Whether it’s due to a vehicle breaking down, a new commute, a growing family, or any number of reasons, a vehicle purchase is essential for many. That’s held true even during the current health crisis: 64% of those planning to buy this year cited the purchase as necessary, according to the CarGurus COVID-19 Sentiment Study in April. However, months later and our follow-up study found that 43% of car buyers aren’t as confident in their ability to afford a vehicle as a result of the pandemic.
With consumers’ dwindling confidence, demand for financing is increasing. Before the pandemic, 40% of car buyers planned to finance their purchase. Now, 51% plan to or have already done so. Additionally, over one-third of those considering financing lost confidence in their ability to get approved (37%) and the financing rate they’d expect (37%).
Given the speed at which the internet develops, customers increasingly expect more from retailers on the web. The breadth and flexibility of available digital tools means there’s always more you can do to sharpen your dealership’s website. There are fundamental must-haves every dealer needs to create a successful website. But there are a few advanced tools and methodologies dealers can use to lure in customers and sharpen their online operations.