Industry experts are predicting continued inventory shortages well into 2022 and according to IHS Markit data, brand loyalty for new vehicle customers has dropped as a result of these shortages. automotiveMastermind has introduced new product expansions to help dealers combat these ongoing challenges.
We’re joined now by Aaron Baldwin, Vice President of Product for automotiveMastermind, to learn more about how they are helping dealers think creatively and build loyalty.
IHS Markit data has revealed that brand loyalty among auto consumers dropped to a six-year low this past June; down 53% in March to 51% in June. Light vehicle production is also forecasted to be cut by 6.2% in 2021 and another 9.3% in 2022. In light of this, automotiveMastermind has been changing its marketing strategy to help dealers focus on building their pipelines by looking at preserving inbound inventory.
Baldwin says dealers should consider campaigns that educate consumers on the inventory challenges dealers are currently facing and help them make better decisions on their car purchases. automotiveMastermind is focused on being the best in loyalty and owner-based marketing for its dealer partners. They understand which consumers are most likely to actually trade-in or sell a vehicle and help dealers preserve inventory.
With light vehicle production forecasted to be cut by a considerable amount, Baldwin says dealers have to find those key customers that maintain their loyalty not only to the brand but to the dealership as well. Baldwin adds that right now is the time when dealers need to focus on protecting those loyal customers.
Just in the last two months, dealers who have focused on vehicle acquisitions, pre-ordering, and service have increased from 38% to over 50% in October. In the last quarter, automotiveMastermind has helped dealers acquire over 1,200 vehicles from these campaigns. Baldwin says there’s an opportunity for dealers to buy great inventory from their local markets.
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