Retailers adapting to changing buyer habits and customer expectationsBack
Used car buyers are expecting a purchase experience on a par with new, according to latest research from CitNOW which will form the backdrop of its Best Practice session at this year’s Automotive Management Live.
With 8.1 million used vehicles changing hands last year (source: SMMT) and an exploding PCP market putting more desirable and modern cars on the used marketplace, the present-day used car buyer is expecting more than ever from their buying experience, according to the research which was undertaken in June.
CitNOW CEO Alistair Horsburgh will draw on the detailed analysis of the used sector as part of its session exploring how video can boost trust and conversion rates at AM’s one-day expo which takes place on 8 November at Birmingham NEC.
Bringing together franchised and independent retailers and manufacturers, the event includes a series of expert speakers who will take to the stage of its ‘insight theatre’ and the opportunity to compare products and services of 80+ suppliers in the exhibitors’ hall.
Early results of the CitNOW research, among other eye-opening findings, found nearly three quarters of customers expect the same level of service buying used as they would when buying brand-new. Worryingly, though, just under a quarter of buyers have already had a negative experience when buying a used car.
With the rise of the digital marketplace many automotive retailers have embraced video technology to complete the omni-channel experience and bridge the gap between the online research phase and the offline showroom experience.
When it comes to customer expectations, CitNOW’s recent research shows that almost two in five consumers rate exterior and interior photography as among the most important elements of an online vehicle advert, alongside a video tour and detailed description.
Alistair Horsburgh, CEO of CitNOW said: “In a fiercely competitive used market, retailers must consider these types of customer touchpoints, or risk falling behind.
“Our research shows that the service and product expectations of the modern used car buyer are growing increasingly similar to those buying brand new, so the customer experience must be second to none.
“When it comes to fostering trust and transparency with those turning to the used market, video could prove to be one of the most important tools in helping retailers meet the rising expectations of customers.”
Once again, Automotive Management Live, hosted in conjunction with the National Dealers Franchised Association (NFDA), is free to dealer and manufacturer colleagues. Pre-register here for the most productive day automotive retailers will spend away from their businesses this year.