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  • 05/02/2024

2024, Top 4 trends accelerating dealership transformation

By Robert Raiola – Nextlane Chief Marketing Officer

In the fast-paced realm of automotive dealerships, the landscape is evolving at a breakneck speed, ushering in transformative trends that are reshaping the industry. As we step into 2024, dealerships find themselves at the crossroads of innovation and adaptation, embracing change to meet the dynamic needs of today’s consumers. Here are the top four trends that are leaving an indelible mark on automotive dealerships in 2024.

1. The Electric Revolution: Charging Ahead into a Greener Future

The unmistakable hum of electric vehicles (EVs) is no longer a distant echo but a symphony gaining resonance on dealership lots. In 2024, the electric revolution has transcended novelty to become a mainstream force. As automakers continually push the boundaries of battery technology, the range and performance of EVs are reaching unprecedented heights. In 2024, the growing awareness of environmental sustainability and the arrival of vehicles costing less than €25,000 will accelerate this trend even further, driving more and more consumers to switch to electric vehicles.

However, it’s not just about the cars themselves; it’s also about the infrastructure that supports them. Dealerships are investing heavily in recharging stations to meet customer demand and develop a new source of revenue.

2. Digital Metamorphosis: Where Showrooms are Virtual and Transactions Seamless

While virtual showrooms have proliferated in recent years, the ever-increasing desire to offer an omnichannel customer experience means that this type of project is set to accelerate. By 2024, the automotive industry will see a significant increase in online sales and an increasingly digitised customer experience. Virtual showrooms, complete with 3D models and immersive experiences, will enable more and more customers to explore vehicles from the comfort of their own homes.

E-commerce platforms have become the new battleground, with dealerships offering online purchasing options, virtual test drives, and even doorstep delivery. Digital marketing strategies have taken center stage, leveraging social media, influencers, and online reviews to create a buzz around the latest models. The age-old process of buying a car is undergoing a digital metamorphosis, and dealerships are the key players in this new world.

3. Data-Driven Insights: Decoding the Customer Journey

In 2024, the power of data is not just a buzzword but a strategic imperative for automotive dealerships. The use of advanced analytics and artificial intelligence has become the cornerstone of success. Predictive analytics are not only forecasting market trends but also guiding dealerships in managing inventory more efficiently.

Customer Relationship Management (CRM) systems are no longer just digital rolodexes; they are sophisticated tools tracking every customer interaction, and help understand customer expectations. This wealth of data is used to create personalized marketing strategies, ensuring that every customer feels like more than just a number.

4. Customer Experience 2.0: Beyond the Dealership Lot

Customer experience has evolved from a smile and a handshake to a seamless, digital journey that extends beyond the dealership lot. In 2024, AI-powered chatbots are the first point of contact, providing instant support and guidance. Personalization is the name of the game, with dealerships offering tailored recommendations, promotions, and services based on individual preferences.

Digital service platforms have taken center stage, allowing customers to schedule maintenance, track service history, and even diagnose issues remotely. The automotive dealership of 2024 understands that the customer experience is a 360-degree endeavor, and every touchpoint matters.

In conclusion, as automotive dealerships navigate the dynamic landscape of 2024, these four trends are steering the course of the industry. The electric revolution, digital metamorphosis, data-driven insights, and an elevated customer experience are not just trends but the pillars upon which the future of automotive retail is built. Fasten your seatbelt, the journey has just begun.