Of all the factors that determine the car buying process, the online and in-store experience is the most important for a dealer to get it right. But with the emergence of new technologies, strategies, and consumer preferences, it’s important to stay up to date on what car buyers are really looking for and how effectively the auto retail industry is meeting those expectations. may be difficult.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Jade Teleberry, senior director of strategic development for Autotrader and Kelley Blue Book at Cox Automotive, and Vanessa Tong, senior manager of research and market intelligence at Cox Automotive Masu. Ton and Terreberry spoke at Cox Automotive’s 14th Annual Auto Buyer to help dealers and his OEMs better understand how the current automotive market and consumer experience have evolved over the past year. Collaboratively share journey research results.
Important points
1. Tong emphasizes the importance of understanding consumer behavior and market trends as the industry moves towards normalcy following the COVID-19 pandemic. She points out that certain channels of the car buying process have shown great resilience throughout the past few years.
2. Both Ton and Terreberry emphasize that improving the consumer experience plays a key role in driving industry growth. To improve the car buying process, dealers must focus on personalization and sophistication to meet the diverse needs of different customer segments.
3. Data-driven decision-making is more important than ever to effectively manage digital retail in the automotive retail industry. Dealers and their OEMs must leverage digital tools and data analytics to refine their marketing strategies, improve efficiency, and ultimately improve the car buying experience.
Four. Supporting the transition to electric vehicles requires better infrastructure and development, and primary responsibility for that task lies with OEMs. However, for the market to grow, dealers will also need to understand and cater to the distinct preferences of electric vehicle buyers, highlighting the need for more data analysis and awareness of consumer trends in the auto retail sector. It has been.
Five. Ton and Terreberry encourage dealers to focus on forward-thinking strategies, capitalize on market share opportunities, manage costs effectively, diversify revenue streams and continually improve the car buying experience. My advice is to prepare yourself for future success. Embracing digital transformation and e-commerce will also help dealers future-proof their business as they move into the next evolutionary phase of the automotive industry.
“We also have to recognize that we’re on the brink of a buyer’s market like we haven’t seen in a long time, so we need dealers and OEMs to get back to a buyer’s market mindset.” You can use all the data at your fingertips to hone your skills and get better at doing some things you haven’t had to do in a long time to sell cars. It’s about refining and improving the shopping and purchasing experience for consumers. ” — Jade Teleberry | Cox Automotive
