Automotive retail is shifting toward a buyer’s market. With a strong labor market, stable interest rates and increased dealer inventory levels, many car buyers who have been sidelined for the past few years anticipate that 2024 is the year they will finally purchase a new vehicle. For dealers, a buyer’s market means they will need to be more aggressive with sales, marketing and merchandising. We will also see a return to “value selling.” /cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js
One of the most effective ways to raise a dealership’s brand online and influence car shoppers is with video. In fact, 75 percent of auto shoppers say online video has influenced their shopping habits and purchases, according to Google. Most dealers have inventory videos, but many are still using auto-generated, stitched-photo videos featuring standard vehicle speci- fications pulled from inventory management software. While stitched-photo videos effectively engage more car shoppers than inventory photos alone, dealers who produce live walkaround videos can elevate their dealerships — and their inventory — above the competition. In live walkaround inventory videos, the narrator can influence shoppers with emotion as well as information. It is the emotional connection to a vehicle that ultimately sparks the desire to buy. What is the best way to forge this connection? Here are a few tips on what to include in walkaround videos.
According to the Cars.com 2024 Automotive Trends report, the largest demand for vehicles is in the under-$30,000 price range, but only 13 percent of new vehicles are priced at that level. However, the average new-car price is still in the upper $40,000s. At this price point, vehicles are moving more slowly, which means dealers need to convince consumers that buying a vehicle is a long-term investment worth the sticker price. In your inventory videos, mention that it’s common for car owners to keep a vehicle for more than 10 years, so financing over a longer term is a smart decision. Let buyers know if you work with a lender that offers 96-month loans. If interest rates stay high, encourage a “buy now and refinance later” approach.Higher price points can also be justified by explaining the value associated with the technology, safety features and comfort options. Having your salespeople practice “value selling” in inventory videos is a good way to prepare them for in-person customers.
Some of the most in-demand vehicle features include all-wheel drive, dash cameras, heated seats, wireless charging pads and distracted or drowsy driving alerts. When mentioning a vehicle’s special features, convey excitement. Technology, safety and comfort are important to car shoppers.
When a consumer is on the fence about choosing one model over another, sometimes an expert opinion can be the deciding factor. If you are carrying models that have been named a “Top Rated” or “Best Car” by a respected third party, make sure to include this information in your inventory videos.If your dealership carries any of the models mentioned, reach out to the site to see whether they have a logo you can feature in your video, and have the narrator mention the honor in the video. Dealers who get creative with marketing efforts are most likely to stand out from their competition, and video is by far the best medium for conveying both the emotion and information critical to the decision-making process.
Source: autonews.com