2020 was a tough and trying year for the automotive industry, with a seemingly new challenge every month. And while the effects of the pandemic will likely be felt throughout the rest of this year, dealers continue to find new ways to adapt, resulting in a slow but steady rebound.
At the forefront of some of those new adaptive practices has been data. We’ve seen dealers rely on data to assess where certain makes and models perform best, and subsequently reallocate resources to those areas. In addition, we’ve seen dealers use data to identify vehicles in their local markets that are due for scheduled maintenance to help consumers service their vehicles, as well as maximize their service bays. Every step of the way, the use of data has been centered on growth opportunities within the dealership itself.
But let’s not forget, opportunity also exists outside of the dealership. Conquesting may very well be the key to growth in the new year.
To help dealers efficiently identify potential conquest opportunities, we launched Experian Automotive Market Insights. The dashboard provides a variety of insights, including the number of consumers coming off-lease, off-loan or who have positive equity in their vehicles over the next 12 months.
The dashboard gives dealers a snapshot of what to expect within the next year, and the insight to make informed business decisions. For example, over the next 12 months, there will be approximately 21 million consumers coming off-lease, off-loan or who have positive equity across the country. Looking at the state-level, the majority of these consumers reside in Texas (2.22 million), Florida (1.59 million) and California (1.58 million).
But identifying opportunity is only half the battle. Anytime dealers reach out to prospective shoppers, messaging needs to be relevant. Dealers need to understand what matters most to in-market car shoppers. For instance, is the consumer interested in trading in their vehicle or opting for a lease? That level of information along with the makes and models that the consumer would be most interested in give dealers a higher probability of conquesting that consumer and boosting market share.
While the industry continues to embrace a new normal and moves forward toward recovery, dealers need to embrace data to find new opportunity. For those looking to build and sustain market share, boosting conquesting campaigns will be as critical as improving customer loyalty. And that’s where Experian is committed to helping dealers in the months ahead.
Visit Experian Automotive Market Insights for more information.