LAWRENCEVILLE, Ga., Nov. 11, 2019 /PRNewswire-PRWeb/ -- Black Book, a division of Hearst that provides precise, industry-leading vehicle valuation, released today its latest joint white paper with The Appraisal Lane: "The Value of Loyalty: Customer Lifetime Value in the Automotive Industry." The lifetime value of a customer to a dealership is estimated to be over $50,000 after factoring in the potential revenue from referral business.
Many automotive sales professionals mistakenly view car buying transactions as one-offs, assuming that the customer is unlikely to transact with their brand, or dealership, ever again. At the same time, customer satisfaction in the automotive industry lags behind other industries. This white paper discusses how dealers can maximize automotive customer lifetime value (ACLV) by improving the trade-in process.
"Customer experience is a dealer's most important success differentiator today," said Jeff Risner, CEO of the Appraisal Lane. "Lower margins, increased competition, and dwindling loyalty are eroding business. A better customer experience starts with a better trade-in process. By focusing on this, dealers can expand their share of a customer's lifetime value, improve CSI, and create future opportunities for sales, service, and referrals."
Valuing a consumer's vehicle with precise data is key to building and retaining consumer confidence.
"Utilizing a 17-digit VIN decode helps dealers quickly and precisely appraise and value a customer's trade-in," said Jared Kalfus, Executive Vice President, Revenue for Black Book. "In today's data-driven environment, it's more important than ever to have that precise valuation in order to maximize profit."
The white paper also addresses the following topics:
- How to eliminate pain points associated with the trade-in process
- How to build trust with pricing transparency
- How to use the right data to increase consumer confidence
Click here to download the new white paper: The Value of Loyalty: Customer Lifetime Value in the Automotive Industry.
About Black Book
Black Book powers the automotive industry with the most precise data and analytics in the market. We reduce risk, increase profitability, and fuel growth with flexible solutions that drive intelligent decisions. Since 1955 Black Book has continuously evolved to ensure that it achieves its goal of delivering mission-critical information to its customers, along with the insight necessary to successfully buy, sell, and lend. Black Book data is published daily by National Auto Research, a division of Hearst, and the company maintains offices in Georgia, Florida, and Maryland as well as Canadian Black Book in Toronto. For more information, please visit BlackBook.com or call 888.653.0678.
About The Appraisal Lane
The Appraisal Lane is a mobile app-based community of expert appraisers who put guaranteed cash offers on used cars. Dealers use The Appraisal Lane to manage, move, and source inventory. Consumers use The Appraisal Lane to connect with live appraisal experts in real time, answer simple vehicle condition questions, upload pictures, and get an offer for their used car in minutes. Since its launch in 2016, The Appraisal Lane has delivered more than $2.5 billion in offers on used vehicles. For more information, visit TheAppraisalLane.com.
SOURCE The Appraisal Lane
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