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7 Best Dealership Practices to Navigate An Uncertain Market
The unprecedented COVID-19 pandemic has disrupted the global economy. Nearly every industry was negatively impacted by the pandemic to some degree, but experts believe that the automotive industry was among the hardest hit.
Preparing Your Dealership for Post-Pandemic Operation
The Covid vaccination is making its rounds to the most at-risk groups. But, eventually, Americans will have the option to be vaccinated against the virus that seemingly stopped life as we once knew it. During the pandemic, many businesses shut their doors and took business online. Even car dealerships might have stopped allowing in-person visits and ushered new car buyers to peruse inventory via a web site.
Start 2021 Off the Right Way: New Dealership Marketing Strategies
The competition in the automotive industry is fierce, which is why dealerships need to continue to evolve in order to keep up. The need to constantly evolve is always important, but it’s especially crucial now since the way automotive consumers find, research, shop for, and purchase vehicles has drastically changed.
Updates on the Global Auto Industry in 2021
The automobile industry was hit hard during Covid. Consumers were not flocking the dealerships, executives were working from home, and the industry was trying to keep production moving. According to BCG, however, sales in the U.S. and Europe were not expected to bounce back to pre-Covid numbers until 2023; in contrast, sales in China were faring better, and by 2025 the country could sell 30 million new vehicles.
December Is the Best Month for Auto Bargains
Between preparing for the holidays and attending social gatherings, December is one of the busiest months of the year for most people. But if you are in need of a new vehicle, you may want to find time in your schedule for auto shopping before the new year begins. This is because December is one of the best times of the year to purchase a new vehicle.
How Car Brands are Adapting to the Changes in Automotive Marketing
The automotive industry has been exposed to just as much risk and uncertainty as most other commercial markets. A shift toward digital ecommerce solutions and immersive marketing has driven consumer demand to reach revenue of more than $82 billion in 2020 alone.
The Covid Effect on the Automotive Industry
Covid has hit the economics of many industries with brutal force. Shutdowns, layoffs, shelter-in-place mandates, and, of course, the virus itself, has affected sales and disrupted business as usual. For the automotive industry, Covid led to plant shutdowns, a decrease (or complete halt) in dealership traffic and unmoving inventory.
US Retail Sales Grow as Holiday Season Nears
This year has had unexpected twists and turns. In March, the Covid pandemic caused many—if not most—parts of the country to shutdown and consumers to shelter-in place. Stores closed, sales went online. The holiday season is here, and while Black Friday typically ushers in super shopping season, this year, the holiday season might have kicked off much earlier.
Dealer Incentives Will Drive Demand Post-Covid
Car dealerships were hit hard during the pandemic, when retail stores and non-essential businesses were forced to close as shelter-in-place mandates and shutdowns halted daily life. The Wall-Street Journal reported that even in the second quarter of 2020 (summer) when business was getting back to a slow normal, sales were still down by more than a third.
Top 6 Tips for Auto Dealership Digital Marketing
While many of the actual sales made are still done inside a dealership, it is no longer where the buying journey begins for most consumers. Buyers today are informed and connected. They often research even small purchases, let alone major expenditures like buying a vehicle.