Technologies depended upon to boost increasingly digital car-buying experience
Reputation has today unveiled findings from its annual automotive industry report, which revealed the sector is reliant on new technologies and customer feedback more than ever as it adopts a digital car-buying experience.
The results of the study follow a whirlwind year for the automotive industry, which saw pandemic uncertainty, surging demand, and eroding margins due to a global chip shortage. Other findings from the study include:
Joe Fuca, CEO of Reputation, said: “The automotive industry has seen it all over the past year, from huge spikes in sales to inventory challenges. Through it all, dealers and manufacturers have embraced digital tools and customer feedback to create a smooth car buying experience for all.
“We are proud to say that our dealer and brand rankings this year highlight the value that tools like Reputation bring to the automotive industry, with many of our customers taking top spots.”
Cars allowed millions of people to reclaim their lives during the pandemic, evident in the sales surge the industry saw during the first half of 2021, despite the global semiconductor chip shortage that sent car prices rising to their highest in history.
Now, unfortunately, this chip shortage promises to stunt supply, potentially costing the global auto industry almost double its initial projection of $110 billion.
Buying a car continues to be an inherently in-person experience, and can influence which dealership to buy from. Reputation data confirms this, with 65% of our respondents indicating they’re significantly influenced by in-person visits.
However, the pandemic has changed how and where customers feel comfortable interacting with brands, with online as the preferred choice — at least during COVID-19.