GAINESVILLE, GA and HICKORY, NC – Prospect Vision, Inc., an innovator in equity-based marketing and data mining for automotive dealerships, announced they are expanding their integration with Black Book values, a source for timely, independent, and accurate used vehicle valuation data, to help dealerships leverage the tremendous one-time opportunity presented by the new so-called “Cash for Clunkers” legislation just signed by President Obama. The Car Allowance Rebate System (CARS) will be administered by the National Highway Traffic Safety Administration, which will issue credits through NHTSA registered car dealers of $3,500 or $4,500 to buyers of fuel-efficient cars who turn in older, gas-guzzling vehicles to be scrapped.
“Based on the guidelines of the new legislation, only consumers whose vehicles are worth less than $4,500 can benefit from the program, thus the key for dealerships is to identify who among their existing customer base fits this criteria,” stated Tom Cross, president, Black Book.
“Using the Black Book values, we have created a completely turnkey solution that determines who in a dealers database qualifies for the program and send personalized letters directly to these customers,” said Robert Paszek, Prospect Vision’s Founder and President. “In addition, with our proprietary technology, we use Black Book’s data to determine the average cash value (ACV) of a customer’s vehicle, marry it with their remaining payments—if any—to determine the customers equity in their vehicle, and then send personalized messages that show them what vehicles they can afford to purchase, often keeping their payment the same or lower. We also target the messages depending upon the current factory incentives and the dealership’s specific needs at the time, such as overstock or aged inventory. Historically, our average dealership is able to generate 15-30 incremental sales per month, and we expect that number could grow while this legislation is in effect.”
“We will certainly do our best to help the nation’s struggling new car dealerships make the most of this opportunity,” Mr. Cross continued. “Prospect Vision has integrated Black Book values since 2001 and we’re proud to help power their efforts to assist dealers significantly increase their new vehicle sales.”