Integrate true digital retailing into your customer’s buying journey.

We don’t have a crystal ball.  Nobody can say for certain the impact electric vehicles, autonomous vehicles, direct-to-consumer technologies, or supply chain challenges will have on the entire Canadian auto industry.  Suffice it to say, the business of selling cars continues down a path of looking very different from the way it looks today.  What doesn’t change though is the understanding that the customer, and their experience, remain at the heart of every business.  So that begs the question “In the wake of these transformative changes, how should OEMs, Lenders, and Dealers evolve a “clicks to bricks” omnichannel process to ensure that they can effectively manage their businesses moving forward?”

Google trends suggest that 60% of car buyers under 45 will likely purchase their next car online.  With the demographic shifting from Baby Boomers (who will be moving out of vehicle ownership) to Millennials, (who have many years of vehicle ownership ahead of them), is it a leap to assume that the driving force behind any changes in the car-buying experience, will be dictated by a more tech-savvy, convenience craving customer?

Tesla set the bar by offering a convenient direct-to-consumer model that eliminates the stress of in-dealership negotiation.  Given that recent studies have shown a rise in dissatisfaction with the in-dealership experience; whether it is the waiting, the back and forth of negotiating, or the mandatory F&I office visit, the more customers can do online to speed up their car buying process, the better their experience.  

Offering consumers technology to give them full control over their online vehicle shopping experience will go a long way to satisfying their need for autonomy, convenience, and connectivity.  taq’s solution focuses on improving the customer buying experience by giving vehicle buyers the ability to govern their financial process, including completing and submitting digital documents, and using technologies like Docusign to finalize the deal.  Consumers are in the driver’s seatwhen it comes to dictating the digital car-buying journey.  You only need to look at the simplicity of an Amazon purchase to understand what customers have grown to expect.  Therefore, creating a seamless digital ecosystem that integrates all services and provides a smooth transactional process for the customer will no doubt be what distinguishes a business from its competition.