Today on CBT News, host Jim Fitzpatrick is joined by Pete MacInnis, Founder and CEO of eLend Solutions. The pandemic has brought forth many challenges and dealers are weighing in with eLEND Solutions’ latest dealer survey. The report titled, “The Pandemic Drove a Great Leap Forward in Digital Retailing Adoption,” showcases the thoughts and concerns dealers faced during the pandemic and how it will impact the industry moving into 2021.
MacInnis begins the conversation by providing an overview of the study. He said the intent of the survey was to get feedback from the automotive dealer on how the pandemic impacted operations. MacInnis says that eLend Solutions conducts these surveys to ensure they are in alignment with their dealer partners. One of the most significant findings in the study was the shift in digital retailing and dealer perceptions. According to the survey, 53% of dealers see digital retailing as the start of the deal, while 47% still view digital retailing as another form of lead generation. MacInnis says this is a big step for the automotive industry as dealers continue to show signs of adopting new technologies.
MacInnis then shared the survey that showed that 78% of dealers said that the pandemic helped accelerate digital retailing efforts. Automotive executives have always been reluctant to make the digital transition. However, the pandemic forced dealers to take steps towards digital retailing whether they wanted to or not.
MacInnis concludes the discussion by predicting the future of digital retailing. Ten years from now, MacInnis expects 50% of dealership transactions will take place online. While some consumers enjoy the luxury of buying their car online, other car shoppers will still want to come into the dealership to compare different makes and models.
