Business View Magazine | April/May 2022

9 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 4 • Takeaway: Dealers with an ongoing communication strategy that leverages technology to continue customer communications, including vehicle delivery time, features, and the delivery process, will retain the business from pre-order deposits and protect the Customer Satisfaction Index, as well as generate more trade-ins. Vehicle Purchasing and Researching Habits Have Changed 1. 40% of consumers say they didn’t contact the dealership in their research process because the dealer didn’t include special offers in their marketing messaging. In addition: a. 35% said vehicle prices were too high, up from 28% in the prior study. b. 26% said there weren’t enough dealership photos. • Takeaways: Providing transparent updates on vehicle pricing, incentives, inventory, and availability is a differentiator for dealers. Including information about F&I products, pre, during, and post-purchase is welcomed by consumers and will help increase ROI for dealers. 2. 60% of vehicle buyers, up from 49% in the prior study, say Google is the most trusted source when researching a dealership. 3. 93% of vehicle buyers said online reviews helped in their dealership selection process, up from 88% in the prior study. 4. 87% of service customers said online reviews helped select where they serviced their vehicle, up from 63% in the prior study. • Takeaways: Google Business Profile is one of the highest performing platforms to present messaging about the dealership’s services, including inventory availability, reviews, Q&A, and offers with pricing and promotions. Reviews from other sites are incorporated into the Google Business Profile. Dealers need an all-encompassing strategy to ensure they present their business in the best possible manner. They need to use technology such as omnichannel messaging to follow up on the traffic Google generates. Consumers Want Better Communication and Online Financing Options 1. 60% of vehicle buyers and service customers prefer online and text communication when communicating with dealers, up from 47% in the prior study. • Takeaways: Dealers can reach and convert more consumers by leveraging digital communication platforms such as texting and online chat. Consumers still respond to email but dealers should ask if consumers want a phone call instead of assuming that not using the preferred channels out of the gate can result in lost business. 2. 57% of vehicle buyers say the dealer responded within an hour from the initial inquiry, up from 52% in the previous study. a. However, 9% of service customers, and 7% of car buyers, say the dealer never responded to their inquiry, compared to 3% in the prior study. • Takeaway: Dealers can exceed consumer expectations and convert more leads by leveraging AI-enabled lead response technology, providing coverage for responding and interacting with consumers 24/7 just like the disruptors do. 3. 56% of vehicle buyers completed an online credit application for their vehicle, compared to 24% in the prior study who preferred to do financing online. 4. 24% of vehicle buyers said they arranged for OPENING L INES