Dealers need to fully embrace the internet retail environment including facilitating payments online in order to maintain a strong threshold in the used car market, according to Trader Media Group director Tim Peake.
Peake will be speaking at AM’s Used Car Conference which takes place at the Ricoh Arena, Coventry on October 10 and plans to explore ways in which dealers and suppliers can transform used car retailing into a complete online experience whilst still retaining the showroom and the forecourt.
He said: “We have been undergoing a transition from the showroom to an online environment for a number of years and we need to work together to create a new online world where dealers can win the internet car retail battle.”
Peake will be exploring a number of topics with which dealers are currently grappling such as how to maintain a competitive edge in an environment which is completely transparent; making use of the internet data trail left by consumers and applying it to make meaningful and insightful business decisions; understanding how the marketplace determines a used car selling price and working back to identify the trade buying price at auction or part-exchange value; DMS integration for greater flexibility and business transparency; digital reputation management; and online transactions.
Peake said: "Over the past eight or nine years we have seen traditional ad spend move online and the ones who moved with the times were the winners.
"Now retailers have to move again to provide an all-round used car internet retailing experience which includes online payments and again, dealers, manufacturers and companies which embrace this new era will succeed the most.
“It’s a journey dealers, manufacturers and their suppliers need to make side by side and we want to explore how we can better work together to innovate and take used car retailing to the next level in the online arena.”