The past few months have been uncertain and scary for everyone around the world, with businesses forced to shut their doors and many people staying at home for weeks on end due to COVID-19. Showrooms were closed to the public, and most dealerships have suffered low sales and layoffs since March.
Now, as businesses reopen and we begin to move forward through uncharted waters, it’s become clear that the car buying process has changed. Sales volumes are on the rise, but many car buying purchases are now conducted outside of the dealership – in a virtual setting.
Here are just some of the ways that buying cars has shifted due to the pandemic, as well as how you can ensure your team is prepared for a profitable road ahead!
According to Cox Automotive, 62% of consumers said they are more likely to complete several steps of the car buying purchase online. Now is the time to go beyond simply doing business at your physical location; utilize video conferencing software, such as Zoom or Skype, to interact with customers outside of the showroom. Keep your website updated with information on cars for sale, and be sure to respond to requests on your website and social media in a timely manner.
Interest rates are now at all-time low, making financing a vehicle extremely attractive to car buyers. Keep in mind the financial struggles a customer is likely experiencing due to COVID, and gently incorporate the benefits of financing a car into your discussion. The Conference Board’s consumer confidence index has seen its largest drop since the ‘70s, so help your customer understand it’s better to take advantage of low interest rates now, rather than wait.
Your team needs to be prepared to interact with customers outside of the showroom, whether that be online, over the phone, or on a video conference call. Invest in training that will prepare your team to effectively present F&I in any setting, ensuring they can explain the value of your products without the aid of a webpage or brochure.
In uncertain times, having a strong team is more important than ever. A dealership should invest in its best assets and train its team to adapt well to change. Let Empire Dealer Services help your dealership navigate the new normal, with our F&I Training Programs and F&I products! Get in touch with us today.