The Wall Street Journal recently reported that all industries’ in-store retail shopping experience is declining. But, when it comes to retail automotive, what could that mean for dealers? Peter Cooper, the President and CEO of Lexus of Lehigh Valley, joins us to discuss what this could mean for the industry on today’s episode of Inside Automotive.
Lexus is regarded as a luxury brand. However, Lexus of Lehigh Valley is not a luxury brand; it’s a brand that cares. Even better than luxury is doing something with exceptional care. LoLV delivers extraordinary experiences that treat clients and staff with the highest respect and consideration. It’s all about concentration and attention; everyone deserves to be the center of attention. LoLV wants its clients and staff to adopt a more positive, self-centered mentality without compromising the quality they deserve.
Key Takeaways:
1. Regarding the dollar’s value, the auto industry accounts for a sizable portion of the economy. Cooper believes COVID made the purchasing process more seamless, but now it is “horrific for the consumer, and it isn’t getting easier.”
2. People’s tendency to seek out the positive, according to Cooper, is the largest issue facing this industry. However, rather than creating relationships between business and transactions, our economy is shifting toward being more transactional.
3. Despite dealers discussing their intentions of enhancing the customer experience, they don’t actively try to make it better. “If a customer goes into my dealership and is uncomfortable, then I have a failed business model,” claims Cooper.
4. A consumer’s biggest asset is not time anymore. It’s the effort they put into spending their time.
5. Cooper believes the EV mandate is dangerous from a national security perspective. For instance, to comply with the mandate, the U.S. would have to purchase 70% of its natural resources from China to build batteries. Whereas today, we are 30% dependent on foreign energy.
"If we make it hard for customers to spend their time then we're not going to get any results." – Peter Cooper
