The effectiveness of NADA might have to do with the fact that the convention has happened, like clockwork, for 100 years, and that each of those years has included important topics and developments critical to the way cars are sold.
Former Southwest CEO Jim Parker’s story of 9/11 and the aftermath, told from the perspective of a leader who lived through it, has incredibly relevant points for automotive retail professionals.
Who buys cars? Well, everyone does – including, as it turns out, Millennials. Check out the latest news about Millennial buying habits, featuring Dealertrack data insights.
In order to maintain compliance, dealership management must be prepared and proactive, with comprehensive training and real-time monitoring.
Electronic contract funding is a perfect example of how technology is introducing new ways to be more efficient and accurate. Long the domain of the traditional sales and lending approach, today there’s strong evidence that the shift to eContracting is accelerating, as dealers and lenders discover its effectiveness.
Not using proper digital retailing tools is a bit like leaving a customer standing, unattended, in your showroom. There’s no connection made with a serious car shopper, and that frustrates customers, hurts sales and ruins satisfaction scores.
Advertising the sale or financing of motor vehicles has become increasingly complicated with an aggressive Federal Trade Commission (FTC) and the need to reach consumers (especially Millennials) through social media, which was never thought of when advertising laws and regulations were written. It certainly makes a dealer’s life more complex.
The FTC has launched a new automotive program since the Dodd-Frank Act gave it streamlined authority to write regulations. It has also become much more active in pursuing dealers for deceptive advertising under Section 5 of the FTC Act. (Since 2012, the FTC has brought 16 cases against auto dealers for deceptive advertising.) The FTC’s Head of its Bureau of Consumer Affairs said the FTC believes that deceptive dealer advertising is a “significant problem,” many automotive dealer investigations are “in the pipeline,” and that this is a “priority area” for the FTC.
The automotive industry is on pace for record sales this year with new vehicle sales predicted to reach more than 16 million, and this spring, visits to dealership websites are also up dramatically from last year.
With this swift uptick of automotive shoppers visiting more dealership websites, we are seeing more and more dealers making investments in uniting and streamlining their online to in-store sales workflow. For many dealers across the country, Digital Retailing website tools are proving to be the answer for transforming their online/in-store sales process, improving customer engagement and overall CSI performance, and increasing lead-to-sales conversions.
Implementing dealer-controlled Digital Retailing tools on your website today can help position your dealership well for this summer selling season, and give you a clear competitive advantage in moving past basic website lead generation and onto real-time deal generation.
As dealers continue to invest more of their marketing dollars in digital, why are so many dealers still not satisfied with their website lead-to-sale conversion rates?
It’s simple; Digital Marketing is only half of a successful online marketing strategy.
Watch as top automotive dealers discuss the overall health of their dealership’s websites since adopting a Digital Retailing strategy and how a dealer-controlled online sales process helps them drive more website visitors further into their sales and F&I process.