A more competitive business environment is the new normal for automotive dealers in 2023. Inventory levels are stabilizing while direct sales and online-only competitors are encroaching on dealership turf.
Dealerships always win at the retail level as they alone can blend the ease of online shopping with the knowledgeable, caring human touch of an in-store presence. Leverage this advantage with four tactics:
- Develop meaningful local lender partnerships to help customers find the financing they need.
- Win the retail touchpoint with an outstanding physical experience that 75 percent of customers still want and demand.
- Use digital lending platforms to speed funding and free-up cash flow to buy more inventory and sell more cars.
- Prepare for “high-touch” electronic vehicle (EV) sales by establishing relationships with EV-knowledgeable lenders.
A great “in-person” experience wins in a competitive market.