Create ‘Hammer Time’ – to Drive Sales

## Create ‘Hammer Time’ – to Drive Sales**Dealers that fail to engage customers with finance digitally are missing out on car and finance sales. We estimate that an absence of finance tools can result in up to 25 percent loss in sales.***“It is important that more dealers recognise the seismic changes in customer buying habits. This change is reflected by the age-old wisdom that ‘customers don’t buy hammers. They buy a beautifully hung picture on their wall.’ We must recognise that for many customers a car is simply a means to an end and ensuring that the ‘hammer’ is easily accessed is what will determine a sale. Dealers need to focus on enhancing ‘Hammer Time’ through their digital presence,”* reflects Codeweavers Sales Director, Shaun Harris, adding\;*“Many of us in the industry love and are excited by cars, but we have to face the reality that many people bought their car as a practical enabler to get to work and socialise. If a better alternative emerges, such as digital and social media for many millennials, then car sales will stall. People who continue to see the value in a car, commonly make their decision on practical considerations, rather than vehicle dynamics and cost invariably ranks near or top of this list. The growing impact of PCP finance in new and used cars is ample evidence of this shift. But buyers will not wait until the showroom to discover this option.”*Analysing the impact of adding digital finance tools to dealer websites, Codeweavers has seen a significant increase in activity, earlier customer engagement and increases in the sale of both cars and finance.**The Importance of ‘Hammer Time’**Customers want a seamless online to showroom experience. Online is where the car buying and financing process starts\; it is where dealer finance’s affordability attributes can give the dealer an edge. It is here that all dealers must establish the first step in a multi-channel purchase journey.Without transparent information about finance products, and pricing, around a quarter of all customers will jump to another site/dealer. Providing this fulfills the customer’s need for easy access and establishes a bond of trust, courtesy of the upfront nature of the key affordability information. It also provides that vital stepping stone to go from attention, interest and desire and towards action where initial data capture can take place. This is what Harris refers to as “Hammer Time’.*“Traditionally car sales executives ‘knew’ that if they got a customer behind the wheel for a test drive, they were well on the road to a sale. Today, our analysis suggests that engaging customers to provide finance proposal information is the equivalent to that test drive, a clear indication that they have found a payment schedule that they like. Dealers have to bring their finance to life online like never before or risk missing out on the sales opportunity that finance is clearly creating.”*

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By: Codeweavers - 23/08/16

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