We’ve seen tremendous changes as well as innovation in the automotive industry throughout the past year, so what’s in store for 2022? Today on Inside Automotive, we’re pleased to welcome Aaron Bickart, Executive Vice President and General Manager of OfferLogix, who walk us through his forecast for the year and discusses the continuing shifts in digital retailing.
Amidst the chip shortage and supply chain gridlock, car dealers have been experiencing record profitability selling vehicles at MSPR or even above. So, Bickart wonders if car dealers truly want inventory to come back. OEMs are making more money as well. From his perspective, Bickart says that OEMs probably enjoy giving out fewer incentives and rebates. With this additional money, OEMs can invest back into their electrification and alternative battery initiatives. Used car dealer groups are benefitting as well, as are customers who are getting top-value for trade-ins. Bickart foresees that the inventory crisis won’t fix itself until the third or fourth quarter at least. So, car dealers need to start advertising the fixed-ops department specifically and have all of their needs for the service department met.
Also, in 2021, the auto industry continued to see major shifts in the digital retailing and fintech spaces. Bickart says that this trend is not going away. It is vitally important for car dealers to provide real, accurate lease and finance calculations to be competitive. Bickart predicts that transactions will become even more personalized and unique to each customer.
|Related: OfferLogix EVP Aaron Bickart on the importance of offering a seamless car buying experience|
With one of the country’s most sophisticated APIs, OfferLogix is working on a 360° approach to facilitate this personalization and provide penny perfect payments and F&I calculations. OfferLogix does not collect consumer data, nor does offer its products directly to dealers. Instead, OfferLogix utilizes the data from the client partner to provide these calculations. This includes vehicle valuations, credit scores, and more all housed in one solution and relayed to the client in real-time.
If you’re not providing penny perfect payments across all advertising mediums, all the way don’t to the digital retailing platform, then you have to start. If your advertised payments begin to fluctuate and change, then the consumer might distrust your dealership, no matter how big or small the discrepancy.
To learn more about OfferLogix, visit offerlogix.com.
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