The 2021 NADA Show is clearly looking much different from those in years past. This first-ever virtual conference for NADA will make it easier for automotive retail professionals to attend, and it will also provide opportunities for some unique and effective digital experiences. Here to discuss the upcoming product unveilings for vAuto and Kelley Blue Book is Randy Kobat, Vice President of Operations for Inventory Management Solutions at Cox Automotive.
According to Kobat, online car buying is here to stay. Cox Automotive research reveals that 90% of auto dealers believe that consumers will do more shopping online than in-person moving forward. Additionally, Cox is predicting that 2021 will be the tipping point for digital retailing as dealers get more comfortable with the tools, and find the digital solutions right for them.
Inventory will also remain tight in 2021. A third of dealerships believe that the used cars they purchase will be acquired through digital tools rather than in-person auctions. These two trends combined really present an opportunity for dealers to strengthen a seamless, digital trade-in process.
Kelley Blue Book is leading the way for digital transactions with data-driven car buying experiences. Including, the ability for consumers to capture their own images in the Instant Cash Offer process. They are also helping dealers leverage platforms like zoom for virtual walkarounds.
Kelley Blue Book is also expanding its Instant Cash Offer Buying Signals which create actionable data insights for dealers. This analysis of consumer shopping behavior spans across all Cox brands to provide a more complete picture of consumer shopping preferences. This allows dealers to be more efficient in analyzing prospective customers.
As always vAuto continues to innovate. With an emphasis on used car inventory acquisition, dealers can leverage vAuto resources to find good quality cars. They’ve expanded important integrations especially with private party listings across the internet. They’re also focusing on the Appraise Anywhere tool and ProfitTime 2.0 which makes investment value management much more actionable.
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