New model years are an exciting time for most car dealerships, representing new ideas and opportunities by showing that the automotive brand is thinking ahead, thinking smarter, and thinking about its customers.
In many ways, digital innovation and technology can transform your dealership into a new model of business efficiency and customer experience. With so many choices that can be tailored to your specific needs, now may be the time to utilize digital technology to trade-in — or, at least, — update your dealership model.
The dealership of the future is truly data-driven, using detailed information to help address businesses systems and processes that ultimately lead to cost savings and more personal, positive experiences for your customers. Your opportunities for time-saving and data-driven automation include:
- Electronic document processing and storage systems
- Secure e-contracting and e-signature solutions
- Integrated appointment management systems for sales and service
- Mobile applications for sales and service
- Integrated inventory management systems for vehicles and parts
- Enhanced registration and title technology
- Electronic key management systems
- Project management software
- Service, recall updates and training
In addition to streamlining many processes at your dealership, these solutions can build a stronger, safer network as the automotive industry continues to evolve into a tech-first business model.
Data is your dealership’s dashboard
Just as you stress to car buyers how a vehicle’s instrument panel is designed to provide them all the information they need to navigate the road successfully and smartly, the concept is the same when it comes to digitizing your dealerships. With one look at your digital dashboard, you can use data to accurately adjust prices, inventory, sales and service personnel, financing, marketing effectiveness and more – almost in real-time. This kind of insight helps you better control costs, measure performance and reduce process mistakes due to human error. Such improvements can easily translate into savings for your dealership.
Not only can innovation help improve your operations, but you can also take advantage of technology to better protect your customer’s personal information and help manage your compliance obligations, including:
- Red Flags
- Adverse Action
- The Safeguard Rule
Putting customers in the driver’s seat
More and more, your customers regularly interact with businesses via their phones and are accustomed to that digital experience. They expect it. If your dealership is lacking, they may look elsewhere, so digitizing your dealership can help you create a customer experience that builds brand loyalty and may increase your market share. A digital strategy for the customer experience should certainly include enhanced mobile and online interactivity, allowing customers the opportunity to securely buy a vehicle without ever stepping on the lot. Providing service updates is another way to utilize technology and help customers maintain their vehicles via their digital devices. Today’s customers are online a lot. When you create a great experience, they share it. And when you fail to create a great experience, customers share that, too.
Fast-tracking your team
Another benefit of digitizing your dealership is that utilizing and managing such technology and applications creates the opportunity to expand the skill sets of your team. As the war on talent continues to be a challenge for many dealerships, the ability to provide team members the opportunity to grow their career via innovation helps you retain key employees.
How DHG can help
What is the right digital strategy for your dealership? It depends. Not only do you have many options for systems, software and platforms, but you also must consider how quickly and how much you want to invest. Where should you start? What is your priority?
DHG can help answer those questions. We combine our experienced insight of the dealership industry with a team of technology professionals. Together, we will study your current technology structure, offer a cost-benefit analysis and change-management strategy and help you develop a digital transformation that will drive your future success.
Click here to learn why Forbes named DHG one of America’s Best Tax and Accounting Firms and let us know how we can put our professionals and commitment to client success to work for you.
DHG Dealerships is one of the largest professional service teams providing assurance, tax and advisory services to dealers across the country. We collaborate with key industry stakeholders to enhance the insights we bring to our clients and provide them access to valuable resources.