The digital sales drift
There has been an ongoing shift in how consumers research, compare and buy cars. Recent surveys have shown that 90% of car shoppers prefer a dealership that has a website where they can start the buying process online. Consumers have also come to expect greater transparency and consistency in new vehicle pricing, whether online or at the dealership. Global revenue from online vehicle retail, after-sales and services is expected to exceed $600B in 2025, up from slightly over $100B in 2018. Are you equipped to provide and manage an omnichannel experience? The digital sales process bypasses price negotiations on the sales floor that have long been associated with the auto industry, so dealers must provide prices that online consumers are willing to pay.
Traditional Process for Purchasing a New Vehicle
Ask friends, family and co-workers for advice. Look for deals and inventory through print, radio and TV ads and promotions. Visit one or more dealerships, one or more times, to talk to a salesperson and test drive. Spend hours in further discussion around pricing, trade-in allowance, financing options and negotiations.
Modern Process for Purchasing a New Vehicle
Dealers provide vehicle information, pricing and monthly payment configurations on their website so car shoppers can do more of the research process online. After a vehicle choice is narrowed down online, the consumer will visit the dealer to test drive and experience the product features firsthand.