FRIKINtech Launches Automated Equity Mining Engine

FRIKINtech Launches Automated Equity Mining Engine

SERVICEiQ acquires inventory through automated trade-in offers and unlocks access to conquest customers.

FRIKINtech, the leading provider of automotive dealer engagement technology, launched SERVICEiQ – the first fully-automated equity engagement engine that analyzes daily repair orders for dealer-defined preferences and automatically delivers a custom trade-in offer to all eligible customers via text and/or email. Beta tests with nearly 100 dealerships over six months delivered on average more than 70 incremental leads each month, offering at minimum a return on investment 14-times the cost of the solution.

“Most customers using the service drive want to buy their next car from that store,” said Alex Snyder, co-founder and CEO of FRIKINtech, “But tapping into those customers is laborious and usually requires the dealership to have a specialist on staff. SERVICEiQ requires neither – delivering qualified leads one out of every four invitations.”

When a dealership services a vehicle, the service department collects necessary information to estimate the equity for their vehicle – including recent customer contact information, vehicle data and most up-to-date mileage. SERVICEiQ uses that information to automatically send an invitation via text message or email to qualified customers based on a dealership’s customized preferences to review a trade-in offer. Once the customer accepts the invitation, they can review the trade-in offer and correct equity, credit score, additional down payment and other variables to see accurate monthly payments for every vehicle available in a dealer’s database with rebates and other variables properly stacked.

Thorughout Q2 of 2022, service advisors captured good cell phone numbers 79% of the time and good email addresses 49% of the time. The reliability and consistency of getting in front of every service customer has far-exceeded the expectations of the dealership veterans at FRIKINtech. 

“Consumers are accustomed to receiving offers after a repair order that are untimely, inaccurate and not personalized – feeling much more like a cheap coupon, said co-founder and COO, Tom Harsha. SERVICEiQ is different in every way – hitting their inbox within hours of leaving the dealership, piquing their interest before they input any information and lining up accurate payments so they’re unsurprised when they speak with a salesperson.”

SERVICEiQ allows dealers to define the customer and vehicle they are looking for, including equity, age of vehicle frequency to hit the customer and integrates directly with the dealership’s CRM, translating every move a customer made once opening their offer into actionable information and delivering it to the dealer’s sales team at the engagement level of their choosing.

Harsha continued to say, “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. SERVICEiQ builds trust between dealers and customers by delivering transparent and accurate payments to qualified customers with no heavy lifting on the dealer’s part.”

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

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