The last two years have been transformative for the auto industry, and 2023 promises to be no different. With the proliferation of digital retail, dealers are anxious to earn revenue from online sales. Unfortunately, many storeowners attempt to use outdated strategies which simply do not work for remote customers. Pete MacInnis is the Founder and CEO of eLEND Solutions, a digital platform that improves deal generation in retail automotive. At the 2023 NADA Show, CBT News anchor Jim Fitzpatrick was able to sit down with MacInnis to discuss the standards dealers should follow when serving online clients.
Key takeaways:
1. To hold onto the high profit margins seen in 2022, MacInnis suggests that dealers leverage technology to generate leads, attract remote customers and improve efficiency.
2. Web-based tools which automatically identify user habits and obtain details about their needs can allow dealers to direct them toward the right vehicle without intrusion.
3. MacInnis predicts that affordability will be one of the biggest issues preventing a market recovery in the auto industry, and notes that dealers are not doing enough to give customers a clear answer on pricing.
4. According to a study published by eLEND in January, 69% of dealers surveyed admitted that a majority of the prices or quotes they provided online consumers, who value honesty above all else, were misleading or inaccurate.
5. Although online purchases are a great way to generate sales, transparency, and flexibility must be top priorities for dealers’ digital strategies to be successful.
“Give the customers what they want when they want it, and you’ll get what you want in return.” — Pete MacInnis
Notable background:
— Pete MacInnis is the Founder and CEO of eLend Solutions and a frequent CBT News guest and contributor. He has spent 40 years in automotive finance, and is one of the pioneers of digital dealership technology.
Click here for more 2023 NADA Show coverage on CBT News.
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