In this era of fast-paced technological innovation and evolving consumer expectations, the retail automotive industry has found itself at the crossroads of providing a traditional dealership experience or developing new ways to sell cars instead. To ensure their businesses remain lucrative far into the future, dealers must pay close attention to the developing trends of today.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Rusty West, co-founder and president of Market Scan. Market Scan is an industry-leading analytics and technology firm for the retail automotive sector, supplying dealers with data-driven solutions that improve efficiency and drive sales. Now, West discusses ongoing shifts in the purchase process so that retailers continue to provide the best dealership experiences possible well into the future.
1. Consumers are expecting more consistency and convenience from their dealership experiences, especially in regard to payment structures.
2. Most customers are payment shoppers, choosing financing options with rates that work with their monthly budgets, as opposed to price shoppers, who pay closer attention to the full cost of the vehicle.
3. Normalizing consistent pricing and payment processes across different storefronts is critical to improving the dealership experience.
4. Dealers must prepare for the arrival of bigger players in the retail automotive space. Companies such as Amazon stand to consume a massive portion of the car market due to their experience in providing convenient and consistent payment options.
5. To learn more about how the retail automotive sector can improve the dealership experience, visit Market Scan during the upcoming Digital Dealer convention in Las Vegas, at booth #1403.
"The automotive space is the most gloriously dysfunctional disconnected space..." — Rusty West