BLOG: Industry insights
We attended the International Auto Finance Network Conference where speakers from Experian, Google, White Clarke Group and Cap to name but a few shared their insights into what’s new in the Auto Finance Industry. Innovation, Technology, Big Data and Business improvement were all topics of discussion. The conference was extremely interesting and we thought we’d share some key findings on how consumers are searching for cars to help your business benefit.
According to research…
- On average someone will spend 3 months searching for a car
- 80% of consumers need help selecting which car to purchase
- 40% of consumers purchase a brand not originally in mind
- 75% of people use online video such as YouTube to help choose their vehicle
This is how…
- 75% of people buy their cars online
- 82% of smartphone users use their smartphone in a dealership
- On average people look at 3.4 sources of finance online before selecting one
- Online car finance searches have increased by 153%
- A third of car loans are applied for digitally
What does this mean for your dealership?
There are key stages of the buying process especially where finance is concerned, where you need to be visible, presenting the right information. As finance can impact a consumer’s decision dramatically, we’ve found many dealers are moving to NextGear Capital so that they aren’t tied into a retail reciprocated arrangement. In addition to not losing a customer based on your potential financial limitations it was recommended as best practice to continue to cross sell other products and have channels open for further communication after they’ve purchased the vehicle.
Based on these findings if you’re not online with a mobile friendly website it’s likely you won’t be considered. Check your listings are up-to-date, your website is easy to navigate and show that you are experts in the industry with news articles on popular vehicles you have in stock and links to video. Explain you’re finance offerings, don’t assume that they’re understood but ultimately focus on what you know and let your suppliers focus on what they know.
Thanks for reading!