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4 Ways to Identify

Motivated Car Shoppers

The ability to upgrade one’s vehicle is not always accompanied by motivation.
The author urges dealers to focus their equity mining efforts on four reliable indicators.

By Scot Eisenfelder, CEO, Affinitiv
While the average vehicle ownership length
is 6.5 years, trade-ins peak around three
years into the loan term. This means approx-
imately 10% to 15% of existing dealer cus-
tomers are eligible to upgrade their vehicles
at any given time.

Equity mining tools have long been used to
identify sales and service customers with eq-
uity in their vehicles, in the hopes of turning
them into new sales customers. Most tools
have built-in templates that help dealers cre-
ate attractive, personalized purchase offers
that reflect both short term and long term
cost-of-ownership savings.

However, there is one drawback to equity
mining tools: Just because a customer has clined a service estimate over $500? Loss of website, you know that person is a hot pros-
the ability to upgrade their vehicle does not confidence is a powerful purchase motivator. pect. Being able to identify who they are al-
necessarily mean they have the motivation lows you to send them custom, personalized
to do so. Change in Life Event messages guaranteed to grab their attention
Purchase data from third parties that and pique engagement.
What if you could further streamline cus- 2will help you identify customers and
tomers identified by your equity mining tool prospects who have recently experienced life Location, Location, Location
to include only motivated customers? You changing events. These events are great indi- Technology also exists that allows you
could increase new vehicle sales by focusing cators that vehicle needs may change. 4 to track prospects’ locations. What if
all your time, marketing dollars, and efforts you could be notified when an existing cus-
on customers with both equity and a need. Recent movers into your primary market tomer attends the local auto show or visits
area can be targeted with a welcome message a competitor’s lot? This would allow you to
The best way to identify motivated custom- and sales offer. serve them display ads or videos designed to
ers is to filter a list using several other, know- grab their attention and place your brand in
able triggers that indicate when consumers Newlyweds, newly divorced, college grad- consideration.
may be the most open to a new vehicle sales uates, and parents with new babies or high
offer. These triggers include: school students all make great targets. So do When combined with equity mining data,
people who have started a new job. these triggers become a powerful predictor
Warranty Expiration or Collision of customers who are both eligible and mo-
Is the vehicle near warranty end or out Online Browsing Behavior tivated to buy. These customers are worth
1of warranty? Does the vehicle have ex- Online browsing behavior is one of targeting with aggressive, personalized, and
cess mileage? Is the vehicle coming off lease 3the best predictors of who is currently relevant omnichannel campaigns to ensure
in the next year? These triggers are easy to in-market. Fortunately, new technology ex- that your message is being heard and your
identify and allow you to contact vehicle ists that allows you to identify “anonymous” brand is in consideration. n
owners far in advance of the actual event. shoppers online and tells you what they’re
looking for. Scot Eisenfelder is CEO of Affinitiv, a market-
Also identify owners who may have lost ing technology company serving automotive
confidence in their vehicle. Has there been a When a potential car buyer visits your deal- manufacturers and franchise dealers. Email
recent collision repair? Has the customer de- ership website, third-party sites, or an OEM him at scot.eisenfelder@bobit.com.

6 | MIADA MISSISSIPPI DEALER Q1 2020