Digital solutions look set to play a key role in helping dealers comply with the demands of GDPR legislation and FCA regulation, James Tew, iVendi chief executive, will tell delegates at this year’s Automotive Management Live expo.
Tew (pictured), who will lead iVendi’s best practice session, says that these issues are being best handled by those dealers committed to offering customers an online retail means of buying vehicles.
He said: “Many dealers are ill-equipped for all the regulatory changes we are seeing. They simply want to want to focus on selling cars but life isn’t that simple.
“However, pushing more of their processes online into the digital arena is going to help, creating an infrastructure that will solve many, though not all, of their problems.
“We find that there is a direct parallel between dealers who are best handling the demands of GDPR and FCA and those adopting complete online retail offerings.
“These dealers recognise both their regulatory obligations and the business opportunities offered by digital and are sufficiently canny to see that the two can be made to work hand-in-hand. It is a signal of a progressive, professional mindset.”
Tew recognised that, while online sales remained at low levels relative to traditional showroom sales, iVendi was seeing new records being set each month for the number of transactions completed using their online motor finance tools.
He added: “There is definite sense that momentum is gathering. Consumers are comfortable buying almost everything online in 2017, so why not cars? Our argument has always been that, if dealers provide the tools for online purchasing, customers will use them.
“The statistics that we generate each month show this core argument to be true. Over the next year, we expect there to be an increase in online sales to such a level that all major dealers will recognise that it is a channel that cannot be ignored.”
Automotive Management Live 2017 Expo
Now in its second year Automotive Management Live is a one-day expo where some of the sector’s leading suppliers lead best practice seminars covering some of the hottest topics facing dealers.
It takes place on November 9 at Birmingham NEC.
The event also includes an insight theatre with expert speakers who will scrutinise F&I, the new EU data regulations which come into force next year and the used car market. Dealers can explore latest products and services on the market today in the exhibition hall.