The evolution of car buying - Dinkum Deal
The evolution of car buying is well and truly underway. With the rise of the digital revolution and customers becoming more tech savvy in how they buy their cars, it has become imperative that the automotive industry undergoes a digital transformation much like all other industries are having to do or face being left behind.
The automotive industry and more specifically the car buying process is evolving at lightning speed, driven by millennials (generation Y) and centennials (generation Z) need for instant decision making. Vehicle manufacturers, dealers, tech start-ups and finance and insurance organizations are all collaborating to ensure this change becomes a reality.
At the forefront of this change is the car buying process. Historically this was a tedious drawn out process which included the customer going from dealer to dealer to get quotes and trade-in information, finance and insurance options and test driving the vehicle. The average time taken from research to purchase amounted to 63 days.
In order to evolve, vehicle manufacturers are digitizing the car buying process, offering augmented reality applications where users can get information such as make, model and price by pointing their mobile device at the vehicle. Buyers are also configuring and buying cars online without visiting dealerships. This has been enabled by large investments from the automotive industry in augmented reality and virtual reality programs for virtual test drive experiences.
The evolution of car buying is here, and it certainly is an exciting time. Whether we will still have traditional dealerships like we know them in future is anyone’s guess, but one thing we know for certain is that change is inevitable and those in the industry who don’t innovate and stay current will be left behind for good.