Dealers who are actively embracing the changing digital marketplace are the most successful, according to new research from Auto Trader.
It will form the backdrop of the UK’s largest digital automotive marketplace’s presentation at AM’s DigiTech conference.
Taking place at the Ricoh Arena in Coventry on April 27, DigiTech is AM’s all-new event which covers everything digital and technological at work in today’s dealerships.
As one of the main sponsors, Auto Trader’s insight director Nick King will draw on its research and highlight examples of how some of the nation’s best performing dealer groups are taking advantage of the new way of retailing vehicles by adopting a more business minded approach.
King (pictured) said: “It boils down to one’s ability to embrace the changes and using it as an opportunity to adapt your business to the evolving needs of consumers.
"Today’s most successful dealers are those that are offering full transparency across their digital and physical forecourts. To really stand out from the crowd, dealers need to utilise data to price in line with the live retail market, offer reviews that give genuine insight, and of course show well-presented and clear imagery that reflects the true condition of the car.
"All of this is absolutely essential in a market that is more complex and full of choice than ever before.
“Big changes aren’t always necessary to improve your business; sometimes even the smallest initiatives can have a positive impact. What is important, though, is that dealers are continually evolving their business to match the changing expectations of consumers.
“Our new research revealed that the more successful dealers today tend to concentrate on three key areas.
"Firstly, the customer, which includes providing complete transparency, and also the ability to talk to consumers in their language.
"They also truly embrace the potential of digital; not only do they ensure their digital marketing elements are working, but importantly they are also utilising data to help power their decision making.
"Finally, they are empowering their teams and colleagues. They establish a companywide ethos and aligned set of values, and above all, allow their staff to take ownership, which is fundamental in creating a seamless journey between digital and physical forecourts.”
Beating at the heart of dealerships which have embedded digital at every level of its operations is effective data management. Absolutely essential to any business in 2017, maximising data has a dramatic impact on profitability.
“Utilising data effectively doesn’t only increase business efficiency, but also helps you sell more stock. Managing internal and external data allows dealers to determine which stock is the most popular in their area, and therefore most likely to sell, but also how much it should cost.
"Data will never be a replacement for experience, but complemented with industry expertise, it is extremely powerful combination.”
> AM DigiTech website for tickets for dealers and manufacturers. Booking available now.
> Conference venue and date: Ricoh Arena, Coventry, CV6 6GE - April 27