Purchasing a car is not only a financial commitment for consumers but also involves a significant emotional investment. Cooper Solutions will be exploring the customer journey and the impact technology can have on this experience, as well as covering the acquisition of used car stock and disposal of vehicles during a best practice masterclass at the new AM Live expo.
Product Head Simon Whicher and Business Development Manager David Abel take to the stage to provide dealers with the knowledge they need to deliver the modern retailer experience. Breaking down the entire process, beginning with important contact points like CRM data capture, how digital appraisals can lift the customer’s perception of the process as well as providing a highly efficient and credible valuation method, and FCA compliance. The seminar will incorporate video and client testimonials to share retailers’ best practice in these areas and how the use of online auctions can help boost stock turn and ultimately profitability . Taking place on 16 November at Milton Keynes Arena, the expo is the first of its kind for the automotive retail sector and is free for dealer and manufacturer delegates upon pre-registration.
Commented Whicher: “ Avoiding duplication when entering information and eliminating chances that paperwork could be mislaid creates a more professional and engaging process with customers. The use of technology makes for a slicker and more efficient operation which is easy to track and measure. We find those who maximise their use of technology are the ones securing greater exposure and demand for their vehicles, in turn driving up margin and improving average trade debtor days. We also find it’s too easy to miss off vital pieces of information about the vehicle which can make all the difference to achieving the right hit rate and ultimately price which underpins the importance of a robust and effective appraisal process, ideally digital and integrated into the dealer’s digital remarketing process.
According to Cooper Solutions, transaction costs for online auctions can be nine times less than physical auctions. The company’s figures across the whole site over the last five years reveal a 72% conversion rate on first time listings, rising to 89% with a single relist, and 94% with two relists. Meanwhile, vehicles which are more accurately appraised benefit from an average uplift of £125 per unit through confident bidding activity.
AM Live is the only event of its kind on the automotive calendar, a one-day expo where leading sector suppliers take part in a huge exhibition highlighting latest products, services and developments alongside a jam-packed programme of ‘best practice’ seminars, an F&I theatre and a law clinic where dealers can pose legal questions.