Software that peers into a dealership's own data to anticipate when customers are ripe for a new vehicle has helped Daytona Toyota-Scion almost double monthly vehicle sales since November, says General Manager Dan O'Brien.
Of a record 450 new and used vehicles sold in December, O'Brien said about 200 of the deals were flagged by the "equity mining" tools that Daytona Toyota began employing aggressively when he returned to the store in August after a short stint at another dealership.
The software scours the customer database at Daytona Toyota to identify customers who have equity in their vehicles, are nearing lease expiration or can benefit from lower interest rates.
In many cases, one of the store's 37 salespeople can offer lower payments to customers, who might not even be looking to buy. The store uses the software tools of vendor Xtream Service in Charlotte, N.C.
"Your best customers are always the ones you've already sold a car to," said O'Brien, who spent two years as general sales manager of Daytona Toyota before working for a short time at another dealership last year. Daytona Toyota is in Daytona Beach, Fla.