vehicle acquisition and retention efforts. Our team will also work with your existing vendors and tools to ensure seamless integration and maximize efficiency. We’re here to help build the backbone of these programs, providing the strategy and creative support you need to succeed.

Dealer-Level Execution is Key

Ultimately, the success of any vehicle acquisition and retention program hinges on the dealership’s execution and long-term commitment. Consistent implementation, ongoing staff training, and a customer-centric approach are essential to achieving sustainable results.