Driving Solutions
De-mistifying dealership defection rates — Eric DeMont | Urban Science
Defection rates deliver vital information to dealers, allowing them to identify how many customers took their business elsewhere while measuring the impact of retention strategies. However, it has been exceedingly difficult for many dealers to find a tool that tracks defection rates and also explains the “why” behind customers leaving your business.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Eric DeMont, Global Product Director at Urban Science. Now, DeMont explains how modern technology is helping dealers gain a deeper understanding of their defection rates while improving long-term sales, profitability, and customer retention. Watch full segment here.
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For Dealers
Digital Finance: Consumer Expectations and Today’s Digital Retail Reality
In last month’s article, “From the Fax Machine, to the future: Auto Finance Disruption Time is Here,” I revealed data that demonstrated how overdue disruption in the auto finance industry is, and the need for industry collaboration to solve it. I also pointed out that in order for that collaboration to happen, clarity around the obstacles preventing it is critical. Today, I want to focus on one of the most significant obstacles, made crystal clear by today’s affordability crisis: consumers care much more about payment terms than selling price and, agree both dealers and lenders, Digital Retailing’s inaccurate and misleading payment quotes to these payment-sensitive car buyers are having an adverse impact on the car buying/selling process. Read More
