Lockdown fast-forwards a digital revolution in car sales

Online car buying has empowered consumers with its transparency, says AutoTrader's George Mienie. Picture: SUPPLIED

One of the underlying drivers of success of these platforms is transparency. In the days of old, they said “information is power”, but information in the hands of who? Now information is in the hands of the consumer. Transparency is starting to create a world where creating trust with the consumer is far more important than the product itself. This means that merely offering the lowest price will no longer be a competitive advantage in the future because the consumer will see everything.

Then, the ability for businesses to extract that metadata will accelerate the online tools and accelerate the transparency of the economic model in the hands of the consumer and businesses. Once this happens, then clever technology can be layered on top of that metadata to give life to vehicle demand, supply and price transparency. That’s when more and more of the transaction can move online, faster.Covid-19.

Source: Car News Wire (carnewswire.net)

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