Dealer Marketing - Dealership Corridor

When was the last time you really looked at your website? Have you ever visited your competitors’ websites? Pull up any website today, and you’ll probably see a little more than just an inventory listing and online brochure. Over the last few years, dealers have significantly improved their websites with the online shopper in mind, adding online credit applications, trade-in evaluation tools, payment calculators, and more. However, the proverbial phrase “build it and they will come” does not necessarily apply online. There’s quite a bit more that needs to go into your digital presence to turn website visitors into viable customers.

The Cox Automotive Car Buying Journey research revealed consumer satisfaction with the car buying process declined in 2022 for the second straight year. According to Isabelle Helms, vice president of Research and Market Intelligence at Cox Automotive, “while buying a vehicle is a complicated transaction, it does not have to be frustrating for the consumer. With the right digital tools and systems in place, car buying can be a highly satisfying activity, and as efficient and streamlined as consumers want it to be.”

“While buying a vehicle is a complicated transaction, it does not have to be frustrating for the consumer.”

Bingo! That’s the key. The right digital tools and systems can make the difference between a sale – or a frustrated customer who vows never to purchase a vehicle from your dealership. How do you know whether your dealership has the right digital content?

Contributing Author:
Eric Fifield
Chief Sales Officer
EFG Companies

Did you know that Baby Boomers are no longer the largest generation in the U.S. workforce? As of this year, Millennials (or Generation Y) have taken that spot according to the Center for Generational Kinetics. This also means that Millennials are now the largest generation of consumers.

If you remember the headlines from a couple years ago, everyone in the auto industry was concerned with Millennials simply not wanting to buy vehicles. Headlines abounded with articles discussing the migration to urban centers with walkable commutes, the rise of ride sharing, and the “inevitable” doom of personal ownership. All these fears turned out to be unfounded when it turned out that the reason Millennials weren’t purchasing vehicles was not because they weren’t interested in owning their own vehicle, but rather because they simply couldn’t afford the purchase.

Now, however, times are changing. This demographic is getting older and settling into careers. Their debt-to-income ratio is becoming more balanced. However, that’s not to say that this demographic is as well off as their Baby Boomer parents were at the same age. According to Northwestern Mutual’s 2018 Planning & Progress Study, those Millennials between the ages of 25 and 34 have an average of $42,000 in debt. In addition, more than 44 million Americans are saddled with student loan debt averaging $33,000.