The last time there was so much uncertainty was the great recession in 2008-2009. The SAR was cut in half, banks were not lending, and oil was approaching $150 a barrel.
Both dealers and shoppers adapted by embracing digital as it offered the most efficient return on investment of one’s money and time. And we’ve never looked back. There’s been a big shift towards Digital Retailing and focus on Customer Experience recently. Today it's just the way you do business.
Car dealers' ability to adapt continues to amazes me. In just a few weeks many have gone from simply offering delivery options to full on sanitized delivery/pickup of service loaners, test drives, and sales as a standard option; and perhaps soon, the only option.
While social distancing and lockdowns are of course temporary, it will likely cause a paradigm shift as the work from home environment becomes more common.
Consumer expectations are now extremely high, and they will look to reward those local businesses that make their life safer and more convenient, while valuing their privacy.
What does the future look like? Well let’s start off with the data, and then we’ll take a look at what is likely coming.
Here is the most recent data on average showroom, phone, internet leads, and sales per day from Driven Data. It’s a great resource that is updated daily. We are not out of the woods [yet]; but a bottom is forming. https://www.driven-data.com/impact-of-covid-19-on-automotive
The Fed and the Government will fire the bazooka at the economy: Loan forgiveness to small businesses for keeping employees, stimulus checks to lower income families, and just announced yesterday, a resurrected Term Asset-Backed Securities Loan Facility (TALF) program. If this comes to pass, then people will continue to repair and replace autos.
So what can you do right now? Look I get it, you’re likely not looking to add anything. In fact, you’re probably looking to cut things right now. So here’s a tip (if you haven’t done so already):
Take back the management of your messaging - NOW!
Messaging has become one of the most crucial lifelines to your dealership. And, who knows more about your brand, your dealership, and all of your inventory? Better yet, who is most vested in your success? If you answered, “My own people.” - you’re right! Similarly, if you believe that customers who choose to message your dealership should not merely be "treated as leads" and that they are best served when "accommodated as shoppers" - you are also right.
Whether you're already doing this now or considering taking back the management of your messaging; and you seek to stand out from the crowd, and win in the “race to the connection”, you should check out our truly revolutionary and one-of-a-kind integrations that make messaging better, easier, and more productive - for both you and your shoppers.
This is a crazy time and we'd like to help - by offering our services at zero charge to you - with no strings attached. Want to run a 50/50 AB test? No problem. Need more info? Awesome! Feel free to give us a call at (941) 232-7746 or visit us at www.shopsentric.com and schedule a time to learn more.
Stay healthy. We all need to keep America moving.
Derek Stoltenburg
(941) 232-7746 x704
Derek@shopsentric.com