After the recent drought in off-lease vehicle inventory, Honda Financial Services (HFS) is expecting more than 330,000 vehicles to come off lease by November 2024. That translates to dealers having 330,000 opportunities to get customers into their next Honda vehicle.
Power of Leads (POL) reports can help you take advantage of this expected influx. Using timely communications, you can improve customer retention and build your Honda Certified Pre-Owned Vehicle inventory with off-lease vehicles, which you can then sell or lease again.
“Power of Leads is updated with the most recent data on your customers so you know when and how to contact them with timely offers,†says Jon Eldridge, assistant vice president of Sales and Marketing, American Honda Finance Corporation.
To create a productive POL program, HFS recommends identifying an individual or internal team dedicated to increasing repeat business, holding regular training sessions with sales staff and F&I managers, and ensuring that assigned staff members are using POL reports consistently.
POL reports allow you to develop effective retention strategies. Sales tactics include creating targeted marketing campaigns that involve revisiting customers as they near the end of their contracts; using one of HFS’s special programs by alerting select customers about a program’s availability; reviewing service records for potential sales opportunities; offering customer discounts on accessory sales; and organizing special events, such as open houses, by-invitation-only events and model-launch previews.
