Pub. 16 2017-2018 Issue 1

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S I S S U E N O . 2 , 2 0 1 7 14 new jersey auto retailer The Three Laws of a Connected and Deal-Centric Retail Workflow BY JASON BARRIE T oday’s typical car buyer spends around 60% of their time shopping online, and visits just two dealerships before making a purchase. They want an experience that begins at their convenience, and connects the online world to the showroom. We know this thanks to a mountain of car buyer feedback. Yet, just when we think there’s a clear path to follow, we realize that each customer navigates through this journey differently – and so does each dealership. The key is to create a flexible, deal-cen- tric approach that improves the buyer experience and increases profitability. 1. Start the Deal Through all the changes driven by technology, there are a few basic laws of the deal, beginning with this: Customers start online, and they want a quick and easy dealership experience. As such, they wind their way through your website (or a third-party site) and arrive at your showroom ready to make a deal. What happens next depends on the dealership. But one thing seems sure: the buyer wants the vehicle they picked online. In fact, 74% of shoppers know which car they want to buy before they arrive at the dealership, and 47% prefer using online forms that carry over into the dealership conversation. The all-important piece to the puzzle is the solution that enables your team to link the online work done by the shopper to a fast and satisfactory showroom sale. Connect to Speed, Efficiency, and Integration But let’s face it: no matter how well-connected the process is, breakdowns happen that put the deal at risk. This is especially true now, with time being such a priority for buyers. For example, asking them to wait around while your staff manually enters data into a credit application is basically inviting them to find another dealership. So, while picking up where the customer left off is vital, moving into an efficient and fast workflow that includes the credit bureau and application phase is a critical part to the buyer’s journey. Your credit app and bureau should speed up this process, and not hinder it, by pre-filling required data fields and by connecting to a large network of lenders. That sounds simple, right? Of course, it’s not. The seemingly basic task of selling a car to a customer is a complex and (at times) frus- trating experience. Avoiding this takes a truly integrated system of checks and balances. For example, an effective compliance program isn’t just about being compliant with federal regulations, it’s about doing so within the sales flow for every deal and without compromising profitability. That includes oversight of everything from Red Flags to privacy notices, digital document storage, ad- verse action notices, and more. 3