The trade-in market is constantly evolving, and 2023 brings with it both new and continued challenges. Vehicle prices are at all-time highs, interest rates are higher than we’ve seen in 20 years, and while we’ve seen some improvement, supply chain issues persist. Add to this increased competition for consumer trade-ins and a shift in consumer expectations and behaviors. With these changes (and more to come), dealers need to do more than ever before to stay competitive.
In this session, you will learn the importance of:
-A more focused approach to acquisition efforts
-Cross-department mindset and process adjustments
-Dedicated follow-up communications
-Simplifying your trade-in process
-Putting your best offer first
Understand how the trade-in market will continue to evolve throughout 2023
Level-set with consumer expectations regarding the trade-in process
Learn how to win more trade-ins despite continued pressure and challenges
The last 18 months in the car business have been yielded above average profits with much lower volume. This was due to a shortage of inventory that effected the entire industry. This success also created some very bad habits in car dealership showrooms and business development centers. In many cases variable operations staff became order takers and simply forgot the fundamentals of prospecting, selling, and merchandising. In 2023 many of the inventory challenges will improve dramatically and in many cases they already have. Its time to get back to the basics at your dealership and this workshop will offer many tips on how to do so.
Impact On Society. We Call This Revolution Web3. The Evolution Of The Internet Is Happening And It Is Poised To Replace Traditional Automotive Go To Market Tools And Channels. They Are Being Replaced As We Speak With Artificial Intelligence, Tokenization, Digital Assets/Experiences, Co-Ownership/Governance Models And Blockchain Technology. This Session Dives Into How The Auto Industry Could Not Only Lead The Way Towards Mass Adoption Of Web3 And The Metaverse, But How It Could Also Be Its Biggest Beneficiary.
- What Is Web3, The Metaverse, Nfts And Blockchain Technology?
- Why They Matter To The Auto Industry?
- What This Means For Auto Brands?
The FTC’s recent changes to the GLB Safeguards Rule for consumer data protection have an extended but now imminent compliance deadline of June 9, 2023. Most auto lenders and dealers are covered, with a few exceptions and with consequences to their vendors. Industry guidance to date has been ominous, maybe overly so. Let’s talk about realistic compliance steps for your automotive business.
- Reminder of existing Safeguards Rule requirements
- Summary of imminent changes focused on data security
- Guidance on tackling the changes without breaking the bank
It’s no secret that consumers increasingly want to conduct more of their car shopping and buying process online, but which consumer types are most interested in this. TrueCar will share – for the first time on the Auto Intel Summit stage – the results of a comprehensive consumer study that reveals the emerging consumer type who will value the ease and simplicity of the process over more traditional criteria. The results of this study will not be available elsewhere before the event.
- Loyalty is at historical lows. The vast majority of in-market consumers tell us they are open to more than one brand for their next vehicle purchase.
- What will matter to them? It’s more than just price and features. “How” they want to buy is becoming as important as “what” they want to buy.
- What are the key components of a purchase experience that will influence consumer buying decisions in 2023?
As inventory levels rise, consumers will have more choices to both trade in their vehicle and shop for a new vehicle. With consumers now having choices, dealerships will need to focus on how to effectively reach consumers in the most optimal manner. With a renewed focus on deal profitability, a key part of that digital interaction is pricing the consumer trade or sale for maximum profit. Virtual inspections are the answer to assess vehicle condition of offsite vehicles and effectively provide a firm price for the consumers vehicle without having them come to the store. With photos alone, a virtual inspection gives you an instant detailed condition report and allows dealers to price the vehicle, increase their buyer marketing area, and consistently acquire and sell more vehicles.
- Virtual Inspections can increase buyer base
- Virtual Inspections allow omni channel and remote purchasing of consumer vehicles
- Virtual Inspections require only photos of the vehicle”