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MANAGING LEASE-END A GUIDE TO THE DEALER EXPERIENCE

Transcript of MANAGING LEASE-ENDd16ilv7dv4hl47.cloudfront.net/Other/Selling_Skills/... · MANAGING LEASE-END...

MANAGINGLEASE-ENDA GUIDE TO THE DEALER EXPERIENCE

When they lease, you lead. At Hyundai Motor Finance, we look for ways to support the long-term success of your business.

We believe offering a lease product delivers great benefits to your customers and, with the right processes in place, an unparalleled opportunity for repeat and new business at your dealership. That is why we’ve established a library of reference materials that provide a 360-degree view of leasing, including best practices, step-by-step guides, and much more. It’s one more way we’re invested in your success.

Below is a complete listing of the available lease subjects, arranged according to the life cycle of one leased vehicle, from initial sale to vehicle remarketing, as well as customer retention at lease maturity.

MANAGING LEASE-END

Offering a lease product paves the way for developing a robust lease-end strategy that can drive long-term loyalty to your dealership and the Hyundai brand. Hyundai Motor Finance (HMF) provides you with the tools you need to deliver a satisfying lease-end experience for your customers, all conveniently located on hmfdealeraccess.com. This section will help you understand how to:

• Identify Your Management and Inspection Process• Find Your Leads on Dealer Access

• Enroll in the Customer Intent Exchange• Utilize the Customer Eligibility Tool

Getting Started: Identify Your Management and Inspection Process Before reaching out to customers, it’s a good idea to lay the groundwork for your dealership’s lease-end strategy. A strong lease-end strategy typically involves participation from three key players:1. Your Lead Manager, who can focus on reaching out to customers approaching lease maturity.2. Your Service Manager, who can support customers with lease-end vehicle inspection.3. Your Used Car Manager, who can work with the Service Manager to identify the best vehicles for your dealership’s

used inventory.Once you have determined who will manage your lease-end strategy, follow these helpful steps:1. Establish a contact plan that targets customers approaching lease maturity based on their contract attributes

(e.g., payments remaining, model, term) and renewal options.2. Be prepared to support your lease-end customers with:

• Vehicle Inspection for Turn-In – Although HMF uses customer self-assessments, we encourage you to reach out to your lease-end customers to help them with this inspection process. In doing so, you can evaluate the vehicle to determine whether you will keep it for your used inventory, possibly as a higher-grossing certified pre-owned vehicle. This also provides a great opportunity to educate customers on their end-of-term options, such as vehicle trade-in or purchase, and introduce them to the newest models on your lot.

• Appointment for Lease Turn-In – Whether your customers conduct their lease-end inspection on their own or come to your dealership for assistance, take the time to set an appointment for lease turn-in. It will help you deliver a more positive experience, which may increase their likelihood to lease or purchase their next Hyundai from you. You should also be ready to explain potential final billing fees.

We’ll support your efforts with a complete lease-end customer communication plan, shown on the following page, which starts at 210 days to maturity.

BenefitFrom March 2014 to March 2015, 67% of HMF lease customers remained loyal to the Hyundai brand.* Our lease-end customer communications are designed to bring customers back to both you and the brand. Take advantage of our lease-end lead management and marketing programs to boost loyalty and revenue at your dealership.

DEALER BENEFITS OF LEASING

LEASING 101

HOW TO SELL A LEASE

LEASE CONTRACT REVIEW AND DOCUMENTATION

MANAGING LEASE-END

LEASE-END PROCESS OVERVIEW

BENEFITS OF CPO

OFF-LEASE VEHICLE GROUNDING AND PURCHASING

ONLINE AUCTION USING DEALER DIRECT

Please contact your business development manager should you have any questions or to arrange for in-store lease training. *IHS Automotive/Driven by Polk, Hyundai Lease Loyalty March 2014-March 2015

Finding Your Customer Leads on Dealer AccessBy logging in at hmfdealeraccess.com, you open the door to a variety of complimentary lead management tools and lists that can help you build a strong lease-end customer engagement strategy. Take advantage of our Lease Prospect List and marketing campaign leads, or participate in the Customer Intent Exchange, which allows us to keep you updated on our conversations with lease-end customers. Log in to your Dealer Access account and go to the Lead Management tab to select Lease Leads/Prospects from the drop-down menu to get started.

Quick TipFind all your available customer leads—lease or retail—quickly and easily. Lease leads are refreshed regularly, and include customers who originated at your dealership and have 12 months or less to maturity. You’ll also find leads associated with our Pull Ahead and other marketing campaigns, which are tailored to your dealership and, in some instances, are prioritized by a customer’s strong estimated equity status, likelihood to be in the market for a new vehicle, or high propensity to lease or purchase a new Hyundai. You can see your total lead count in the right side navigation, or go to your Lead Dashboard for additional oversight.

Customer Communication Plan HMF engages with lease customers at all stages of their lease, starting with an informative welcome kit, and continues through lease-end, which begins at 210 days to maturity.

Dealer Opportunity: The period after HMF sends the first communication piece is a great time to begin engaging with your customers. Invite them into your dealership for an informational session. Be prepared to answer their questions about lease-end and more.

INFORM90 DAYS

120 DAYS

75 DAYS

• Deliver our comprehensive customer Lease-End Kit with self-assessment instructions and tool. Phone call introduction from a Lease-End Advisor to capture customer’s intent and educate on lease-end process and options.

• Follow-up phone call from Lease-End Advisor and email encouraging customers to initiate contact with their dealership.

• Information on inspection and repairs. Encourage customers to consider test driving their next Hyundai and reaching out to the dealer to make any necessary repairs on their current vehicle.

Dealer Opportunity: Starting at 90 days to maturity, you can program the automatic sending of a direct mail piece using the Hyundai Owner Servicing Platform. Highlight how you can assist them with vehicle self-assessment and prepare them for lease turn-in.

60 DAYS

30 DAYS OR LESS

• Follow-up phone call from Lease-End Advisor to capture intent, also serving as a friendly reminder to complete the vehicle self-assessment.

• It’s getting close. At this point our Lease-End Advisor makes a final phone call to ensure the customer is prepared to return their vehicle.

• Deliver a new vehicle to your customer.

RETAIN

AT DEALERSHIP

Dealer Opportunity: Ground the vehicle using the GroundScan app or by logging in to hyundaidealerdirect.com. If not yet decided, determine whether you will acquire the turned-in vehicle for your used inventory. Off-lease vehicles often qualify for Certified Pre-Owned status, which typically yields higher revenue.

Key Customer Communication Methods

EMAILEmail is used to share new product and vital lease-end information.

DIRECT MAILDirect mail ensures we are connecting with all customers and allows us to inform them about lease-end. We send direct mail pieces at 150, 120, 75, and 30 days before maturity.

LEASE-END SERVICING OUTBOUND CALLSLease-End Advisors reach out at 120, 90, 60, and 30 days before maturity to assist customers, gather lease-end intentions, and direct them to your dealership.

210 DAYS

150 DAYS

• Create excitement around the vehicle and brand.

• Introduce new models by driving customers to hyundaiusa.com and your dealership to learn more.

EXCITE

HMF Lease Prospect ListThe HMF Lease Prospect List is accessible from your Lease Leads/Prospects page and includes customers originating from your dealership with 12 or fewer months to maturity. The list is refreshed monthly and displays the following customer information:

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1. Lessee Name

2. VIN

3. Model Year

4. Make

5. Model

6. Maturity Date

7. Contact Phone Number

8. Monthly Payment Amount

9. Residual Price

Exporting Your Lease Leads By selecting Export File (shown above), you will be prompted to indicate whether you want it exported to a CSV file, PDF file, or preferred CRM (customer relationship manager) provider via email. All customer rows will be automatically selected. If you wish to only export specific customers, click on Deselect All and check the boxes beside the customers you want to include. Click on Export Selected Rows to complete the export.

Lease Leads and Prospects

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Selecting Lease Leads/Prospects from the drop-down menu will bring you to the screen shown above.1. Current marketing program leads are presented first, and may include your Pull Ahead list or other lead lists that

support in-market lease programs. Using customer qualifiers such as months to maturity and payment history, we are able to provide better lead lists for each lease program.

2. The Lease Prospects List, located at the bottom of your Lease Leads/Prospects page, is comprised of maturities originating exclusively at your dealership and is available throughout the year. These leads are further discussed on the following page.

Click on the link provided to view your customer lead list. The list will include key customer identifiers, as illustrated on the following page.

Get More with the Customer Intent ExchangeThe HMF Customer Intent Exchange creates a dialog between HMF and our dealers to better understand and track a customer’s lease-end intentions. This information can then be used to manage lease prospects and allow dealers to be one step ahead when it’s time for the customer to lease or purchase their next Hyundai. Contact your business development manager to enroll in this free service.

How Customer Intent Exchange WorksCustomer Intent Exchange is a customer relationship management platform that makes it easy to document and share what we know about customers who are approaching lease maturity. When our Lease-End Servicing Team has contact with a customer, we update the customer’s profile on Customer Intent Exchange with all the information we are able to gather, and keep that profile up-to-date following each subsequent conversation. You will be alerted to any new activity on the customer’s profile. Of course, we use each opportunity to direct customers to you, allowing you to re-engage with them and, conversely, document your progress with them as well. Customer Intent Exchange is powerful because of our joint efforts.

The Benefits of the Customer Intent ExchangeCustomer Intent Exchange allows us to jointly:

• Track customer contact.• Document customer’s intent at lease-end.• Establish next steps and tailor follow-up messaging, especially with customers who are undecided or are

ready to defect.The HMF Lease-End Servicing Team uses the Customer Intent Exchange to keep you informed of the customer’s intent. Early customer contact helps:

• Drive retention.• Deliver a positive customer experience.• Increase new vehicle sales and leases.• Put you a step ahead of your competition.

The following pages provide a more in-depth look at how Customer Intent Exchange works.

Using Customer Intent ExchangeOnce you have opted-in to the Customer Intent Exchange, you can access the tool by logging in to HMF Dealer Access and selecting Lease Leads/Prospects from the drop-down menu under the Lead Management tab. This will take you to the Lease Leads/Prospects page where you will select Lease Prospects List.

Customer Intent Exchange Home Screen

Sortable bycolumn header

Click to access input screen

Status summary

Manage Your Contact (Input Screen)

Document and view customer information, intent, and track dialog all in one place. Select Edit to make changes.

Intent isdisplayed

Dealer statusis displayed

History feature shows comments and who last worked on the account, setting thestage for the next contact

Update the customer profile with new information

Jane Customer John Sales 12/31/15 10/20/15 11/10/15 Sonata 2015 Buyout

Customer Intent Exchange Status Updates and Best PracticesProviding consistent input helps us all stay on the same page and get the most out of this robust tool.

Declaring Customer Intent

If known, select the customer’s intent from the drop-down menu provided, using the following descriptions as a guide for your selection:

New Vehicle: Customer has expressed interest in a new Hyundai vehicleUndecided: Customer is undecided or has a preference to discuss at a future dateBuyout: Customer is planning to buy out current leaseCompetitor: Customer is considering buying or leasing a competitor vehicle

Tracking Dealer-Customer Communication

Use this tracking tool to document your interactions with the customer, from your first contact to the time you put them in their next Hyundai.

Prospect: Assigned to dealer at 360 days to maturityWorking: Outbound call or email but not spoken to or no email responseContacted: Two-way communication with customerClosed: No further efforts need to assist customer

Additional Comments — Best Practices

Should you need to add more detail on your customer conversations, please be sure to keep these tips in mind to ensure a positive experience for all users.

Be Professional: Use professional business textBe Clear: Avoid using abbreviationsBe Brief: Simple and concise notes allow your dealership to recall context of customer contact

PermissionsEach dealership’s Dealer Access administrator will need to provide the appropriate dealership personnel with access rights to utilize the Customer Intent Exchange tool as well as to receive daily email alerts with updated customer intent and lead information.Setup is easy. For each user, your dealership’s Dealer Access administrator will log in and click on User Management, located at the top right of the screen. It will open the screen shown on the following page.

Select Lease End Assigned Prospect (LEAP) List and/or Daily LEAP Email Alert from the user access list. Once you have made your selections, simply select Save and repeat this step for all designated dealership personnel.

Customer Eligibility ToolWhen a customer enters your store for lease-end assistance, use the Customer Eligibility tool to search our entire database of lease customers to quickly determine whether that customer is eligible for select marketing offers, such as our Lease Pull Ahead program. Should a customer relocate and is no longer able to return a vehicle to their originating dealer, another Hyundai dealer can help them with their lease-end options. The Customer Eligibility tool is available under the Lead Management tab. Just follow a few simple steps.

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1. Select a Search Method. Choose from one of the following:• Vehicle Identification Number• Customer Account Number• Last Four Digits of the Customer Account Number + Customer’s Last Name• Customer Email Address

2. Enter the appropriate search criteria, based on your search method.3. Select View Results to see Available Programs.4. If a customer is eligible, the program will be listed (e.g., Q2 2015 Pull Ahead). Download the program bulletin,

which can be found on your Dealer Access homepage, for complete details, and inform your customer of the special offer to get them into a new Hyundai.

INVESTED IN YOUR SUCCESS

At Hyundai Motor Finance, we don’t take those words lightly.Driving customer loyalty to the brand and your dealership is at the heart

of what we do and nowhere can we demonstrate that value more than withlease customers. Take advantage of our lease-end support and see how

HMF can help increase loyalty and revenue at your store.

Complete financial solutions dedicated to Hyundai dealers.

INVESTED IN YOUR SUCCESS.

©2015 Hyundai Motor Finance

Issue Date: 12/10/2015