Come see Ikon at (Booth #1415)
The National Association of Minority Automobile Dealers (NAMAD) show is coming up August 20 in Miami, Florida, and Ikon will be there at booth #1415. So come by to see us! We can show you how Ikon can help you:
- Overcome the challenge of compressed margins in a very competitive market
- Keep those customers coming back so you retain them and see repeat sales
- Increase the volume of additional services you sell over time
- Stand out from larger competitors with a branded presence on customers’ mobile devices
And that just scratches the surface. But before we talk in depth about how Ikon can help you overcome your challenges, let’s talk about what you’re facing out there.
The new normal for dealerships
The pandemic shocked the entire economy, and dealerships were not immune. In fact, some of the changes it brought appear as if they will be permanent. For instance, when no one could shop in person for a vehicle, consumers became accustomed to shopping online.
These preferences for online shopping have only grown in the last few years, with many buyers having decided exactly the vehicle they want to buy and sometimes even completing a purchase before they ever enter a showroom.
And while some pandemic challenges such as scarce inventory are no longer a huge issue, other challenges, such as high interest rates, are creating new problems, all while dealerships are still in the midst of recovering from the economic shocks of the pandemic. One might call the current situation “stagflation.” It is not a buyers’ market, because interest rates are high, nor is it a sellers’ market because there’s now plenty of inventory.
The old ways of doing business just won’t cut it in this new environment.
How to cope? For starters, dealerships need a digital strategy to remain competitive, because if you’re not online, you may as well be invisible to a large swath of the market. What’s more, mobile is the key platform, as it now accounts for 58.2% of Internet traffic. The upshot? Dealerships that have a digital presence on customers’ mobile devices will have a huge advantage over those who do not.
Here’s another big change in our business. Volume is no longer the only strategy. Margins are compressed, and higher interest rates have reduced consumers’ desire to replace their vehicles. This means that dealerships can’t depend on walk-in customers and vehicle sales alone to sustain the business. Instead, dealerships need to build long-term relationships with customers that continue long after they leave the lot. Doing so will bring in repeat sales, but even more important, these relationships enable the dealership to sell additional services such as maintenance, repairs and even vehicle accessories to increase revenues.
Dealerships need to be proactive and own the digital relationship with customers. If the automaker owns it, the dealership is out of the loop. A branded presence that provides real value to the customer keeps the dealership top of mind when looking for repairs, maintenance, new vehicles and other services.
Ikon’s mobile app, connected car solution
Ikon’s flagship consumer connected-car app is dealer-branded, putting the dealership’s name prominently on the customer’s phone. Users engage with the app up to 15 times per month, providing significant brand visibility without the need for extensive advertising. Available on Google Play and the Apple Store, the app assures consumers of its security and ease of installation.
Services the app provides to the consumer
- Car Monitoring: View location, speed, mileage, trips, and key indicators for peace of mind.
- Stolen Vehicle Recovery: Industry-leading process with a $10,000 warranty.
- Roadside Assistance: Support for breakdowns, dead batteries, and flat tires.
- Service Reminders: Alerts for service due dates and easy dealership appointment scheduling.
Dealership Benefits
Reinsurance Inclusion:
- Option One: Integrates reinsurance contributions for enhanced financial protection and service penetration.
- Option Two: Volume rebate structure with bonuses for increased sales, promoting performance and profitability.
But that’s just the beginning. There’s a lot more for dealerships to love.
- Brand awareness: Frequent customer interactions with the app enhance visibility.
- Increased service volume: Easy appointment scheduling and reminders boost customer return rates.
- Dealership’s ownership of data and the relationship: Gain valuable insights for targeted marketing and new service offerings.
So, come see us at NAMAD. We can show you the latest version of the app so you can see for yourself how you can gain a digital footprint on your customers’ mobile devices. And, because the app provides them with so much value, they’ll keep coming back to it again and again.
