BF Inc.
Goodbye Lead Gen, Hello Online Car Sales
Goodbye Lead Gen, Hello Online Car Sales
Stop Investing in Lead Gen, Start Working Toward Online Car Sales
Wards Auto published an article about how car dealers can meet millennials.
With 80% of car buyers using some form of digital technology to research their options before entering a car dealership, auto dealers face an extremely competitive market.
To top it off, they?re tasked with a new challenge: selling to the millennial buyer. According to research done on Millennials, this generation is a lucrative target predicted to spend $138 billion on light vehicles this year.
Grandpa and his 25 year old grandson both invest online with ETRADE but neither can buy a car online. Less than .5% of the US’s 53m new and used cars sales will be sold online in 2016 yet 85% of consumers expect to negotiate and buy cars online. Goodbye lead gen, hello online cars sales. The definition of selling is still to find a need and fill it. Will your dealership choose the right time to start? Borders didn’t fail from a lack of industry knowledge but because they waited too long to start selling online.
Dealers who recognize this inflection point and invest in selling online will be rewarded with sustainable market share and profits that will transform their dealerships.
originally published on http://vinadvisor.net
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7 Comments
C L
Automotive Group
So are you saying with your platform I wouldn't have to physically sign anything?
Ian Wittig
BF Inc.
I sent your question over to Jim Dykstra, the founder of vinadvisor. This is what he had to say:
Chris,
Great question. Once you negotiate a final price electronically, you set a delivery appointment at either the dealership, your office or home. Paper work is printed, car is detailed and ready for delivery. You take a quick test drive, then sign and drive. Our members average 40 to 55 minutes total in the dealership for delivery.
I hope this helps.
Jim
Adam Spory
Midwest Auto Dealership
This certainly is a solution to the declining quality of lead generation
C L
Automotive Group
Thanks Ian.
Basically we still arent really selling cars online.
Scott Ordines
Hartley Buick GMC Truck
Why would you want to sell a car online? Lower profit, lower csi, no customer relationship. What every happened to selling an appointment?
Ian Wittig
BF Inc.
That's a good point, Scott. There's plenty of dealers that are thriving with the current systems. There's also a lot of data indicating that that's the exception, not the norm. The majority of dealerships have very, very bad employee churn, even worse customer loyalty, and are struggling to stay competitive. The majority of car buyers expect the process to be a hassle.
For the dealerships that are currently thriving, I agree: ain't broke, don't fix it.
For those who aren't: They clearly need some updates.
Ian Wittig
BF Inc.
That's a good point, Scott. There's plenty of dealers that are thriving with the current systems. There's also a lot of data indicating that that's the exception, not the norm. The majority of dealerships have very, very bad employee churn, even worse customer loyalty, and are struggling to stay competitive. The majority of car buyers expect the process to be a hassle.
For the dealerships that are currently thriving, I agree: ain't broke, don't fix it.
For those who aren't: They clearly need some updates.