PLG Helps Auto Dealers Retain Customers While Maximizing Revenue on Every Sale with Launch of Next Generation LoyaltyTrac®
SAN RAMON, CA, June 24, 2015 – Performance Loyalty Group (PLG), a marketing technology company specializing in customer loyalty and retention programs, today announced the next generation of LoyaltyTrac, the ultimate solution for tracking, analyzing, and rewarding customer purchases to build service loyalty. The new and improved LoyaltyTrac platform continues to help auto dealers better retain customers while being easier to use than ever and adding exciting new features.
One key feature addition to LoyaltyTrac is the introduction of dealer currency. Issuing dealer currency allows a dealer to offer a “discount” or incentive to the customer to make a purchase, but instead of giving it in cash (thus lowering gross revenue), the discount value is offered in dealer currency for the future purchase of parts, service, accessories, or vehicles. This satisfies the customer – as they feel they have the value of the discount – while also tying them to the dealership for future purchases.
For example, instead of lowering the $25,000 sale price of a vehicle by $500 to $24,500 just to close a deal, a sales manager could instead issue $500 in dealer currency to a customer, thus maintaining the $25,000 selling price (and retaining the $500 towards deal profit that they would previously give away) and ensuring that customer comes back to the dealership to redeem the value on the card.
“Instead of discounting, you retain the maximum selling price and you expense the dealer currency as the cost of sales. Not only does your gross revenue increase on the deal, but you’ve also now guaranteed yourself hundreds or, in some cases, thousands of dollars in future business from customers that you retain,” said Jeff Shenk, Performance Loyalty Group Director of Operations and Business Development.
Dealer currency goes beyond the sales floor; it can be implemented in any aspect of a dealership where retentions needs improving or discounting is commonplace. For example, service advisors often give customers cash discounts as incentives because they have no other tools at their disposal. With dealer currency, advisors can virtually eliminate discounting while greatly improving the odds that customers will return in the future and rewarding them for it when they do.
“With dealer currency, expenses that dealers have traditionally absorbed 100 percent of can be reduced by upwards of 70 percent. It can be used to resolve any unexpected issues with sales, service, or F& I customers, or to help launch and support referral or service enrollment programs,” Shenk stated. “We have clients selling memberships in service that are netting them $10-20K in additional monthly profit after redemption expenses. This provides a significant increase in revenue and service retention while turning the program into a profit center.”
With the next generation of LoyaltyTrac, promotional and traditional gift cards are also now available. Promotional cards can be set to automatically expire at any point in the future to create a sense of urgency and help drive in traffic. Gift cards can be issued in any denomination and never expire on their own.
To top off all the improvements under the hood, LoyaltyTrac has been completely redesigned with fully responsive web-based customer and client program interfaces that are more streamlined than ever before and now optimized for use with any modern browser on PCs, tablets, and even smartphones. This makes LoyaltyTrac the most intuitive and easiest-to-use loyalty platform for automotive on the market today.
For more information or for a demonstration of the new and improved LoyaltyTrac call (877) 414-4808, or visit getloyaltytrac.com.
Headquartered in San Ramon, California, Performance Loyalty Group is a leading marketing technology company providing customized loyalty rewards, customer retention, prepaid maintenance and media tracking programs for the automotive industry.
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Performance Loyalty Group