Everywhere you look, in every corner of the world, luxury automobile sales are booming. It's not showing any signs of slowing down anytime soon, either. Industry analyst Technavio estimates that the global luxury cars market will continue to grow at a CAGR of 12% through 2022, making it one of the hottest automobile sales sectors in recent memory.

That growth means that luxury automobile dealers will find no shortage of willing buyers in the coming years. It doesn't mean, however, that those dealers won't have to work harder than ever to make sales. The reason that luxury automobile dealers have their work cut out for them is due in large part to a better-educated consumer class and a shift in the expectations of luxury buyers everywhere. To make the most of the current sales boom in the luxury automobile market, here's what dealers need to know.

Empowered Consumers

It should come as no surprise to any competent auto dealer that customers come through the doors today knowing quite a bit more about the vehicles they're considering than ever before. This trend mirrors a shift in most other luxury markets, where consumers now use the internet to learn every detail about the items they're looking to acquire. When arriving at a dealership, not only are they more aware of the technical specifications of the cars on the lot, but they're intimately familiar with things like dealer costs and markups, as well as which options are worth the price they'll pay. That level of consumer knowledge can be a challenge to dealers since it makes maintaining profit margins more difficult.

Turning Weakness to Strength

In the luxury market, though, an educated consumer can work to the dealer's benefit, if they handle it appropriately. The first thing to remember is that the average luxury goods buyer is far more interested in their overall experience than they are in saving every penny possible. To take advantage of this shift in attitude, the dealership itself must become the product. It's a good idea to begin with a no-negotiation policy, even if it means prices are a little higher than local competitors.

A no-negotiation policy will enable a potential customer to deal with a single point of contact at the dealership throughout their experience. Their representative will handle the entire sale, and can focus on speed and convenience, which are two things that luxury buyers value most. After all, for most affluent consumers, their time is their most valuable luxury item, and they'll appreciate a frictionless experience.

The Sale Is Just The Beginning

For a luxury dealership to thrive in the current hot market, they must also focus on the post-sale customer experience. Offering customer services like door-to-door pickup and drop off for appointments is a must, but that's only the beginning. In today's digitally-connected environment, it's also essential for luxury dealerships to maintain a robust online presence.

That includes developing a customized smartphone app that will allow busy customers to interact with the dealership on-demand, and from anywhere. Offering service in that manner allows customers to complete tasks like scheduling service appointments, checking historical data about their vehicle, and even arranging for in-home test drives when they're considering a new vehicle.

The Ultimate Luxury

It's no longer enough to offer the ultimate in driving experiences. Luxury purchasers today aren't interested in a hard sell or in how much of a discount you're willing to provide. They're looking for their buying experience to feel like a luxury in and of itself. Today, consumers define true luxury as an ability to get what they want in a way that respects the value of their time and promises an experience that's first-class from beginning to end.

Luxury dealerships that adjust their methods to accommodate this attitude will reap the benefits, not only through increased sales but also by building their brand into the undisputed go-to luxury dealership in their area. For dealers, that kind of sterling reputation is more than just a luxury, it's the key to lasting success.