Due to a multitude of factors, including vehicle sales, household debt and unemployment, automotive lenders will be affected differently depending on their market segment and their loan origination process.
Understanding the differences in target audiences, their feelings about brand, loyalty, preferences, and shopping habits is vital for success.
Everyone wants power and freedom, yet no one wants accountability. We won’t ever change the consumer, but if we better understand their behavior, we can better prepare ourselves for some of the pitfalls of dealing with the general public.
As vehicle margins continue to compress, dealers need to differentiate themselves beyond vehicle prices and offer consumers a premium experience. An excellent reputation and finding the right vendor to manage it are vital first steps.
Data breaches are on the rise across all industries. So, what can you do to be prepared? Start with education and staying up to date with the most common methods used to gain access to a company’s systems.