It was a blast to attend the Driving Sales Event in Las Vegas. There were so many brilliant minds sharing ideas. The automobile business has changed more in the last five years than in the previous 50. However, I say as much as things change, they stay the same. But I think the automobile business is at the cusp of revolution. I am not sure that many auto dealers realize how far they may be behind already. When they wake up, it could be game over for them. The usual approach of, “let the guy down the street try it and let’s see how it works out” will cause that dealer to be so far behind, he/she may never catch up. Any auto dealer who is not spending a large chunk of their time educating themselves on all the changes and how they can move their business into the new age is being complacently ignorant. It is a fact that what got you here today will not get you to where you want to go to tomorrow.
Smart car dealers will use big data to more highly target their customers than has ever been seen. Privacy is a thing of the past. Today, you can target customers down to any specific thing you desire. The data is massive and it’s real time. Dealers can no longer use shotgun marketing. Smart dealers are using laser-focused approaches and will constantly be using A/B test-marketing methods to fine tune their dollar spends even further.
All Dealers will have to rethink their sales processes. As Dealers are being pushed to be more and more transactional with their customers, I believe the key will be to never forget the real difference maker is to be transformational, not transactional. It is definitely an age of experience.
I am known as the “Contrarian” and have accurately predicted these changes way before their time. Those that started to move in the current directions are now reaping the benefits. Always remember that in money is no longer your only form of capital. Today, change and speed have just as much value as money.