Although the auto industry continues to face COVID-19 challenges, according to a recent forecast by Cox Automotive, May sales are expected to see modest but steady gains.
With COVID-19 restrictions continuing to limit dealership operations, auto dealers are adjusting to the new normal. Many dealerships are still unable to fully reopen per local government guidelines. Alternatively, those that have been able to open their doors have discovered that rising online buying trends (even before the downturn) and reluctance to visit physical stores has resulted in buyer preference towards purchasing online.
COVID-19, or the Coronavirus, has caused quite a bit of concern across the world. Now more than ever, we understand the need for your dealership to be able to respond quickly and make marketing adjustments on the fly. With that in mind, we've outlined things you can do to be influential and proactive during these uncertain times.
What do you think makes your dealership more money on financing options for your customers - low monthly payments or less-costly payoffs? The answer likely varies based on buyer's specific needs (or at least it should), but research now shows one is likely better than the other when it comes to making more money.
It's no secret that the internet has changed how consumers research, shop for, and buy products. Our industry is no exception, as shoppers are more informed than ever before about the vehicles they want to purchase.
One of the biggest trends in 2019 that is continuing to shape the automotive industry is with used car sales. So what does this mean for dealers?
The automotive market will continue along its 2018 pace in the coming year according to many analysts in the industry. Used vehicle sales show potential for significant growth as average transaction prices continue to rise.
Some analysts remain wary and project a potential “flattening” in the market, but this in itself is good news in a sense.
Negotiation time and the time to complete purchase remains the number one complaint of car shoppers.
According to a recent study that polled recent car buyers, the amount of time it takes to complete a car purchase continues to grind customers' gears.
According to a recent study, shoppers are spending less time in the market for a car than in previous years. With this in mind, how should your dealership go about capturing buyers in their ever-shrinking buyer's journey?
Today I want to try and give a little food for thought about your pricing and sales strategy by talking about one of my favorite subjects: pricing psychology. A good understanding of pricing psychology is a powerful tool for dealers because it shows that in the end it’s not the price that drives the customers behavior, it’s the perception of the price. In a sense, every pricing manager is also a perception manager.