Unleash Captive Lenders’ Potential for Extraordinary Automotive Experiences
Customers who buy or lease vehicles want a frictionless, seamless, personalized experience from the one brand featured on the face or rear of their new vehicle. However, what they often get is a confusing, fragmented and frustrating experience that involves different companies with multiple brand names and interests. Why? Because in the legacy multi-tier industry marketing, distribution and service model, original equipment manufacturers (OEMs), dealers and captive finance companies (“captives”) are unaware of the ongoing customer interactions happening across and within their distinct entities, despite featuring a single common brand name and a stated aspiration for a unified experience.
While focus is typically on the challenges introduced by dealers or OEMs. It's important to recognize that captives also play a role in adding unnecessary friction to the customer experience. For example, a customer returns a leased car to a dealership at the end of the term, but the captive continues to bill the customer past the end date. Or a customer and captive have agreed to replace the vehicle due to warranty issues, but the OEM and dealer continue selling the customer accessories and software. These communication failures happen across a variety of customer journey stakeholders.
The root of this breakdown occurs as customer and vehicle data is fragmented and siloed, hindering the ability to cohesively attract, delight, retain and grow relationships and brand reputations with a customer while facilitating end-to-end customer experiences. No matter who the customer interacts or engages with, the brand’s perception, reputation and economic power to “charge more” is at stake.
Brand preference, by definition, drives customer satisfaction, advocacy and loyalty. To elevate the brand experience, it is critical for all the participating stakeholders to have a consistent view of a customer, no matter how fragmented their data.