NADA 2022: How Dealerships Can Anticipate and “Experience the Future”
Conversations about the future of the automotive industry have typically focused on electric vehicles. However, as the market rapidly changes, it’s clear that the future of this industry means more than just EVs.
So if the future doesn’t necessarily center around electric cars, what should dealers anticipate instead.
This is the question asked in NADA 2022’s theme “Experience the Future.” As we gear up for the annual convention, taking place at the Las Vegas Convention Center on March 11–13, we explore what the future of the automotive industry looks like beyond the electric vehicle. Read on to learn the top areas where your dealership can adapt for change to meet buyers’ expectations tomorrow and beyond.
The Future of Communication
In the past, dealers could rely solely on their skills as excellent salespeople to get customers to sign on the dotted line. But this year and beyond, interpersonal skills alone will not be enough.
This is because of the alarming amount of distrust shoppers have of dealerships as a whole. Consider that:
87% of consumers dislike the process of purchasing a vehicle at a car dealership
61% feel like they’re being taken advantage of when shopping at a car dealership
Source: “Study: Americans Feel Taken Advantage of at the Car Dealership” https://www.prnewswire.com/news-releases/study-americans-feel-taken-advantage-of-at-the-car-dealership-300301866.html
The need to make customers feel comfortable has never been more important to your bottom line. Ultimately, the most effective method of helping your customer view your dealership as worthy of their trust and time is through improved communication.
The Future of Vehicle Purchasing
The landscape of buying cars has changed drastically in the last few years, with shoppers now practicing different purchasing behaviors. To keep up with modern demands, dealers must understand the buyer’s journey and how it has changed.
Buyers now have access to an incredible amount of information online, and they use this research to their advantage. A whopping 92% of car buyers research online before making a purchase. This means that your potential customer will be knowledgeable not only about their vehicle of choice—but about your dealership and competitors, too.
The Future of Marketing
Marketing in the automotive industry is shifting gears. Perhaps the most important catalyst for this change is Google’s ban on third-party cookies, which has disrupted many marketing agencies’ standard practices. Such practices that are no longer applicable include relying on retargeting to drive website traffic.
This means that dealerships need to reevaluate their relationship with their current marketing agency. Do they rely on third-party cookies to collect data on prospective buyers? If so, how are they shifting their tactics now that those cookies are being phased out?
For dealerships to successfully advertise themselves in the modern age, they should seek the help of marketing agencies such as Edifice that have never relied on third-party cookies. Doing so helps guarantee your marketing efforts are worthwhile and sees a valuable return on your investment.
To prepare your dealership for the future, it’s vital you consider more than just the electric vehicle. More and more consumers are placing value on digital communication and convenience—meaning that if your dealership doesn’t have an active online presence and offer scheduling and shopping through your website, they’ll choose another dealership that does.
Future-proof your dealership by partnering with an agency that practices a consumer-centric approach to marketing. Doing so will ensure your business stays competitive in the modern age.
With Edifice, you can rely on our people-based marketing tactics bolstered by the world’s leading data providers (not outdated third-party cookies). If you’re ready to modernize your dealership and see a guaranteed 4X ROI in gross profits, contact us today.