automotiveMastermind, part of IHS Markit and a leading provider of predictive analytics and marketing automation solutions for dealerships and manufacturers across the country, recently announced it will add both certified pre-owned (CPO) and pre-owned vehicle inventory and functionality into its Market EyeQ sales platform.
The announcement was made during the 2020 National Automobile Dealers Association (NADA) Show in Las Vegas.
Market EyeQ integrates strategic information from IHS Markit and maps pre-owned vehicles to finance or cash customers who have previously purchased these types of vehicles.
“Industry data shows an increase in pre-owned sales year-over-year, with pre-owned becoming a critical source of revenue for our dealer partners,” said Joe Kacala, chief product officer with automotiveMastermind. “We know that consumers who have purchased pre-owned vehicles in the past are more likely to purchase them again. As well, we know that safety is a key motivator in their decision-making process. Understanding this pattern, we’re updating our Behavior Prediction Drivers and our predictive marketing campaigns to help dealers more precisely target and engage with these customers.”
This new functionality lifts conversion rates of pre-owned customers, providing additional revenue stream opportunities for dealers. Mastermind will be better able to serve dealer partners with the new addition of pre-owned capabilities that will allow dealers to maximize their entire inventory, leading to increased ROI through selling vehicles at a higher volume.