The COVID-19 pandemic has affected every aspect of the automotive industry .
Dealerships closed showrooms to comply with lockdown orders , forcing them to figure out new ways to engage with buyers remotely . Even when some areas began to open back up , many continued to social distance . And thanks to a worldwide semiconductor chip shortage , which continues today , a dwindling supply of new cars prompted used car prices to skyrocket .
The only thing certain in these uncertain times is the unwavering support and resources that Cox Automotive provides its customers .
“ From the start of the pandemic , we listened to our clients about what they needed , what was going on , so we could help immediately ,” said Greta Crowley , vice president of marketing for Autotrader and Kelley Blue Book ( KBB ). “ Many of our clients are family-run businesses , very similar to Cox . We ’ ve taken that client-first and people-first approach to everything we do .”
The approach has paid off . Despite the challenging , ever-changing circumstances , Cox Automotive is thriving and well positioned for the digital future .
RETAIL SOLUTIONS KEEPS THE INDUSTRY RUNNING
Cox Automotive Retail Solutions amped up its emphasis on digital solutions to help keep customers ’ ( virtual ) doors open through the pandemic . Retail Solutions products touch every aspect of a dealer ’ s operations : inventory , shopping , sales , back-office operations , contracting and service . The team has not only helped drive digital adoption among its customers ; it is also advancing digital transformation across the industry .
First , dealers had to figure out how to serve shoppers who couldn ’ t set foot in a dealership . Many estimate the industry advanced 10 years in just a few months as it navigated the twists and turns of lockdowns and social distancing . And the experts at Cox Automotive helped them get there .
“ Some dealers were already doing some of this stuff virtually , but for the most part , there wasn ’ t a playbook to guide them ,” said Kevin Filan , vice president of marketing for Retail Solutions . “ We have dealerships that have been open over 100 years , but these operating constraints were new territory for everyone .”
So the Retail Solutions team developed playbooks — on sales , marketing and operations — to guide dealerships through the transition . Just as important , it provided software tools that enabled dealers to continue providing maintenance and repair work and selling to car buyers forced to stay home .
Dealer . com ’ s Accelerate My Deal , for example , allowed dealers to take the entire shopping process online . Shoppers can structure monthly payments , schedule a test drive and reserve a vehicle for purchase , all online .
“ We saw some hesitancy over the last few years around whether or not consumers wanted to transact digitally ,” said Greta . The pandemic changed the calculus , however , and Greta says penetration on that product “ soared through the roof .”
KBB ’ s Instant Cash Offer has also grown exponentially as more transactions move online . Instant Cash Offer lets dealers make high-quality offers for used cars based on data like car condition , installed options and local market demand . It ’ s made the sales process more intuitive and less time-consuming for both dealers and car owners .
24 WINTER 2021