eDynamix and their connected suite of products, including service plans, vehicle health check, VIDEO1st, proactive follow up and online bookings have continued to help dealers maintain and improve customer retention and aftersales profitability throughout 2017.
Service Plans offer a customer the convenience of small monthly payments which allows them to budget for all of their servicing needs over the coming months and years. With an average value of £860 per plan, including almost £200 of optional services such as MOT’s and brake and air conditioning services, and average term of 41 months, dealers continue to adopt and rely on eDynamix service plans for ongoing retention and revenue. With plans often sold at full hourly labour rate dealers also see a higher return from service plan customers than through non-plan retail customers with £166,000 per workshop generated from eDynamix service plans in 2017.
With the addition of maintenance items, such as tyres and brakes, to the monthly payment both customer convenience and dealer profitability are improved. The average value of vehicle maintenance items added over and above the services traditionally found on a service plan is £235.
£112,000 of identified work was sold per workshop using iVHC, eDynamix electronic vehicle health check platform in 2017. With more and more dealers adopting fully integrated video and photographs to provide transparency to customers and with the use of online authorisation growing by 35% last year and the value of work authorised online increasing by 207%, these figures are expected to rise again through 2018. Integrated 0% financing of identified red work also provides a useful and affordable mechanism for customers to pay for expensive repairs on the day that may otherwise have been lost.
The eDynamix proactive follow up platform also helped generate and retain over £411,000 of retail service work per workshop in 2017 in addition to the services due as part of iVHC and paid for through service plans.
eDynamix Online Bookings platform allows a customer to book a service, iVHC work now due and those items on a service plan, into a workshop 24 hours a day. Not only does an online platform provide a great a source of revenue for the dealer, with an average value of £174 per booking, but it also offers customers complete convenience. 63% of appointments were made outside of normal working hours in 2017 and 49% of all bookings were made using a mobile device.
Iain Nickalls, director said “It’s fantastic to see that our integrated platform is continuing to help dealers in their goal of not only retaining more customers, but also in increasing revenues by often replacing standalone legacy systems. Our next generation suite of products helped to generate almost £700,000 per workshop in 2017. With our Connect app management can also get an immediate overview of business performance across multiple aftersales channels to help drive service plan sales and iVHC identified work conversion for example.
“2017 was a difficult year for a lot of dealers but we are continuing to develop our current systems to ensure they remain market leading while also developing new ways in which our customers can improve their productivity with the ultimate goal of increasing their profitability”.