Nobody wanted the pandemic (particularly none of us in the auto industry) but it did teach us some valuable lessons. If we're smart, we'll learn from these lessons to make improvements in the way we do business and treat our customers going forward.
Here are the top four things the automotive industry needs to succeed in the future, from my perspective.
1) The ability to acquire inventory beyond a dealer's market territory.
Today's reality is that sometimes, your market is simply not going to have enough supply of the inventory you need. Solutions like Drivably enable you to broaden your scope and reach by buying inventory from anywhere, at any time. Put simply, we must have the ability to buy cars outside of the inventory that's available in local markets, and beyond traditional channels, in order to succeed in the future.
2) The ability to successfully tap into the private party market.
Let's face it. There are many inventory opportunities – massive opportunities, in fact – that exist in the private party market. In this market, which remains entirely untapped, some 40+ million cars exchange hands each year. Going forward, we need solutions like Drivably that successfully bridge the gap between private party sellers and dealers. Looking towards the future, this is the only way dealers can have the right inventory to meet customer demand.
3) The ability to make smart buying decisions with the right data.
What's happening in and around our market (including which cars are for sale, at what price to market, and how fast they're going to turn) isn't good enough anymore. What we need is the ability to look internally at historical sales and transaction data to determine the precise buying decisions we need to make. Knowing all about the vehicles that have outperformed others in the past is key to improving our businesses for years to come.
4) A paradigm shift in how we think about used cars.
If we really want to improve the way we do business, we need to rethink used cars. First, we need to stop lowballing customers. We must be competitive and step up our offers. What's more, we shouldn't expect someone to buy our cars if we're buying theirs. Private party sellers represent the best opportunities to get unique, in-demand inventory for our lots. Finally, we need to put ourselves in the customer's shoes. What experience do we want? How do we want to be treated? Do we want to be pressured into buying a new car? Do we want to be treated fairly? These are reality-check questions that we must continually ask ourselves to improve the customer experience.
I understand that change is hard, but it's not as difficult as you think. With slight modifications, we can improve our industry exponentially, grow our businesses, and enhance CSI in the process.
Feel free to call me at (480) 702-1010 or email me at firstname.lastname@example.org. I'll show you how to (1) give your customers the best offers and inventory by tapping into the private party market quickly and easily, and (2) buy the right cars at the right price from the right market.