In a world where consumers expect every purchase to be fast and easy, speeding up the car buying process is key to remaining competitive and earning customer loyalty. It’s a big plus that more dealers are moving steps of the purchase process online to cut down on time spent in-store. However, the F&I (Finance and Insurance) office remains a sticking point.
Hack is a four-letter word for a good reason and why dealerships are on high alert now, more than ever, to protect their digital operations from cybercriminals. Don’t think it’ll happen to you? Stats on dealership cyberattacks over the last year might change your mind.
For this 2023 State of the Cybersecurity e-book, we compiled data from dealership personnel and market research based on a recent survey conducted by CDK Global.
As inventory worries start to resurface alongside labor difficulties, car buyers still found it relatively easy to buy a new car in September. In our monthly survey, 83% of new car buyers said the overall process of buying their vehicle was easy. That’s up from 82% last month and close to the average we’ve seen since our tracking started in July 2022.
Today, the ideal desking process is built around the modern retail experience that includes the work a customer does online, increases price transparency, and still delivers the highest possible gross for every deal.
As automakers continue to churn out electric vehicles (EVs) to compete with Tesla, the share of EVs keeps building. Yet, shoppers remain confused about nearly every aspect of this vehicle class. In the EV Confusion Carries On white paper, CDK Global looked at what makes EV shoppers unique in today’s automotive market and attempted to understand what’s contributing to this EV ambiguity.
Are your sales managers and employees fumbling with buyers who prefer to do some of the purchase steps online? Or in the store, where online customers prefer to finalize deals? You may need to take a closer look at your team’s modern retail process if you want to win in a competitive market.
We’ve compiled the top online-to-in-store mistakes and how to avoid them before they cost you sales.
Buying a vehicle is a big deal. Even the most routine car sale requires a series of steps including research, price negotiations, potential trade-in, and the completion and submission of lots of forms. Those steps take time.
Sometimes there are things people don’t see eye to eye on. When CDK Global surveyed over 2,000 service shoppers late last year, it uncovered what type of experience they’re looking for most from the dealership service department. Now, CDK has fielded a complimentary survey of nearly 300 dealership service providers across the country to see where their focus is and where a disconnect exists from the very shoppers they value.
Need good salespeople? You’re not alone. Hiring is a huge challenge for dealers across the country. Overall dealership headcount has fallen approximately 19% since before COVID-19 while sales representatives have fallen 35%, according to the CDK Global 2023 Friction Point Study.
Bed Bath & Beyond is the latest big-box retail wonderland lost to the ease of internet shopping. While mass-market physical retail dwindles, the good news for the retail automotive space is that shoppers still want to visit dealerships. In fact, our 2023 Friction Points Study found that 91% of shoppers bought from a dealer.
