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OPTIMIZING THE OWNERSHIP EXPERIENCE TO DRIVE PROFITABLE GROWTH

It costs 10 times more to acquire
a new customer than to retain one

With sales margins declining and only one in three service visits happening at the dealership, dealers know that retention is key. In fact, 57 percent of dealers say that retention is their top concern1. To ensure customers keep coming back, dealers must focus on providing a superior vehicle ownership experience—from 24×7 access to greeting customers with tablets.

Highlights:

  • Why customer retention matters
  • Consumer expectations and demands are only rising
  • Recalls are an opportunity to drive retention
  • Incorporating technology, from online scheduling to tablet usage, will improve the experience and increase profitability

Source: Daly, John L. Pricing for Profitability: Activity-Based Pricing for Competitive Advantage. Wiley.

1 Based on research conducted by FARM: 2018

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