pAs digital retailing tools continue to evolve and gain broader acceptance, dealers may be wondering what lies ahead in this ever-changing technological landscape. What do they need to do to prepare for these tools?/p
As digital retailing tools continue to evolve and gain broader acceptance, dealers may be wondering what lies ahead in this ever-changing technological landscape. What do they need to do to prepare for these tools? And how do they mitigate the kinds of cyberthreats that these tools can expose them to as digital retailing becomes more and more widespread? Michael McGhee, Senior Vice President and Head of TD Auto Finance Canada, provides answers and insights.
As we consider the performance from recent years and look ahead to the rest of 2024, it becomes clear that recovery in the automotive market is well underway. Automotive sales are expected to increase by close to 10 percent this year, before converging with the pre-pandemic level of sales in 2025. This growth will be moderated by a slowing economy and various economic headwinds.
McGhee: It’s tough to say if dealers, or anyone for that matter, are doing enough when it comes to cybersecurity. The advances in modern technologies undoubtedly create more opportunities for cybercrimes. And as dealers shift more towards digital retailing, these threats remain prominent. Q: The growth of digital retailing has been well-documented. How do you see this trend evolving in the next five years and what should retailers do to prepare?
The same can be said for retailers as their buying and selling models have adapted to fulfill the new expectations of today’s consumers. No one knows exactly what the automotive landscape will look like in the next five years, but being proactive and open-minded to new ways of doing business will almost certainly catch the attention of consumers that seek a more modern vehicle-buying experience.
Finding technologies that align with your core values is key. The goal should be augmenting services, not just changing them for the sake of change. Technology is a powerful tool and should be viewed as a way to enhance the dealer and customer experience.
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