automotiveMastermind® (Mastermind), part of IHS Markit (NYSE: INFO) and a provider of predictive analytics and marketing automation solutions for dealerships, has launched strategic product expansions to its proprietary and data-driven platform to help dealers with inventory challenges engage and retain buyers.
Mastermind’s product expansions are in response to shifts in automotive retail that are increasing the pressure on dealers. According to IHS Markit forecasts, inventory constraints are forecasted to extend through at least the third quarter of 2022 – potentially longer – due to the microchip shortage. This will make it harder for dealers to restock new car inventory and attract new customers.
To compound this problem, other IHS Markit data shows that brand loyalty among U.S. consumers looking for new vehicles dropped to a six-year low in June 2021, following steady declines in April and May. Customers who once consistently provided returning business to a dealership are now making purchases where they can find inventory, eroding future sales pipelines. Mastermind’s proprietary algorithm powers predictive marketing campaigns that combat these issues by helping dealers stay in communication with loyal customers and prospects (regardless of their current inventory level) and acquire preferred pre-owned inventory from untapped sources in their market.
Mastermind’s new campaigns encourage dealers to think strategically and creatively to foster ongoing engagement with individuals by:
- Acquiring in-demand pre-owned vehicles by leveraging Polk Audiences by IHS Markit to help identify consumers within their loyalty and conquest portfolios who are most likely to sell their vehicles.
- Proactively engaging and retaining customers through pre-orders.
- Maximizing the service drive by identifying service-to-sales opportunities and driving incremental service revenue.
Additionally, the platform enhancements enable dealers to send predictive marketing campaigns with personalized messaging and compelling offers for customers to sell their vehicles, allowing dealers to bypass competitive and costly auctions while maintaining a rotating inventory.
To engage buyers returning to market and to stay ahead of the increasing demand for new vehicles, Mastermind’s product expansion also helps dealers find customers earlier in their purchase cycle to create a pipeline of pre-orders and reservations. Dealers can offer customers the opportunity to purchase vehicles that have not yet arrived at the dealership, matching buyers with their dream cars without the hassle of trying to find something on the lot.
“Since the onset of the COVID-19 pandemic, we’ve been proactive and flexible with our product offerings to do what we do best – help dealers sell vehicles,” said automotiveMastermind Chief Executive Officer and Co-Founder Marco Schnabl. “The goal of our latest production expansion is to help dealers easily secure the inventory they need by leveraging our reliable and accurate data to reach the right people, at the right time and with the right messages. We’ve heard from several dealer partners that the strategies we’re providing through our technology have proved to be the difference in their ability to continue selling cars amid inventory shortages.”