Hollis Goode
Regional Vice President
EFG Companies
By most accounts, the digital revolution has already occurred. We began shifting from mechanical and analog technology to digital electronics between the late 1950s and late 1970s. However, while industries across the U.S. changed their working dynamics to accommodate the digital revolution, vehicles are still fundamentally sold today the way they were 50 years ago.
Consumers still have to go to the dealership, fill out tons of paperwork, and sometimes spend hours waiting for funding paperwork to be finalized. Conversely, when was the last time you went to a bank to apply for a credit card, or even a mortgage? Now, banks have a fairly robust digital presence, where brick and mortar locations are seldom used.
In 2017, more than 30 years from the “end” of the digital revolution, the automotive industry is just now beginning to undergo its own revolution.
According to a recent study by J.D. Power on top trends to improve the retail automotive experience, 42 percent of dealership consumers made phone calls to dealers when shopping for a vehicle. Conversely, 75 percent of consumers used the internet. However, those buyers who rely on the internet had lower satisfaction scores than those who made a phone call. The reason for this can be easily explained by the current dealership model, which is geared towards bringing people into the dealership.