Digitization is the future of automotive retail. It’s also the way your customers want to shop for and buy cars right now. So how do you know if your dealership is ready to compete in this digital-first landscape?
According to the 2024 Cox Automotive Digitization of Automotive Retail Study, top dealerships are already embracing digital and omnichannel experiences—and investing in tools that empower their customers to shop seamlessly online, in-store, and everywhere in between.
Use this article as a guide to help your dealership embrace the digital future now, so that the next big evolution in automotive sales (and your customers) doesn’t pass you by.
Start with the Essentials
eContracting is a foundational step for digital deals. Digitizing key workflows can contribute to time savings by up to 42 minutes per transaction that mostly digital car buyers experience. That adds valuable time you can reinvest in customer relationships and operational efficiency.
Dealerships that enable mostly digital car buying experiences help customers save up to 42 minutes per transaction.”
Deliver a Seamless Omnichannel Experience
Today’s buyers expect flexibility. Most want to start deals online and finish them in-store. That means your systems need to support a fluid experience. Real-time data sharing (and getting your team up to speed with online-to-instore deals) is critical to making these transitions smooth. In fact, 73% of top-performing dealers invest in technology that enables this kind of seamless shopping journey.
73% of top-performing dealers invest in technology that empowers customers to shop seamlessly online, in-store, and everywhere in-between.”
Automate What Matters
AI and automation aren’t just buzzwords—they’re real tools that can help your team focus on what matters most—the customer and their experience. In fact, 80% of customers now expect AI to shape their buying experience. From fraud detection and compliance to automating routine tasks and improving convenience, AI and automation can free up your staff to engage more meaningfully with your customers.
80% of customers expect AI to impact how they buy vehicles—expecting convenience, confidence, and peace of mind.”
Accelerate Funding and Approvals
Speed matters in automotive sales. When your customers sit around the dealership for extended periods of time, it impacts their overall satisfaction. By connecting to broad lender networks and striving for same-day funding, you can close deals quickly. Prioritizing digital contracting can also reduce errors and help you hit your same-day funding goals.
Stay Secure and Compliant
Digital workflows demand security and compliance. Built-in compliance checks, identity verification, and fraud alert systems protect your dealership and your customers. Training your team on best practices also ensures that security and compliance measures are seamlessly integrated into every transaction.
Take Advantage of Expert Guidance and Support
Success in the digital era means having the right support system in place. Around-the-clock access to a dedicated Performance Manager can give your dealership the expertise you need to get the most out of your tools and stay on top of your goals. Cloud-based systems with open integrations and real-time insights can also give your dealership a leg up on the competition to drive smarter decisions with stronger margins.
Are you ready to speed funding, streamline deals, and deliver the connected experience today’s buyers expect? Download the full Dealer’s Guide to Digitization and AI-Powered Automation to get actionable strategies and position your dealership for success.
