The automotive industry is always changing and evolving. To stay ahead of the curve, it is important to stay up to date on the latest sales trends. Here are two sales trends in the automotive industry that car dealerships should keep an eye on, an increase in digital sales and an increase in the sale of pre-owned vehicles.
One trend that has been gaining steam over the past few years is the shift toward digital sales. More consumers are starting their car-buying journey online. They’re researching which car to buy, which dealer to buy from, and what kind of price they should expect to pay. As a result, dealerships need to have a strong online presence. They need to identify priority customers and understand where and how to reach them.
Dealerships should focus on customer experience and convey this sentiment in their interactions with customers, digitally and offline as well.
A comprehensive digital customer experience also includes pre-qualifying a customer for a loan, or end-to-end vehicle buying.
Customers may have varying degrees of preference for a digital sales experience. While some may want the entire sale to happen online, some may want a human interaction at the physical store. Dealerships could do well to be prepared to offer them a combination of both by using a Bot for the initial contact, followed by an interaction with an experienced BDC.
Another trend we are seeing is an increase in the sale of pre-owned vehicles. Consumers are becoming more and more conscious of the value for money they’re getting when they buy a pre-owned vehicle. With technological advances, pre-owned vehicles are becoming more dependable than ever.
Pre-owned vehicle sales have been on the rise for several years now, and this trend will continue in the future. The chip shortage, an aftermath of the pandemic is also a major factor in increasing the demand for pre-owned vehicles.
Cars are lasting longer than ever before. As cars age, they become more affordable for a wider range of buyers.
Car industry experts anticipated a 9% growth rate in pre-owned vehicle sales between 2019 and 2025. As a result, dealerships should make sure they stock a broad selection of quality pre-owned vehicles. To cater to the new-age digital customers, dealerships should use digital tools, like virtual demos to make the best first impression.
Car dealerships can use AI technology to jump on these trends and multiply their profits. AI-powered Bots can help identify in-demand pre-owned acquisitions and build their inventory from the service drive. To offer better-personalized service, Bots can contact every customer in the CRM and update them about seasonal offers, trade-in opportunities, and even pre-qualify them for loans.
At Cognitgo our RObot captures all the critical data points from the Repair Order (RO) and derives an accurate, fair value of all the cars that enter a dealership’s service drive. Car dealerships can save hours of human-intensive effort with a bot working 24/7, processing every Repair Order (RO) from your Service-Drive.
These are just two trends that we see in the automotive industry that dealerships should be aware of. By keeping up with the latest trends, you can ensure that your dealership stays ahead of the curve and continues to be successful for years to come!
