3 auto industry trends that will become more important in 5-10 years

auto industry

We often talk about dealer profitability, digital retailing, sales training, and other subjects related to what’s currently happening in the auto industry. However, today we take a step back or forward, depending on how you look at it, to talk about the future of the auto industry five to ten years from now. Here to share his perspective is Bob Lanham, Head of Automotive Retail for Meta, formerly known as Facebook.

Meta comes from the Greek word “beyond.” Lanham believes it was chosen to symbolize the focus of moving forward. He says it’s not replacing the name of Facebook or Instagram app. Starting this quarter, they will be operating under two business units. This is ultimately the next generation of what the internet and social media are going to look like say, Lanham.

Lanham says business is still going strong. One of the trends that he has noticed is dealers understanding the impact social media can have on a brand’s perception and value. The second trend is communication. Having better communication with your customers is crucial, and every sale starts with a conversation.

Messaging is continuing to grow as well. When the COVID pandemic hit, messages went up 70%. The trend has only grown as we return to ‘normal.’ The last trend Lanham sees is measurement. If dealers don’t measure their KPIs correctly, a lot of money can be wasted.

Research has said, those who advertise through downturns, are top of mind when you get out of it. Lanham says if you can change your mindset to optimization versus just spending more, dealers will see a much better return.

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