Customer management in used car business
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The document discusses the transformation of the used car business due to digital customer engagement, highlighting the decline of traditional dealerships as customers increasingly rely on online interactions and reviews for their purchase decisions. It emphasizes the importance of seamless processes and effective customer management in adapting to these changes, including leveraging digital tools and transparent inventory. The document concludes with recommendations for improving customer experience and operational efficiency through standardized practices and collaborative efforts among stakeholders.
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This document summarizes the key findings of an annual automotive study conducted in 8 countries. Some of the main findings include:
1) The vehicle buying cycle is shrinking significantly, with over half of consumers starting research within 2 months of purchase.
2) The sources of information used varies widely by country, requiring localized marketing approaches.
3) Consumers want both qualitative and quantitative vehicle information in one online location.
4) Consumers in developing markets like China and India have very exacting needs and expectations.The "Retailification" of the Car Rental Industry
The "Retailification" of the Car Rental IndustryCognizant
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The car rental industry is undergoing 'retailification' as companies seek to enhance customer experience amid increasing competition and commoditization of rental services. By adopting best practices from the retail sector, such as personalized services, technological innovation, and an omnichannel approach, car rental firms can better cater to customer needs and differentiate themselves. Future strategies should focus on utilizing customer data, improving mobile capabilities, and enhancing service delivery across channels to remain competitive in a rapidly evolving market.IS20G15 - 10th Annual Automotive Customer Experience (CX) Trends Study Result...
IS20G15 - 10th Annual Automotive Customer Experience (CX) Trends Study Result...Sean Bradley
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The 10th annual automotive customer experience trends study reveals insights from 7,000 consumers regarding dealership engagement and online presence. Key findings highlight the increased importance of online reviews, a demand for improved online purchasing experiences, and the necessity for dealerships to actively manage their digital reputation. Additionally, the study emphasizes the need for personalized communication and education around electric vehicles to enhance customer satisfaction and loyalty.Cars Online 2014
Cars Online 2014Stradablog
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Connected consumers are driving changes in the automotive industry. They demand constant access to information from multiple sources, including online reviews and social media. Many are open to new purchasing options like buying cars online or using alternatives to ownership. As consumers become more familiar with connected vehicle technologies, their interest is growing in cars that enable services like safety, maintenance and customer care features. OEMs and dealers must adapt to meet these informed, engaged consumers throughout the entire purchasing and ownership experience.CARS ONLINE 2014 Generation Connected
CARS ONLINE 2014 Generation Connecteddefault default
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The 2014 Cars Online survey by Capgemini reveals that 'Generation Connected' consumers are increasingly empowered, using technology for car research and expressing a desire for connectivity in vehicles. The survey of over 10,000 participants highlights their reliance on online information, the growing trust in social media for purchasing decisions, and increasing interest in online car buying, particularly in growth markets. Recommendations for manufacturers and dealers emphasize the need for enhanced communication and personalized experiences to foster strong customer relationships.Online Automotive Review Dealers
Online Automotive Review DealersRalph Paglia
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1) Experts were divided on whether dealers should provide specific online pricing, with most dealers providing pricing but leaving room for negotiation.
2) Dealers discussed providing pricing for the requested vehicle plus alternatives to avoid appearing too focused on one vehicle. They aimed to provide accurate, honest pricing to draw customers to the dealership.
3) True "internet-only" pricing that cannot be matched in-store was discouraged, as it risks undermining the dealership's integrity. Online promotions were seen as effective for drawing interest but not all customers prioritized promotions over negotiated discounts.Online Automotive Review Dealers Feb2007
Online Automotive Review Dealers Feb2007Ralph Paglia
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1) Experts were divided on whether dealers should provide specific online pricing, with most dealers providing pricing but leaving room for negotiation.
2) Dealers discussed providing a price for the requested vehicle along with prices for similar vehicles to avoid appearing too focused on one price and to showcase inventory.
3) While online prices were intended to be competitive, dealers saw the showroom appointment as an opportunity to discuss additional factors like trade-ins and financing.JD Power Online Automotive Review
JD Power Online Automotive ReviewRalph Paglia
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1) Experts were divided on whether dealers should provide specific online pricing, with most dealers providing pricing but leaving room for negotiation.
2) Dealers discussed providing pricing for the requested vehicle plus alternatives to avoid appearing too focused on one vehicle. They aimed to provide accurate, honest pricing to draw customers to the dealership.
3) True "internet-only" pricing that cannot be matched in-store was discouraged, as it risks undermining the dealership's integrity. Online promotions were seen as effective for drawing interest but not all customers prioritized promotions over negotiated discounts.Women In Automotive 2017 - Kerri Wise
Women In Automotive 2017 - Kerri WiseChristina Fowinkle
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This document discusses key tactics for addressing common pain points experienced by women during the car buying process. It finds that women face challenges with inconsistent pricing information online, a lack of transparency around fees at dealerships, and feeling overwhelmed by dealer communications. The document recommends giving women more control over their shopping experience, validating each decision point with third-party sources, and diversifying dealership staff to better reflect their communities as ways to improve the process for women buyers.2105 car buyer of the future brochure 4 7-15
2105 car buyer of the future brochure 4 7-15eSocial Group, LLC
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Consumers strongly prefer improvements to the traditional car buying process. An study of over 4,000 car shoppers found that less than 1% preferred the current process. While components will remain the same, execution will change. Consumers want convenience, control, and flexibility through more online shopping and structuring deals. They also prefer alternative test drive options and the ability to get service anywhere locally. Dealers who adapt to these emerging preferences will be more successful earning long-term customer loyalty and sales.New Car is Back! Is Your Dealership Ready?
New Car is Back! Is Your Dealership Ready?Cars.com
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This document discusses how dealerships can set themselves up for success with today's new car shoppers. It notes that new car shoppers do significantly more online research than used car shoppers, comparing multiple vehicles and dealers. The document provides tips for dealerships, such as having accurate pricing and photos online, providing information about the dealership itself not just vehicles, and being active on social media and mobile-optimized websites. It emphasizes the importance of reviews and transparency as well as meeting new car shoppers' needs for information however they want to receive it. The document concludes by stressing the need for dealerships to understand today's landscape, meet new car shoppers' changing needs, differentiate their brand, and measure performance to driveDigital Strategy - Automotive and changes in customer behaviour
Digital Strategy - Automotive and changes in customer behaviour Nigel Hudson
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Changes in customer behavior have dramatically reduced the number of dealership visits before purchasing a car. Customers now do extensive online research ahead of buying and expect a convenient, no-haggle shopping experience. This has prompted responses from automakers and dealerships. Some automakers are working to better connect the digital and in-person shopping experience, while others are pursuing more direct online sales. Third parties are also entering the market with digital platforms that facilitate research, fixed pricing, and limited dealer negotiation. As customer preferences continue shifting online, new digital dealership models may emerge to seamlessly guide the evolving automotive purchasing journey.The Future of Mobility: How We Connect to Our Cars by MRY
The Future of Mobility: How We Connect to Our Cars by MRYDavid Berkowitz
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The study examines the shifting consumer attitudes towards car ownership and the significance of connectivity in the automotive industry, particularly among millennials. Despite a decline in traditional car ownership, 94% of millennials still own or lease vehicles, although many prefer access through sharing services over ownership. The importance of smartphone integration and connectivity is growing, signaling a potential transformation in automotive marketing and technology strategies.Ad
Customer management in used car business
- 1. Customer Management in Used Car Business Leveraging Customer Engagement by seamless Processes Thomas Dmoch
- 2. # 1 New technology creates new customers. # 2 Customers force vehicle business to go digital. # 3 Todays UC business is not sustainable.
- 3. 3 Customer Management organizes exchange relations.
- 5. 5 The traditional dealership is dead.
- 6. 6 Customers trust online reviews more than car dealers. 2003 2004 2005 2006 2007 2008 60% Trust in a person like me 30% Russian soldiers are not present in Ukraine. I had no sexual relation with that women. This is a quality car. The Vodafone compensation was totally appropriate.
- 7. Recognize how customers force vehicle business to go digital.
- 8. 8 The internet turns the sales funnel to an interactive one. In former days purchase various brands fewer choice Today: interactive consider compare replace use purchase
- 9. 9 Consumers interact in the internet in various ways. event input appeal comment upload Today: interactive consider compare replace use purchase
- 10. 10 The internet is the first entry point for purchase research. Online interaction strongly influences purchase decision. Today: interactive consider compare replace use One out of three buyers gets inspiration for additional brands online. 24% of buyers consider online reviews to be most helpful in deciding where to make their purchase. Every customer used the internet for information at least once before purchasing an used car. 1.8dealerships visited before purchase, compared with 3.6in 2008. 75% of used car buyers sharetheir purchase experience online. purchase 73%of customers consulted online reviews of dealer- ships.
- 11. 11 Dealers cant influence purchase decision any more. Play Bowling: A clear shot! In former days purchase choice various brands fewer Play Pinball: Keep the ball in the game! Today: interactiveToday: interactive consider compare replace use purchase
- 12. 12 Service of Online Portals exceeds Brick-and-Mortar. Online portal Brick-and-mortar Contact Consider Vehicle presentation Need analysis Comparison offer Human interaction Financing Insurance Test drive Contract Warranty Interaction with other customers Customer service Loyalty program Customer satisfaction Purchase Use Measures Provide online brochure Warranty reminder Replace Configurator Video chat Detailed pricing information Schedule test drive Offer for financing Online insurance contract Offer for service contracts Loyalty program Facebook account Certified quality Compare Opinion on test drive
- 13. 13 Dealers could win customers picking up their digital habits. 1 Interactive touch screens to view car information 2 3D virtual vehicle configurator 3 Virtual test drive stations 4 Availability of digital information in showrooms 5 Send information to the iPhone 6 Digital shopping assistant helping with questions
- 14. 14 But to be perfect the service has to cross boundaries. - 14 - Measures Joint activities of OEM, captive bank and retailers Higher margins for demo cars and one-day-registrations Attack the segment of 3-to-6 year old cars Appreciate residual value as part of the brand value Exclusive distribution of the manufacturers leasing returns Linking of existing instruments Raise residual value Qualify dealers in operational processes Transparency Inventory management Price comparisons Marketing controlling Transversal and national coordination operative strategic
- 15. Acknowledge that todays vehicle business is not sustainable.
- 16. 16 Alternatives to dealer for vehicle purchase. Directly from manufacturer (e.g. call center, Website) Independent online vendors (e.g. Amazon) Retail store (e.g. Metro, Sears) Car rental company Auction service I would only buy from a car dealership 42% 21% 18% 17% 17% 21%
- 17. 17 Standardization Customer Management Multichannel Management Customers expectations are formed by other branches. Customer data sharing Intra-system reward trading Status acknowledgement Transparent stock Brand Experience Customer interaction Success factorsBest in class Automotive industry
- 18. 18 Standardization 1 Three levers to improve used car business. Customer Management Multichannel Management Requirements Target picture 2 Prospecting Customer care Up-selling Sales funnel management 3 Seamless customer experience Across all touch points Strong brand Workflow management Homogenous processes Data transparency One frontend at POS Levers
- 19. 19 One layer bridges all OEM business areas and retail. Dealer Service Call Center Online Point of sale One common layer (Unified sales platform) New Car Used car Financial Services Aftersales Corporate Sales Business areas OEMRetail
- 20. 20 Retail CRM contains entire customer contact history. DMS OEM Wholesale CRM Digital Car-Net OnlineCall CenterKUBA Central touch points Synchronized customer follow up Unified Service Platform Retail CRM Retail
- 21. 21 Look ahead. 1. Improve customer experience above all touchpoints. 2. Rationalize customer management by seamless processes. 3. Create service bundles with captive bank, retail and aftersales. 4. Create transparency of inventory and pricing.
- 22. Dr. Thomas Dmoch T (mobile): +49 174-1720028 E (Home): Thomas.Dmoch@Web.de Internet: www.dmoch.info