THE TIME IS NOW TO JOIN THE DIGITAL RETAIL AGEBy Jennifer Lee, VP of Product Strategy and Development, DealerSocket

DEALERSOCKET.COM/PRECISE-PRICE 866.238.1398

DEALERSOCKET.COM/PRECISE-PRICE 866.238.1398

Like most dealers, you’ve probably spent the past several

years focusing on your showroom processes.

THE TIME IS NOW TO JOIN THE DIGITAL RETAIL AGE

The integration of mobile technology into the in-store experience has moved our industry miles forward in terms of efficiency and transparency for both dealer and consumer. Prior to that, we watched as a variety of third-party online resources became available to help buyers conduct extensive research on price, vehicle performance, and customer reviews of your dealership.

Today, the task ahead of dealers is to enhance their online processes even further and then seamlessly connect them to the showroom experience. “Digital retail” — you’re likely familiar with this phrase by now — is taking the traditional sales world by storm, and its rapid growth in the automotive industry is only one indication of its longevity.

Let’s face it, your buyers live in the age of Amazon where they can search for, research, compare, and purchase practically anything with a few mouse clicks. Not surprisingly, DealerSocket’s 2016 Independent Dealership Action Report showed that a whopping 81 percent of consumers don’t enjoy today’s car buying process. While most prospects still prefer to conclude their transaction at the dealership, they are demanding that more and more of the process be available online. With each passing day, every piece of the digital retailing puzzle takes on increased importance. Is your store ready?

81 percent of consumers don’t enjoy today’s car buying process

81%

The result is a steady stream of new buyers who wouldn’t give you a second look before.

Let’s explore the key components that should be available on your website:

EXTENSIVE VEHICLE DETAILS Go beyond year, make, model, and mileage. If a buyer is deciding on a vehicle without seeing it in person, he or she needs a comprehensive breakdown of any physical imperfections, photos from all angles of the actual vehicle (not just stock photography), a list of installed options, crash-test ratings, a PDF of the owner’s manual, and more. Yes, it will take some work to get all your vehicle detail pages updated, but the result is a steady stream of new buyers who wouldn’t give you a second look before.

TRADE-IN VALUEA variety of integrated tools are available to help your buyer calculate the value of his or her trade-in. It’s a key step for many customers who plan to use a trade-in as their only form of down payment. Providing a trade-in offer online ensures the consumer is qualified and ready to pull the trigger when he or she arrives at your store.

PRICINGFor those consumers who don’t want to negotiate at the dealership, you will vastly improve your odds of closing the deal if you provide them with the final price before they show up. In fact, according to the aforementioned DealerSocket report, 57 percent of consumers want to receive your best price up front rather than negotiate. Be sure to show them the full breakdown behind your offer, including dealer incentives, fees, and taxes.

FINANCING AND PAYMENTIf you really want your website to work, you must provide a tool that allows the consumer to submit his or her credit score from inside the process. Staying connected is integral.

AFTERMARKET PRODUCTSIt turns out that prospects don’t need the hard sell to say yes to F&I products. The more we see dealers present F&I products online, the more we see consumers purchase. Take the opportunity to explain all the benefits of each aftermarket selection on your website, and your prospects can take as long as they want to become comfortable instead of feeling pressured to decide quickly in the F&I office.

DEALERSOCKET.COM/PRECISE-PRICE 866.238.1398

THE TIME IS NOW TO JOIN THE DIGITAL RETAIL AGE

DEALERSOCKET.COM/PRECISE-PRICE 866.238.1398

The number of consumers who want to complete a significant portion of their car purchase online is growing, and it will only get larger as time marches on. Upgrade your website now so your prospects can conduct as much of the transaction online as they choose.

Don’t forget the most important step: You must fully integrate your digital retail solution with your CRM and desking modules so that you can easily pick up where the customer left off when he or she arrives at your showroom. The entire idea behind introducing a digital retail solution is to save the customer time as well as infuse further transparency and convenience into the car buying process before the dealership visit begins. This strategy falls short if your buyer must repeat information they’ve already given online or must walk the dealer through everything already agreed to.

When you’re shopping for this software, keep in mind that each piece must connect easily. When they do, you won’t just be welcoming more new leads into your store, you’ll be ushering in more ready-to-sign deals. Here’s to fewer false starts, and more closings!

The number

of consumers

who want to

complete a

significant

portion of

their car

purchase

online is

growing, and

it will only get

larger as time

marches on. Jennifer Lee is VP of Product Strategy and Development at DealerSocket. She has been building software in the automotive industry for nearly 20 years, focusing on DMS, CRM, and other digital solutions. She lives in Dallas, Texas,

with her husband and sons, and is a veteran of the United States Air Force.

THE TIME IS NOW TO JOIN THE DIGITAL RETAIL AGE