In case you didn’t know, things are currently a little lopsided in the automotive industry. New inventory has become scarce, which has caused pricing on all inventory to increase. The books are being thrown out the window as consumers can expect to pay over MSRP on the lot and even at auctions. While grosses continue to rise, dealers need to be prepared for what the future will bring. Retail is evolving, so it is up to you to reinvent the way you sell cars on a daily basis.
At the root of the advancement of retail is the customer experience. Everything you do has to be for the consumer. From digital to physical touchpoints, the experience you deliver needs to be next level. To accomplish this, you require the right tools and solutions that focus on providing what customers deserve. Identify how they want to shop and set up capabilities to deliver these experiences. Reduce friction points and replace the hassle of haggling with transparent, upfront pricing for trade-ins and appraisals.
On top of that, create a fast and easy online buying experience. You can even save consumers hours of waiting at the dealership with home delivery. These options are a recipe for digital retailing success. But how do you achieve this in a practical sense? Start with a roadmap of where these touchpoints exist and where you want them to go. Bridge the gap between the digital and the physical. A hybrid approach will ease stress between different shopping styles while positioning your brand in the best light. We need to rewire the way we think in order to head to a more digital route.
Specifically, the hybrid method of selling vehicles is favored because it allows consumers to shop online and still get a tangible sense of their purchases. Because digital retailing is so ingrained in our society for smaller items, it only makes sense that larger purchases would go this way as well. And because consumers are brand loyalists through and through, there will be more reliance on sticking to established brand equity. The concept of buying a vehicle sight unseen may seem a bit foreign. But as consumers continue to evolve, shopping habits will mature to a more digital-first mentality. Shoppers know the look and feel of their favorite vehicle already, so don’t be surprised if the percentage of fully digital purchases increases in the coming years.
The time to reinvent is now. Traditional thinking no longer works in this dynamically changing marketplace. Now is your opportunity to completely rethink and reengineer business models and to reinvent retail. Online sales are spiking to unprecedented levels, so sellers must follow or be left behind, and whoever acts fast now could enjoy a significant advantage for years to come. There are numerous tools and solutions available to assist your dealership in its digital transformation. Deploy the sales enablement processes today that will elevate your digital reach tomorrow.
MAX Digital is a trusted partner in preparing the automotive retail industry for digital expansion. From rightsizing inventory to deploying a digital showroom, MAX Digital works diligently to develop a plan of action that fits your business’s unique needs. Schedule your free consultation today.