SHOPSMART AUTOS – CUSTOMER INFORMATION – OCTOBER 10, 2020
Why Digital Retailing Matters to Car Dealers, Customers (PT.2)
The Long F&I Process Financing a vehicle is often one of the most lamented parts of the car-buying experience. Consumer satisfaction with time spent in dealerships is declining. A Shopsmart survey indicates 54% of consumers in 2017 were unhappy with the amount of time it took in-store to buy a vehicle. In 2019, that rose to 58%. Digital retailing can combat nightmare scenarios involving hours spent in dealerships filling out endless paperwork and negotiating. In fact, when consumers select F&I add-ons while shopping online, they save 33 minutes at the dealership, on average, according to the 2019 Shopsmart Autos Car Buyer Journey Study.
This takes stress off in-store negotiations by providing transparency. It offers a more convenient way of applying for financing options as well as educates consumers on different offerings. Reducing the time it takes to complete a purchase in-store improves the customer experience, which is essential for building loyalty. Manage Trade-In Accuracy and Expectations.
Much like shoppers’ eagerness for transparency in the F&I process, expectations are similar when it comes to valuation of their trade-in. Consumers want clear and concise explanations about pricing and terms that are easy to track from start to finish. Implementing digital retailing into the valuation process for trade-ins lets consumers easily identify updates to their valuation and see any changes made to the offer.
When dealers communicate offers in a transparent, easy-to-understand way, consumers are more confident they are receiving a good deal. By starting these steps online, consumers can save almost 30 minutes spent negotiating their trade-in value in-store. Once this information has been submitted, digital retailing tools will automatically update the customer’s profile to eliminate repeating steps. In turn, dealers can reduce the amount of time negotiating at the dealership, positively impacting customer satisfaction.
Strategically implementing digital retailing:
1. Alleviates common points of shopper frustration.
2. Delivers a more satisfying process for the customer.
3. Provides a more profitable transaction to the dealer.
If the processes are presented to the customer correctly, they should see a seamless customer experience. This would allow the sales consultant an opportunity to keep a good relationship that should last for years to come. We expect the digital-retailing trend to expand even more with time. Catchy buzzword status aside, automotive digital retailing is one of the biggest waves to ride into the future.
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