automotiveMastermind Introduces Enhancements to its Automated Sales & Marketing Platform to Help Dealers Sell Smarter & Connect with Customers

Rhea-AI Summary

automotiveMastermind, a part of S&P Global Mobility, has announced upgrades to its Mastermind platform, enhancing dealers' market insights and advertising capabilities. Key features include the new Market Impact dashboard for performance analytics, a Lease Buyout feature tracking lease customers, and integration with Meta for targeted digital advertising. From 2019 to 2022, lease buyouts surged from 12% to 45%, showcasing significant market shifts. These enhancements are designed to help dealers streamline operations, boost customer loyalty, and leverage first-party data for better sales outcomes amidst challenging economic conditions.

Positive

• Enhanced capabilities for dealers to access new advertising channels.
• Introduction of Market Impact dashboard for comprehensive market analytics.
• Significant increase in lease buyouts from 12% to 45% from 2019 to 2022, indicating changing consumer behavior.
• Participants in the Digital Audiences pilot experienced a 48% increase in clicks per unique customer.

Negative

• None.

Updates give dealers a comprehensive view of their local market and enable Meta advertising

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- automotiveMastermind (aM), part of S&P Global Mobility and the leading provider of predictive analytics and marketing automation solutions for dealerships, has announced enhancements to its flagship automated sales and marketing platform, Mastermind, that will offer greater market insight, visibility into lease buyouts and new digital advertising options to improve how dealers connect and communicate with current and prospective customers.

The new enhancements give dealers the ability to access new advertising channels, integrate deeper with their technology stack and view comprehensive analytics and insights, which empowers them to better understand the market, streamline sales processes and make smarter business decisions. Combining predictive analytics to understand their customer base better and improve how dealers connect with them through hyper-relevant marketing gives business leaders a unique advantage to leverage their first-party data to drive positive business outcomes.

"Dealers and OEMs have experienced unprecedented market conditions over the last few years," said Aaron Baldwin, chief product officer at automotiveMastermind. "A great example is customers buying out their lease contracts instead of entering new lease agreements. We see buyouts north of 40% in most brands. With our expertise in predictive analytics, we recognized the opportunity for OEMs and dealers to take better control of their first-party data to enable them to proactively navigate difficult and varying macro-economic conditions."

Market Impact

Market Impact is an analytics dashboard that utilizes registration and loyalty data to give dealers an unbiased view of their market performance. Traditionally, dealers did not have a holistic view of the new and used market relative to their competitors. Market Impact allows dealers to compare their performance with other dealers – as well as across high-level make, model and segment benchmarks – regardless of brand. With this information, dealers can see data on pre-owned sales (in available markets) – information not readily available from OEMs. Since Market Impact sources information from sales and registration data, it gives a more complete view of both new and pre-owned data by standardizing markets across the nation.

Gaining insight into purchase trends in their own backyard enables dealers to reduce defections, boost their customer loyalty, identify critical opportunities and improve inventory mix based on what is selling best in their area – ultimately increasing their profitability.

Lease Buyout

With the new Lease Buyout feature, dealers will have visibility into customers who have purchased their leased vehicle as opposed to turning it in or trading it for another vehicle. From 2019 to 2022, there has been a 275% increase in customers buying their lease out (from 12% in 2019 to 45% in 2022), according to data from dealerships who use Mastermind. Dealers will be able to visualize these customers and view them as a lease intender instead of as a used car customer. This gives dealers and OEMs the opportunity to focus on rebuilding their lease portfolios and resecuring their loyalty potential.

"Our commitment to leverage our data ecosystem to create high value sales opportunities remains our core focus," said Baldwin. "Giving dealers insights into their lease buyout customers is another example of how automotiveMastermind is helping the industry solve tomorrow's challenges, today."

Digital Audiences

aM has also integrated its data enabled audience segments into digital advertising networks beginning with Meta. The new Digital Audiences solution is an audience builder that enables dealers to create custom or pre-built audiences from their enriched first-party customer data. These segments are automatically and continuously updated in their Meta Ad Accounts. 

Digital Audiences extends the value and proven results of aM's proprietary Behavior Prediction Score® (BPS®), which uses data to help dealers identify potential buyers by ranking them on a scale of 1-100 based on how likely they are to be in market for a vehicle, to a new channel.

Advertising can be an expensive line item for dealers, and blanket approaches to advertising often waste money by targeting people who are not in-market. Digital Audiences combined with the BPS® and segment activation offers a way to identify an in-market audience accurately and efficiently, while also enabling dealers to target potential customers over multiple channels, increasing touchpoints with loyalty and conquest audiences.

aM dealer partners who participated in the Digital Audiences pilot program saw a 48% increase in clicks per unique customer versus only using first-party data.

"Whether you need to move cars faster, acquire more vehicles at better prices, drive loyalty, streamline marketing spend or conquest new opportunities, Mastermind has you covered," said Baldwin. "Market Impact, Lease Buyout and Digital Audiences are just the tip of the iceberg when it comes to enhancements and integrations we'll introduce this year."

About automotiveMastermind
Founded in 2012, automotiveMastermind^®, part of S&P Global Mobility, empowers dealers to close more deals by predicting future buyers and consistently marketing to them. Its proprietary automated sales and marketing platform, Mastermind, helps dealerships generate success in loyalty, service and conquest portfolios through a combination of turnkey predictive analytics, proactive marketing and dedicated consultative services.

automotiveMastermind is headquartered in New York City.

For more information, visit automotiveMastermind.com.

About S&P Global Mobility

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

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SOURCE automotiveMastermind

FAQ

What are the new features announced by automotiveMastermind for their Mastermind platform?

The new features include the Market Impact dashboard, Lease Buyout visibility, and integration with Meta for targeted digital advertising.

How much did lease buyouts increase from 2019 to 2022 according to automotiveMastermind?

Lease buyouts increased from 12% in 2019 to 45% in 2022.

What impact does the Market Impact dashboard have on car dealerships?

The dashboard provides dealers with performance analytics, allowing them to compare their market performance against competitors.

How did the Digital Audiences pilot program affect dealer click rates?

Dealers participating in the pilot program saw a 48% increase in clicks per unique customer.

What is the significance of first-party data in automotiveMastermind's new features?

First-party data is utilized to enhance customer targeting and improve marketing effectiveness, helping dealers connect better with potential buyers.