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Digitising Your Dealership - We're Here to Help

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The return of lockdown places pressure on the car retailing community. Making the move to 'omnichannel' retailing is something we saw in the previous lockdown can help to keep the wheels of car sales moving.

While going online during lockdown can support 'deal and deliver' and 'click and collect' (max 5km) inititiatives, the reality is such models are likely to have increased prominence after lockdown. Embracing the trend towards online for new and used vehicle sales and finance can not only help create sales now but also in the post- lockdown period that we all look forward to.
 

Increased Shift to Online


The transition to online shopping is a one-way street according to research published during the previous lockdown period by Kantar, assessing consumer activity across Europe. Whilst online spending during the first stage of the Covid crisis was largely restricted to essential items such as groceries, the findings identifed that 80% of the consumers intend to use online shopping options for non-essential products moving forward. Dealers are not immune from this online momentum and need to adapt.
 
  • The share of people who undertake 50% or more of their total purchases online grew by between 25-80% since the first outbreak of virus emerged;
  • Six in 10 consumers intend to continue buying as much online once the pandemic has passed as they do now

On a positive note, the survey indicated that retailers can bounce-back from the crisis by refocussing to a more online model.
 

The Role of Finance in an Online Car Sales Operation


Finance can play an even more prominent role in securing car sales. The majority of people looking to change car will need to borrow from one source or another. The convenience of an online car and online finance platform can certainly be very attractive.

To put the opportunity in context a prominent CEO of one the UK's leading motor retail groups pointed to the 80% finance penetration his business had achieved during lockdown across new and used car sales.
 

Digitising your Dealership


Check out our 5 Tips to make the most of online finance HERE.

Until our next tip in this series, best wishes and stay safe.