FRIKINtech Automated Equity Mining Engine for Service Customers

FRIKINtech Launches Automated Equity Mining Engine for Service Customers

SERVICEiQ acquires inventory from the service department through automated trade-in offers and unlocks access to conquest customers

FRIKINtech launched SERVICEiQ – the first fully automated equity engagement engine that analyzes daily repair orders for equity upgrade opportunities and automatically delivers an equity trade-in offer on the dealer’s entire inventory to all eligible customers via text or email.

“Can you believe 60% of people using the dealership’s service department did not buy that car from that dealership— true of many stores,” said Alex Snyder, CEO. “Talk about a conquesting opportunity!  SERVICEiQ ensures each eligible service customer gets a chance to explore how far their equity can go, while weighing future service recommendations like that new set of tires they’re going to need, from the convenience of their phone. Then it informs the sales staff they have a warm lead in their own CRM.”

Once a customer accepts an invite to review their trade-in or buy-back offer, SERVICEiQ shows them a local used car value with equity estimated for their vehicle based on the car’s year, make model, and most recent mileage from information within the repair order. Once the customer confirms equity, credit score and other variables, SERVICEiQ automatically calculates accurate monthly payments for every available vehicle in a dealer’s database with $0 down, equity applied, and rebates properly stacked for a loan, lease and cash deal. Sorted by lowest payment and starting with vehicles that most closely represent what they currently drive, customers can then shop by payment and features, compare new and used cars and consider used and new car leasing.

“Consumers are accustomed to receiving offers that are untimely, inaccurate, and not personalized – feeling much more generic than a customized offer for their vehicle and a replacement option ready to roll,” said Tom Harsha, COO of FRIKINtech. “This differs because the offer comes automatically by text or email, piques their interest with easy to edit trade payoff and values without them having to input any additional information and lines up accurate payments including estimated equity on every vehicle so  trust is established before they speak with a salesperson.”

SERVICEiQ allows dealers to define the vehicle and equity situation they are looking for, along with the frequency of messaging to the customer. Once the offer is opened, every move is tracked and translated into actionable information that is delivered into the dealer’s CRM at the customer engagement level of the dealer’s choosing.

“Our team has considered every aspect of user experience on both sides of the platform to ensure both the customer and the dealer have optimized experiences from start to finish with SERVICEiQ. Once launched, SERVICEiQ doesn’t require any heavy lifting from the dealer, while the customer receives transparent and accurate payments, further building trust between the two,” said Harsha.

For more information about SERVICEiQ, FRIKINtech and the company’s other automated dealer solutions, visit frikintech.com.

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