After dipping in 2020 due to the pandemic, the dealership service drive resumed its previous trajectory, growing increasingly more valuable over the last few years. At the same time, the age of vehicles on the road has steadily increased from 9.6 years in 2002 and 12.1 years in 2020, all the way to 12.5 years and older today, according to S&P Global Mobility. With customers waiting longer than ever between new vehicle purchases, refining your dealership’s service department process to generate more revenue can make a critical difference in your dealership’s bottom line. In this post, we’ll ..read more

Keeping up with manufacturer incentives is important for dealers aiming to boost their bottom line and stay ahead in a challenging automotive marketplace. As this year unfolds for auto dealerships, understanding the small details of new OEM incentives becomes increasingly critical. These incentives play a massive role in developing dealership strategies by laying the groundwork for enhancing customer experiences, driving sales and ensuring full buyer satisfaction. For dealers, navigating these diverse OEM incentive programs is essential. Exploring how these incentives work for their team, dea ..read more

After enjoying a period of record-breaking profitability, dealerships are entering a new era marked by increased competition and a pressing need for strategic adaptability. While inventory levels are normalizing and incentives are starting to slowly return, lingering high prices and rates are preventing some buyers from re-entering the market. At the same time, the automotive retail industry is quickly evolving, with new technologies and changing customer buying behaviors putting additional pressure on car dealership sales and marketing teams. To stay ahead and maximize sales opportunities, de ..read more

As margins continue to tighten amid high prices, few incentives, and pent-up customer demand, dealerships need to adapt their sales and marketing strategies to stay ahead of the curve – and the competition. This requires dealers to have a deep understanding of their entire market – not just what vehicle their current customers are driving. Traditional equity mining tools, while valuable, only provide a partial picture of the potential within a dealer’s market. To truly maximize their potential revenue opportunities, dealers need to take a more comprehensive approach. By going beyond standalon ..read more

The key for car dealerships looking to gain a competitive edge lies in mastering the art of automotive prospecting. Broadly referring to the ways dealerships identify, engage and convert potential buyers, this evolving proactive strategy goes beyond waiting for customers to start shopping around. Effective automotive prospecting requires dealers to identify and engage prospective buyers before the return to market. Automotive Prospecting Strategies Unlike the conventional wait-and-see approach, proactive customer prospecting enables dealers to create a pipeline of future sales opportunities b ..read more

NADA Show 2024 unfolded in a whirlwind of innovation and strategic partnerships for Team Mastermind, marking yet another milestone in our journey. This was our team’s 10th appearance at an NADA Show (including the virtual event in 2021), with humble beginnings inside a 10×10 booth in 2014. Throughout the week, we proudly showcased how our team and Mastermind have grown and evolved alongside the automotive industry, evolving into a true data and technology partner – driving value through actionable intelligence and personalized experiences. Pre-Show Excitement with New Integrations Before we e ..read more

Looking ahead to 2024, the future of the automotive retail industry is continuing to face evolving challenges – and new opportunities. With inventory challenges largely in the rearview mirror, auto dealers are once again finding themselves in a landscape where adaptability and proactivity are key. To navigate future trends in the automotive industry – from changing product mixes to evolving customer demands and buying behaviors – dealers need to take a proactive approach. To adapt and succeed, dealers need to know what likely lies ahead, including the market outlook and sales forecast, invent ..read more

With affordability still putting the pressure on new vehicle sales, the average age of cars and light trucks in the U.S. rose to a new record of 12.5 years in 2023 – up by more than three months over 2022, according to S&P Global Mobility. As customers hold onto their vehicles longer – and digital retailing options limit the number of in-person touchpoints – identifying and engaging prospective buyers in the dealership service drive is more important than ever. Mastermind’s recent service-to-sales enhancements offer dealers a need view into their dealership’s service customer portfolio so ..read more

It’s early in the year, but EV sales are already accelerating at a steady pace. According to NADA data, in 2023 battery electric vehicle (BEV) sales topped 1.1 million units for the first time, representing 7.2% of all new light vehicles sold. NADA, December 2023. But even as sales increase, many dealers are still experiencing slow customer adoption, with their EV inventory outpacing demand. Looking to the end of 2024, there will be nearly 100 BEV models available, according to S&P Global Mobility. That’s double the number of models available in 2022, covering several more segments, compe ..read more

The right marketing program drives buyers to your store, and the right technology solutions help your sales team close deals. As we approach 2024, you might be looking to either build on your growth or rework your strategy for the upcoming year. Regardless of where you find your dealership as we close 2023, there are some vital tips and practices you can leverage for your marketing efforts that aim to drive sales through relationship-building and unique experiences. By combining the art of selling cars (the what to do) and the science of selling cars (the how to do it), you will easily find th ..read more