CDK Global

Equity mining is the most well-known tactic for finding new opportunities from both sales and service customers. However, there’s more than one way to mine your dealership’s CRM.

You may be wondering: Why do I need to mine my database for prospects at all when business is booming? Because you should always keep your pipeline full and stay top of mind with customers. And equity mining is your best bet to source quality used vehicles without any auction fees.

Artificial Intelligence (AI) seems to be on every newscast, in every headline and across social media feeds. And while it may be the hot topic for the tech crowd, car dealers have been investigating and investing in the technology for years.

In a new survey, CDK Global uncovered what dealers think about AI and found that it’s positively impacted sales, inventory management, service and parts. Nearly every area of the dealership can benefit from current and future use cases of AI.

In today’s market, opportunity remains strong in the F&I department, especially for products that protect customers’ vehicle investments. Vehicle prices are dropping slightly but still remain historically high while higher interest rates also add to the bottom line for buyers. Customers who’ve spent more than anticipated on a new vehicle need to be introduced early and often to how finance and insurance products can protect a car purchase that they may intend to keep longer as well.