The Importance of Having Return Customers in the Service Drive – John Fairchild | Tesla Scrambles to Raise Funds with Bond and Stock Sale | Customer Retention: They Have to Like You

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Today on CBTNews.com – Tuesday, May 7th, 2019:

newscastThe Importance of Having Return Customers in the Service Drive – John Fairchild, Fixed-Ops Expert
According to Cox Automotive’s latest study, Opportunities to Build Customer Loyalty, an estimated 70 percent of consumers who purchased or leased from a dealer did not return for service in the past year. So, how can dealers increase sales in the fixed-ops department in 2019? On today’s show, Jim discusses the importance of having return customers in the service drive with fixed-ops expert and CBT contributor, John Fairchild. Watch Now

newscastTesla Scrambles to Raise Funds with Bond and Stock Sale
Days after announcing massive losses for the previous quarter, Tesla has now announced plans to raise about $2.3 billion in new capital to increase liquidity and continue to work towards being the most prominent force in electric autos. In an investors’ call on May 2, CEO Elon Musk claimed that Tesla is going to be a $500 billion company once it rolls out self-driving technology, a feat that will require a lot of money. Musk told investors that it is currently able to fund its business expenses, but new capital is needed because it is “wise to have a buffer in case of a recession or weak global auto demand.” Read More

newscastCustomer Retention: They Have to Like You
From dealership standpoint, customer retention for the long term is totally dependent on personal relationships with your staff. The question “Would you take your car to the dealer for a repair out of warranty?” is a moot point if the dealership has treated the customer the right way, along the way. Did the customer have a remarkable experience and close rapport with the dealership staff during their warranty experience? There are customers that want the cheapest thing always, for sure, however most customers just want a fair price and a good experience. Let’s hit on a couple points that may shed light on the issue of retention after warranty. Read More

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