The used car sales industry is huge and dealerships are still getting used to the idea of "selling" cars online. According to reports, the global automotive eCommerce market is projected to reach $202.94 billion by 2028.
With the prediction of tremendous growth (45%) in the used-car market by 2025, dealerships are under pressure to grow their sales, but the ecommerce space is beyond crowded. When it comes to selling used cars online, many dealerships have a hard time figuring out where to start.
Selling used cars has never been easier, but the internet has changed the game for a lot of industries, so it's no surprise that we're seeing some change in this area as well.
Nowadays, many people are searching for used cars on their phones, tablets or desktop computers before even stepping foot into a dealership. They are also using these devices to search for the best deals in their area.
Not everyone has the patience to browse through car listings, while those who do are often put off by a lack of transparency in pricing and additional charges. One thing that dealerships can do to stand out from the competition is to make sure they have a website with all of their inventory up and available for customers to browse at their leisure.
We will provide 5 tips that will help you sell more used cars online- and make more money while you’re at it!
The internet has changed the way we shop and interact with dealerships. Today, if you own a dealership, you can't afford not to have an online presence. Both websites and social media platforms contribute to your online presence and function as a stepping stone in the purchasing process.
According to Cox Automotive research, 80% car buyers visit at least two websites before an actual purchase; where 65% search on a third party website and 32% end up on dealership’s pages.
Customers are more likely to buy from a website where they can find out more about the product before they ever make contact with a salesperson. As for selling used cars online, the best thing you can do is create an inventory listing like Ola Cars or Cars24;
Lastly, make sure your listing is competitive in price so customers will be willing to pay through the website instead of physical purchase. Apart from in-depth car details, a highly responsive and user-friendly website will give you an edge over your competitors.
Many dealerships are turning to online sales as a way to cut costs and increase efficiency. They can't, however, do this without the right tools. Dealerships need an easy way for car photoshoots of vehicles they're selling, so they'll need to implement a smart photoshoot process.
According to research, when dealerships present cars with professional images, the time spent on vehicle web pages is increased upto 56% with the increase in purchase intent up to 42%.
For dealerships embracing automotive eCommerce should focus on building an inventory listing with studio-grade car images to attract potential buyers. There also needs to be a thorough and transparent explanation of the vehicle's features and condition that buyers can access before buying.
The professional and trustworthy car image introduces the high studio setup and logistic costs, along with the time required to launch the fully-functioning brick and mortar studio.
Modern-day AI-powered photoshoots have helped car dealerships such as Ola cars, Cars24, Karvi with the fastest photoshoot process and achieve sustainable growth. SpyneAI is the pioneer in the photography industry with its AI-powered virtual studio setup, generating studio-grade images in a few seconds.
Dealerships offer cars at fixed prices and won't negotiate. This is a major turn off for many potential buyers, who will instead search for cars online where they can find more competitive offers.
The automotive industry statistics show that, the potential buyers conduct online searches to:
Dealerships need to offer alternative options for selling their vehicles in order to appeal to the new generation of buyers. A dealership might be able to sell more cars by offering a cash price, a trade-in value, or financing rates that are better than those of competitors.
Stay Up to Date With New Technology
In the industry where competition for consumer attention changes within a blink of an eye, dealerships need to embrace technologies to improve online car purchase experience. They need to tap the right consumer-focused digital technology for elevating the chances of purchase. A few of these changes include conversation intelligence, reduction in paper work, additional security measures and advanced car imaging.
The dealership needs to keep its customers' information safe and secure, so they have less of a worry about buying from an online dealer. Alongwith online security, dealers should integrate digital tools to streamline the processes such as used vehicle valuation algorithms, remote document signing capabilities and in-depth car visual representation.
For the visual representation, advancements in AI technologies are poised to help both dealerships and buyers alleviate the major pain points. The growth in use of AI-generated car images and 360-degree view (both interior and exterior) complements the in-person experience. For instance, interior views help buyers understand the car condition and even space related queries.
The used car market is changing quickly and you need to have a leg up on these changes or else you're going to miss out on an opportunity. The best way to do this is by staying updated with the latest news and analytics from the used car market.
Adaptability is important in many sectors. Unexpected events like COVID-19 show the necessity for adaptable marketing analytics that may provide a more thorough perspective of the effectiveness of your marketing efforts. The analytics and market study will give insights like buyers’ purchase behavior, the forecast of the industry, type of cars in demand, etc.
Furthermore, dealerships need to stay up-to-date with market trends, to identify the gamesmanship. For instance, the benefits of using online channels to buy a used car, AI-based photo editing, Virtual reality showrooms, and more!
Dealerships in the automotive industry should think about tools that can help them do so. Futuristic technology solutions like AI-powered photoshoot can create an online inventory listing that will provide them a competitive edge with 500x faster listing possibilities.
When dealerships are perfecting their interaction with millennials from online presence to review, the automotive eCommerce trend is boosting opportunities. The majority of the buyers still may prefer a physical visit for the purchase, but they visit the website beforehand. In this transition of online automotive purchase, both effective online and offline methods can enhance your sales.
It's important to remember that your brand's reputation paves ahead of you. It is always worthwhile to invest in online inventory and build a brand image that stands out from the competitors. Along with a strong online presence, a unique, distinctive brand experience will keep customers intact.