Although the automotive industry and its stakeholders are rapidly adjusting to modern technology, dealers must speed up their processes to meet customers where they are. Rusty West, Co-Founder and President of Market Scan Information Systems, joined CBT News anchor Jim Fitzpatrick at the 2023 Digital Dealer conference to learn how Market Scan is aiding dealers in adopting the ‘Amazon-like’ car buying experience.
Key Takeaways:
1. Despite the industry-wide UAW strikes and some turbulence in the market, the adoption of accurate online payments by dealers continues to be the most significant shift. According to West, dealers who embrace accurate online payments rather than promoting in-store negotiations are starting to capture a substantial portion of the market. The goal for dealers is to achieve consumer expectations set by the likes of Amazon. If a deal stagnates for any length of time, the customer’s level of trust drops. Yet, if a dealer provides transparent payments and meets expectations, the opportunity to win a life-long customer improves.
2. Although operating F&I online is an exciting shift, West believes that it’s also the long-term direction the industry is headed. The market is seeing consumers walk away from a single transaction with their own autonomy, which suggests that when consumers are presented with appropriate online options instead of a sales pitch, they are more likely to opt in and say “yes.”
3. Moving forward, West is most excited about “turmoil.” He notes, “It will be the most challenging and chaotic 12 months the industry has seen in a while. However, there will be tremendous opportunities to deal with some of those challenges amid the mess.”
“Amazon has elevated everyone's expectations, and Market Scan is attempting to provide consumers with a similar buying experience.” – Rusty West
