Consumers today want flexible shopping options—especially when it comes to purchasing big-ticket items like cars. In fact, the 2023 Digitization of Car Buying Study by Cox Automotive shows that 71% of shoppers plan to use a mix of online and in-person car buying options the next time they purchase a vehicle. At every step of their car buying journey, shoppers want the transparency and flexibility that comes with digital car buying options as well as the assurance and support they get from dealership staff.
And dealers understand this. They know consumers want digital car buying options, but many aren’t sure how to evolve their business to meet those expectations. It takes the right partner to make this kind of transformation: A partner that provides real technology, real consumer insights, and real guidance.
Rethinking the Shopping Experience
With that in mind, Cox Automotive is focused on providing not only the real technology dealers need to provide the shopping experience car buyers want, but also the real consumer insights and real step-by-step guidance that have often been missing from retail solutions.
The most innovative dealerships have already started rethinking the way they operate. Dealers who have implemented Retail360 Deal, the new enhanced retail solution from Cox Automotive, are already seeing increased levels of trust and confidence for both the shopper and the sales team.
Cox Automotive Retail360 Deal provides the technology to structure deals with every type of shopper. Whether the car buyer is there in person, on the phone, or submitting information online, Retail360 Deal helps the salesperson build the right deal as they work side by side with the consumer. With this connected approach to retailing, the entire process is smoother, faster, and more flexible.
Keeping Control of the Deal
Meanwhile, shoppers are getting the personalized, transparent experience they want. According to the Cox Automotive 2022 Car Buyer Journey Study, nearly 8 in 10 of consumers think an online car-buying experience should give them greater pricing transparency. But it does not have to be at the cost of the dealer’s gross.
With Retail360 Deal, the dealer actually has more control. They can access real consumer insights based on first-party data from actual in-market shoppers to craft more lucrative deals. They can see the consumer’s preferred payment ranges and which other vehicles they’ve been considering—and these are powerful insights when it comes time to finalizing the deal.
Guidance that Delivers Results
It takes more than software and data to achieve real success, however. Big changes to a dealership’s retail experience require real in-depth, step-by-step guidance. Yes, dealerships need to know how the software works and how to use it, but they also need to think about adjusting the way they operate to deliver the best customer experience. That comprehensive approach is going to get staff on board and excited to transform.
Everyone promises technology—but technology alone is not enough. Cox Automotive has invested in a highly experienced Performance Management team to provide real guidance—the consultative guidance dealerships need to drive results with technology solutions. When combined with the real consumer insights and real technology Cox Automotive provides, dealers can make a meaningful difference in the shopping experience.
A new eBook from Cox Automotive is full of research-based recommendations to help your dealership evolve to meet the needs of today’s consumers. Download your copy today.