As fallout from the coronavirus pandemic continues to impact the automotive industry, many dealers struggle to pivot their plans, let alone try to predict what's next. Supply chains are still experiencing shortages; therefore, inventory is still low for dealerships. New vehicles require microchips for, well, just about everything to function and unfortunately, chips are among those materials currently suffering the greatest shortage worldwide. Automotive is not the only sector in need of chips either, so dealerships need to get creative in order to keep their lots stocked. A strong strategy is what's called for here.
Introducing Virtual Car Lot™- helping dealerships NOW with an eye on the future of what might be NEXT.
WHAT IS THE VIRTUAL CAR LOT?
Virtual Car Lot (VCL) is a comprehensive package created to activate untapped opportunities within your own database and provides entry into our highly configurable data platform including the complete customer journey and vehicle lifecycle and Blue Sky analytics. Sounds exciting, right?
Well, it is pretty cool. You see, the insights incorporated into the Virtual Car Lot are very similar visually to your actual car lot, and just as easy to understand. This dynamic inventory grid pinpoints the opportunity by who is driving what make and model, who is in-equity, what type of customer, what type of vehicle, lifecycle position, and more. While we've always provided this level of detail and usability included under Sales Performance in our Blue Sky Dashboards, we've beefed it up a bit in response dealer feedback and in consideration of the current market challenges. Combined with supporting marketing products, we've designed VCL to help your dealership with market challenges now, but also to sustain business continuity into the future.
HOW THE VIRTUAL CAR LOT™ HELPS YOUR DEALERSHIP
More importantly, how can VCL help your dealership acquire more inventory, revenue, maximize every opportunity? It allows you to quickly 'see' your customers that are in positive equity positions, have a contract or lease coming to an end, and more. It focuses on the intersection where the customer journey and vehicle lifecycle meet, then loads up relevant information to quarterback the handoff to your sales people for a proactive approach to the follow-up conversation. Better yet, it continues to market to a specific segment (in-demand models, for example) with hyper-personalized and helpful communication to create more win-win outcomes. Establishing this level of connection to your complete data set not only rises to the current situation, but makes it easier to tap back into your enhanced first-party data with agility to meet the future market challenges.
THE RIGHT MARKETING MIX
Virtual Car Lot combines powerful analytics with 3 key marketing products designed to immediately begin to acquire more trades, stock your lot, and accelerate beyond future market challenges no matter where consumer are in their car buying journey. If anything here sparks your interest, let's set up a strategy session to. find the right marketing mix for you.
Submitted by:
Destiny Chafin
Staff Writer