Technology has a massive impact on both retail operations and the customer journey, but dealers need to remember buying a car is also an emotional purchase, according to Cooper Solutions whose masterclass at expo Automotive Management Live explores its impact across all areas of the business.
Product head Simon Whicher and business development manager David Abel will take to the stage to provide dealers with the knowledge they need to deliver the best modern retailer experience including the acquisition of used car stock and disposal of vehicles.
The session will also interweave the customer experience, illustrating how a digital process such as a vehicle appraisal can lift a customer's perceptionas well as providing a highly efficient and credible valuation method and help with FCA compliance.
The seminar will incorporate video and client testimonials to share retailers’ best practice in these areas and how the use of online auctions can help boost stock turn and ultimately profitability.
Whicher said: “Avoiding duplication when entering information and eliminating chances that paperwork could be mislaid creates a more professional and engaging process with customers when they arrive on site and their part-exchange vehicle is appraised.
"The use of technology makes for a slicker and more efficient operation which is easy to track and measure.
"We find those who maximise their use of technology are the ones securing greater exposure and demand for their vehicles, in turn driving up margin and improving average trade debtor days.
"We also find it’s too easy to miss off vital pieces of information about the vehicle which can make all the difference to achieving the right hit rate and ultimately price which underpins the importance of a robust and effective appraisal process. Ideally the entire process should be digital and integrated into the dealer’s digital remarketing process.
“However, despite all the efficiencies of a digital process which we know delivers an additional ‘wow’ factor for the customer, dealers need to remember purchasing a car is an emotional experience for the buyer and ensure technology does not dilute the excitement of driving away in a new vehicle.”
According to Cooper Solutions, transaction costs for online auctions can be nine times less than physical auctions.
The company’s figures across their auction site over the last five years reveal a 72% conversion rate on first time listings, rising to 89% with a single relist, and 94% with two relists.
Meanwhile, vehicles which are more accurately appraised benefit from an average uplift of £125 per unit through confident bidding activity.
Free for dealer and manufacturer delegates with pre-registration, Automotive Management Live brings together a host of leading automotive suppliers, best practice masterclasses, a law clinic and an F&I theatre at Milton Keynes Arena on November 16.