Data Point
The Rapid Rise of Digital Retailing
Wednesday May 6, 2020
Article Highlights
- The continued adoption of digital and touchless experiences will have long-term implications that extend well beyond the sale of a vehicle.
- Most shoppers now want to do more of the buying process online, with 2-in-3 more likely to purchase completely online in today's environment.
- While uncertainty in the market is disrupting the traditional car buying experience, dealers are quickly embracing new buying alternatives.
Industry experts, including those on the Cox Automotive Industry Insights team, have long been expecting digital retailing to transform the automotive retail process. It’s what consumers have been demanding and, in all business, consumers eventually get what they want.
Cox Automotive has been a leader in providing digital retailing solutions for years now, and many have been widely adopted by dealers across the country. Accelerate My Deal was launched in 2018 and is available across Autotrader, Kelley Blue Book and dealer websites supported by Dealer.com. And just last month, Dealer Home Services was launched by Autotrader. This suite of digital and touchless services has already been adopted by 11,000 dealers across the U.S., with 3 million vehicles in inventory.
With the COVID-19 pandemic greatly accelerating the shift to digital retailing in the automobile business, our Industry Insights team took a careful look at how consumers and dealers are coming to grips — either by choice or necessity — with a new buying process. The newly released study, “How the Rise of ‘Digital’ is Changing Consumer & Dealer Experiences,” explores the impact of digital buying alternatives and a move toward a new normal.
Key Findings
- The continued adoption of digital and touchless experiences will have long-term implications that extend well beyond the sale of a vehicle.
- Digital retailing tools are helping dealers move forward today, with most planning to retain the experience for consumers after COVID-19 has passed.
- Dealers are working to accommodate car buyers’ concerns by conducting business beyond their physical location.
- Most shoppers now want to do more of the buying process online, with 2-in-3 more likely to purchase completely online in today’s environment.
- While uncertainty in the market is disrupting the traditional car buying experience, dealers are quickly embracing new buying alternatives.
Download the study.
This newly released study explores the impact of digital buying alternatives and a move toward a new normal.
Download