Driving Future Success:
Five Key Trends in Online Vehicle Retail
The insights, data, and themes presented in this white paper originate from a commissioned survey of 1,000 used vehicle buyers. This survey was complemented by in-depth interviews with a selected group. Our expertise and previous research in online vehicle retailing further enrich the findings.
Step into the future of vehicle buying!
Our latest white paper, "Driving Future Success: Five Key Trends in Online Vehicle Retail" uncovers the exciting changes shaping the consumer journey.
From the rise of digital sales to the power of online finance, we explore what's driving success in today's market.
Uncover how embracing digital innovation, improving customer satisfaction, and building trust through compliance are essential for thriving in online vehicle retail.
Five key themes that you can expect to see in our white paper...
1. There's a Move Toward Online Sales
Data revealed a significant shift towards digital vehicle sales, and the acceleration is faster than many industry experts expected.
74% surveyed expect to use online methods for their next purchase, driven by younger demographics and women, whilst physical dealerships are still relied upon for some in-person interaction.
But... do you have clarity on where to direct your omni-channel strategy to best serve your consumers digital expectations?
2. Online Finance Drives Sales
Offering online finance boosts sales. Nearly half of consumers we spoke to look to vehicle retailers for finance options, and finance placement on the website is key!
But... do you have the finance tools and lender options in place, as well as the right positioning on your website, to make it work?
3. Vehicle Buyers are Happier Online
Online sales reign supreme among vehicle buyers, with 75% expressing greater satisfaction online compared to traditional methods. Online transactions seamlessly fit into daily life. Convenience and easy access to information drive online engagement, simplifying the buying experience.
But... does your website provide the convenient, 24-hour online showroom that consumers expect, and is it set up to drive sales?
4. Boosting Confidence with Compliance
Consumer satisfaction has soared since the introduction of Consumer Duty regulations. Positive feedback reflects increased confidence in selecting finance products, understanding the process, perceiving fair value, and trusting personal information handling, bolstering consumer trust and satisfaction.
But... 13% of the respondents in our survey did not feel like the motor finance process was fair and transparent. Does your website meet the compliance needs expected by the FCA, and the consumer?
5. Driving Engagement with Online Tools
While our research highlighted search tools as the most useful, tools like finance calculators, part exchange and reservation tools stand out for addressing real-world needs effectively.
But... does your website have the tools to further enhance convenience and drive sales, and if not, do you know what these are?
Ready to Dive deeper into the insights and data we've uncovered?
If you've answered "No" to any of the questions above, or if you're eager to explore further into the insights and data we've uncovered, along with learning from recommended actions by industry professionals, download our latest white paper, "Driving Future Success: Five Key Trends in Online Vehicle Retail," and discover the exciting transformations shaping the industry.