Feb 26, 2025 | Data Mining, Equity Mining, FRIKINtech, Marketing, Service Drive
See the Benchmarks One of my favorite times of year is looking at all the stats we track for an annual benchmark on customer engagement with our products and dealers. 2024 is a special year for this as we developed a deeper view of the customer. In years prior, we...
Jan 31, 2025 | Data Mining, Equity Mining, Marketing
The Trade-In Timing Trend Recent data indicates that consumers who purchased a vehicle are increasingly looking to trade it in approximately 24 months after their purchase. They casually re-enter the market after making their 18th payment. It takes them up to 6 months...
Jan 14, 2025 | Data Mining, Equity Mining
Vehicle Equity Trends: 2023 vs. 2024 Notably, while the average vehicle equity has seen a decline, there has been a significant increase in the percentage of customers who have fully paid off their vehicles. In 2024, the average vehicle equity was recorded at $8,724,...
Jan 2, 2025 | Equity Mining, Marketing
Understanding a car buyer’s behavior is crucial for dealers. Many buyers begin contemplating their next car after making just 18 payments on their current vehicle, despite potentially lacking equity for a trade-in. Additionally, the rising average service ticket of...
Dec 5, 2024 | Data Mining, Equity Mining, Service Drive
The average DMS database size we see is around 21,000 customers. There are an additional 1,100 service repair orders hitting the database every month. And the number of lease returns varies by dealership. Depending on the market, more than half of these customers are...
Oct 14, 2024 | Data Mining, Equity Mining, Service Drive
I was reading the latest CarDealershipGuy newsletter and became fixated on the recall topic. Since 2016, recalls have stayed above 30 million vehicles per year! Twenty-one million recalls have already happened in 2024. Predictions show 2024 will not be an exception in...
