How Aftermarket Businesses Are Leveraging More Targeted Marketing Data

Like most industries, the automotive industry has seen a shift to digital due to changing consumer shopping behavior since the pandemic. The aftermarket business is no different. The used vehicle and CPO markets have remained hot so far in 2022. 

According to Cox Automotive, during the last week of February, sales of used vehicles were up a hefty 104,000 units from the previous week, driven by continued strong demand and the annual tax buying season.

“New vehicles have seen historically high prices due to inventory shortages,” said Brian Moates, Business Development Executive, Automotive Aftermarket at Equifax. “This is increasing the focus on used car and truck sales, and in some cases causing consumers to hold onto their existing vehicles longer. This dynamic has the potential to significantly raise the demand for aftermarket parts and services and the way in which they connect and engage with drivers for services.” 

To navigate these industry shifts – and stay competitive in an uncertain market – many aftermarket businesses are adopting data-driven solutions they may not have used in the past. Here’s how aftermarket businesses can leverage technology to stay agile amid change – and stay on the offensive against the risk of fraud that comes with it: 

 

Digital opportunities and challenges for the aftermarket business

In response to market changes, aftermarket businesses have had to shift to how they do business to include apps, loyalty programs and more robust online experiences with enhanced search capabilities, online ordering and more. 

All of this means aftermarket businesses and service providers want to find ways to easily leverage digital technologies that enable smoother consumer-friendly transactions online and build digital-based target marketing programs that offer a more personalized experience for customers. And just like their dealership partners, they need technology that is designed to help protect against the threat of online fraud growth. 

 

New challenges require new partnerships and approaches

Aftermarket businesses are turning to companies they haven’t traditionally leveraged in the past for these types of expanded services to gain a better understanding of their consumers. With its robust marketing data capabilities, Equifax can provide insight into each of these key areas to help aftermarket businesses grow and take advantage of today’s digital-centric driver.  

Equifax is now partnering with aftermarket businesses to help them leverage sophisticated and targeted marketing data, especially since many of today’s vehicles have advanced technology that connects driver preferences to the Internet. This type of data can help aftermarket business owners with everything from better identifying when customers are due for an oil change, to looking at a specific geographic region to find buyers most likely to buy in their market based on vehicle and demographic data. 

“With digital retailing strategies now being implemented in more aftermarket locations, our solutions are helping with the onboarding experience and digital retailing technologies,” added Moates. “And this includes solutions for everything from cart abandonment, false leads, appointment setting and parts ordering.” 

Equifax is also helping to deploy a bevy of solutions to protect against online fraud. Today’s fraudsters are savvy enough to create false identities for fraudulent transactions, making it even more crucial to have the right solutions in place. These can help protect aftermarket businesses and reduce chargebacks at checkout, while also reducing synthetic identity fraud scenarios. 

With these solutions available from Equifax, aftermarket businesses can be proud of the digital-centric environment they can now offer customers.