After peaking in 2020 in part because of digital retailing, customer satisfaction declined for the second year in a row, according to recent Cox Automotive research. At this year’s 2023 NADA Show, CBT News anchor Jim Fitzpatrick spoke with Ken Kraft, Chief Marketing Officer for Cox Automotive, to learn more about how the company engages with its dealer partners and helps them address key retailing issues.
Key takeaways:
1. This year, Cox Automotive had the largest presence on the exhibitor floor with 27,000 square feet of expo space, 200 demonstration centers, and over 30 meeting rooms.
2. The recent Cox Automotive Car Buyer Journey research indicates consumers are less satisfied with the buying experience. Kraft says there are three things driving this sentiment: affordability, inventory levels, and time. It takes an average of 14 hours to complete the transaction process for buying a car. Cox Automotive is confident that it has the solutions to help dealers rebound in this area.
3. 80% of consumers are willing to complete their car buying journey online. However, the role of the dealer is also vitally important. Many consumers want to see their vehicles in person, test drive them, and have face-to-face interactions. Cox Automotive solutions are really leaning into the omnichannel environment.
4. One of the easiest ways to enhance the customer experience is to simplify the dealer experience. Cox Automotive’s new solution, Retail360, combines the power of Autotrader, Kelley Blue Book, Dealer.com, VinSolutions, and Dealertrack into one workflow for managers.
5. Sustainability is very important to Cox Automotive and the entire Cox family. In light of this, Cox Automotive honored Mark Miller Subaru with its 2023 Leader in Sustainability Award. Awards like these are part of Cox’s mission to reach zero waste and zero carbon emissions by 2034.
“Those voices of our customers really need to shape our strategies and our priorities.” — Ken kraft
Notable background:
— Ken Kraft is a 31-year industry veteran. Prior to joining Cox, he held leadership roles in sales, product management, and marketing with AT&T, BellSouth, and Sprint.
Click here for more 2023 NADA Show coverage on CBT News.
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