In 1896, the first independent automobile dealership opened in Detroit, Michigan, forever changing the automotive industry. After that, automobile franchises started appearing everywhere, mainstreaming car buying. For the next 100-plus years, with the exception of early adapters, the automotive sales process and consumer behavior generally stayed the same, until now.
In my last article, I wrote about disruptors—companies attempting to drive the consumer experience of buying and financing cars in new ways. Their services span from offering new types of leases to making more of the sales process possible by phone, to playing matchmaker between dealers and consumers to generating
For decades, little seemed to change in the way automobiles were marketed and sold. From the consumer’s point of view, during the car-buying journey, dealers were largely in, well . . . the driver’s seat. Then along came the Internet. To suggest that the dawning of digital commerce brought a
Have you ever walked into a bakery and been immediately transported back to your childhood by the smell of fresh cookies? Or walked into a hotel spa and felt the stress of the outside world disappear? It’s not coincidence. The sense of smell, which is directly linked to emotion and
In our recent survey, dealers overwhelmingly agreed that an under-two-hour sales process is much preferred to the lengthy, often four-hour start-to-finish transaction time currently common at most dealerships. Yet, despite the fact that a full 85% of dealers surveyed think that under two hours is the ideal amount of time
Single-channel. Multi-channel. Cross-channel. Omni-channel. Are you running a cable TV station or a dealership? You almost need a station guide to keep them all straight, especially with new channels and buzzwords constantly cropping up. Current channels The two channels and buzzwords dealers need to pay most attention to now are
In the past five to 10 years, you’ve likely seen a radical shift in your retail business model. Most notably, consumer access to information has reshaped your pricing and sales strategies. Today’s most successful dealers are well versed on 60-day turns, price to market, and invoice being transaction points on