Guest Expert: Vanessa Ton, Senior Manager of Research and Market Intelligence gives listeners and viewers a behind-the-scenes look at the 15th annual Car Buyer Journey Study results, highlighting key consumer trends and shifted behaviors, the growing importance of a seamless omni-channel experience, and actionable strategies for dealers to improve customer satisfaction and drive more business.
About Our Guest:
Vanessa Ton
Senior Manager of Research and Market Intelligence
Cox Automotive
Key Takeaways:
High Satisfaction with Dealership Experience: New car buyers’ satisfaction with the dealership experience has reached an all-time high of 81%, driven by improved inventory levels and smoother transitions from online to in-person interactions. But there are still things you can do to gain more market share which Jade and Vanessa discuss and map out.
Increased Shopping Time: Buyers are spending more time shopping due to increased inventory, with new buyers spending almost two hours more and used buyers spending about 30 minutes more. Despite the longer shopping time, satisfaction remains high as consumers feel empowered to research and make informed decisions. Find out the reasons why.
Omni-Channel Experience Alignment: Both new and used car buyers are increasingly conducting more of their transactions online. The key is to providing a connected omni-channel experience that allows consumers to do as much or as little online as they prefer is crucial for meeting their expectations, and this episodes outlines why and how to do this for increased sales and satisfaction.
Service Retention Opportunities: Results indicated 82% of new car buyers are likely to return to the dealership for vehicle servicing, both Jade and Vanessa map out ways to highlight your service department with a focus on building long-term relationships to drive more fixed operations revenue.
Continuous Improvement in Dealership Experience: Discussions around the practical ways Dealers can focus on continuously improving the dealership experience and providing the right tools for consumers to complete steps online before visiting the dealership to capture enhanced leads which are more likely to close.
Timestamps:
0:00 – 0:39
Introduction
Jade Terreberry introduces the podcast and the guest, Vanessa Ton, Senior Manager of Research and Market Intelligence at Cox Automotive.
0:39 – 1:45
Guest Introduction
Vanessa Ton is welcomed back to the podcast, and Jade congratulates her on the 15th anniversary of the annual Car Buyer Journey Study.
1:45 – 3:41
Significance of the 15-Year Milestone
Vanessa explains the evolution of the Car Buyer Journey Study and its importance in understanding consumer behavior and preferences in the automotive industry.
3:41 – 4:35
Key Findings Overview
Jade and Vanessa discuss the significance of the study’s findings, highlighting the stabilization in consumer behavior and the proactive steps dealers are taking to meet consumer demands.
4:35 – 7:38
First Key Finding: Shopping and Dealership Experience
Vanessa shares that the shopping experience for new car buyers is at an all-time high, with 81% satisfaction. She explains the reasons behind this, including improved inventory levels and smoother transitions from online to in-person experiences.
7:38 – 8:14
Impact on Dealers and Manufacturers
Jade emphasizes the positive impact of increased buyer satisfaction on dealers and manufacturers, highlighting the importance of meeting and exceeding consumer expectations.
8:14 – 10:31
Second Key Finding: Increased Shopping Time
Vanessa discusses how buyers are spending more time shopping due to increased inventory, with new buyers spending almost two hours more and used buyers spending about 30 minutes more. Despite the longer shopping time, satisfaction remains high due to the empowerment of consumers to research and make informed decisions.
10:31 – 14:17
Third Key Finding: Omni-Channel Experience
Vanessa explains the alignment between new and used buyers in terms of conducting more of their transactions online. She highlights the importance of providing a connected omni-channel experience that allows consumers to do as much or as little online as they prefer.
14:17 – 15:47
Fourth Key Finding: Service Retention
Vanessa shares that 82% of new buyers are likely to return to the dealership for vehicle servicing. She emphasizes the importance of introducing consumers to the service department during the sales process to build long-term relationships and drive fixed operations revenue.
15:47 – 18:15
Continuous Improvement in Dealership Experience
Vanessa advises dealers to focus on continuously improving the dealership experience by reducing wait times, lowering sales pressure, and providing the right tools for consumers to complete steps online before visiting the dealership.
18:15 – 20:35
Closing Remarks and Webinar Announcement
Jade wraps up the episode, thanking Vanessa for her insights and encouraging listeners to register for an upcoming webinar hosted by Vanessa on Automotive News.
