We're thrilled to unveil our latest white paper, "Driving Future Success: Five Key Trends in Online Vehicle Retail," delving deep into the desires of used vehicle buyers and uncovering what truly drives their purchasing decisions
In an era where digital transformation is reshaping industries, the automotive sector is no exception. The traditional model of vehicle purchasing is undergoing a profound shift towards online platforms. Our latest white paper, "Driving Future Success: Five Key Trends in Online Vehicle Retail," delves into the dynamic landscape of vehicle retailing, offering insights from a comprehensive survey of 1,000 used vehicle buyers. Coupled with in-depth interviews and our expertise in the field, this white paper uncovers pivotal trends shaping the consumer journey and driving success in the digital age.
"We firmly believe that consumers today are not just looking for a transaction; they're seeking an experience. Our latest white paper illuminates how embracing digital innovation and consumer-centric strategies are pivotal in shaping the future of online vehicle retail, empowering us to exceed expectations and drive success." - Jana Jones, SVP Sales, Marketing & Communications
Here's a glimpse into what you can expect:
There's a Move Towards Online SalesThe data speaks volumes: there is a large shift towards online vehicle sales. Surpassing industry expectations, 74% of surveyed buyers anticipate using online methods for their next purchase. Notably, this trend is propelled by younger demographics and women, emphasising the need for a robust omni-channel strategy that caters to evolving consumer expectations.
Offering Vehicle Finance Drives SalesFinance options play a pivotal role in closing the sale. Nearly half of consumers surveyed look to vehicle retailers for finance solutions, whilst almost 31% will consider online brokers. Retailers need to ensure seamless integration and prominent positioning of finance tools on their websites. Are you maximising your online finance offerings to enhance sales?
Vehicle Buyers are Happier OnlineConvenience reigns supreme with online buyers. With 75% of buyers expressing greater satisfaction with online transactions, it's clear that a user-friendly, 24/7 online showroom is essential for meeting consumer expectations and driving sales.
The Compliance Journey is WorkingConsumer trust is non-negotiable. The implementation of Consumer Duty regulations has given consumers more confidence, particularly regarding finance product selection and transparency. However, ensuring compliance with FCA standards remains imperative to instill trust and satisfaction among consumers.
Online Tools Drive EngagementSearch tools are most useful, but it's the additional features like finance calculators, part exchange and reservation tools that truly enhance the user experience. Are you equipped with the necessary online tools to streamline the purchasing journey and boost engagement?
As the automotive industry continues its online evolution, staying ahead of the curve is paramount for success. Whether it's optimising online sales channels, refining finance offerings, or enhancing website functionality, embracing these key trends is essential for driving future success in online vehicle retail.
Ready to Dive Deeper?
Download our white paper today to delve deeper into the insights and recommendations shaping the future of automotive retailing. It's time to evolve your digital strategies and embark on a journey towards online success, which key to the future consumer.