A new report from eLEND Solutions asks the question: Is digital retailing promising more than it can deliver? And Nick posed more questions to eLEND Solutions chief executive officer Pete MacInnis about this report and more for this AuSM Podcast episode recorded during NADA Show 2019.
MacInnis explained during the conversation that although digital retailing and its many definitions is being touted as the future of automotive retailing, this dealership survey indicated that a key hurdle remains. That challenge is many standalone digital retailing tools or platforms quoting inaccurate and/or misleading payment information to consumers, which are ultimately creating more skepticism with buyers and expensive rewrites and unwinds for dealers.
According to the survey, dealers who adopt digital retailing tools are striving to deliver a frictionless buying experience, including more transparency about the “deal,” but these same surveyed dealers report that basic payment calculator estimator tools are actually getting in the way of their desire to evolve.
In fact, a total of 87 percent of dealer respondents agree that it’s common for payment estimator tools to provide inaccurate or unrealistic payment expectations. And it is impacting sales, as 74 percent reported that well over a quarter of deals that include digital retailing-provided payment terms have to be rewritten
And the majority lose more than 60 percent of those sales, according to the survey .
MacInnis offered an array of suggestion to reverse these trends during the podcast that can be found below.
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