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Prepare now for the next era of automotive retailing

Sponsored Content From Truist
This content was paid for by an advertiser and produced by the Automotive News Content Studio.
July 20, 2022 09:31 AM
Bill Jones Head of Truist Dealer Retail Services and CEO/President of Regional Acceptance Corporation.
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    Dealer Services

    For the past two years, the auto retailing business has enjoyed exceptional performance. Those with the good fortune to be part of the industry have seen record profits driven by supply chain disruptions and an active M&A market with the capital to support growth plans and owner exit strategies alike.

    How long can the good times roll? It’s hard to say just how long, but we can be assured that at some point, things will change. Given that reality, the plans that dealers put in place now and investments made over the coming year will position dealers to continue their success, no matter what lies ahead.

    A seller’s market

    To understand potential changes and their impact, it’s essential to first look under the hood and see what’s been working well for dealers in the past couple of years:

    • Margins rose steeply on traditionally lower-margin new cars.
    • Unit sales volume shifted toward higher-margin used cars.
    • Labor costs for new car sales staffing dropped with fewer unit sales and the shift toward digital buying.
    • The U.S. automotive fleet continued to age, requiring more servicing and repair.
    • Inventory carry costs remained at historic lows with low floor plan utilization levels.
    • Consumer financial health stayed strong, with capacity to borrow and buy vehicles.

    More than anything else, auto retailing strength has been supported by an industry-wide vehicle supply shortage and robust consumer liquidity from several rounds of economic stimulus. The result has been the Golden Age of automotive retailing where the power of these positive forces has overwhelmed the industry’s intense competitiveness that usually keeps margins in check.

    New vehicle inventories plummet.1

    Days of new vehicle sales on hand

    inventories plummet.

    Most predictions suggest it may take from one to three years for new vehicle inventories to return to historic levels, if they ever do. While conditions can shift quickly—who could have predicted the stellar industry performance of the past two years in April/May of 2020? —dealers should have enough time to put in place strategies that can help extend recent successes into the next era of auto retailing.

    The next era

    Everyone participating in the automotive retailing business is asking “what’s next,” and there’s plenty of conjecture about where the industry will go. From our conversations with dealers and industry leaders, there are seven trends to watch:

    • Disrupted buying patterns. What happens when a buyer’s established pattern is interrupted such that the every-three-year lessor can’t find or afford their next vehicle? In today’s market, retailers are making up in higher margin what they’ve lost in lower volume. That’s fine for now, but if new car buyers can’t buy the way they’re accustomed to, they may start to hold vehicles longer, shift to more affordable brands, or eschew new cars for used ones.
    • Buying on demand versus walking the lot. The recent shift toward ordering vehicles versus the traditional process of walking the lot looks to change the basic customer journey from top to bottom—the only question is how rapidly this will happen. Nevertheless, the move to digital buying will put each dealer’s development of the digital journey to work and validate those investments. Conceivably, this could open new doors to engaging with—and selling additional services or add-ons to—customers who've made a purchase and are waiting for delivery.
    • Rising unaffordability. The combination of inventory shortages and inflation are threatening the affordability of new cars for many people—already, we’re seeing volume in the price-sensitive sub-prime sector drop by 20-25% in recent months. Affordability is an issue for all buyers across both new and used vehicles, and dealers are watching closely to see how it affects demand overall and the mix by category and brand.

    New vehicle prices are outpacing consumer purchasing power growth.2

    Weeks of income needed to purchase a new light vehicle.

    New vehicle prices

    • Soaring fuel prices. With the current geopolitical dynamics, higher fuel prices at the pump, and environmental concerns about fossil fuels, fuel efficiency could become a much more important buying consideration that will tilt the market even more toward EVs. Alternatively, a truck or SUV buyer could become a crossover buyer in search of better mileage. It’s too early to tell exactly how it will affect the types of vehicles demanded by buyers, but it’s a story we need to watch closely.
    • Increased service revenue opportunities with the aging of the U.S. fleet. The scrappage rate of cars on the road didn’t change just because we aren’t manufacturing enough new cars to replace them. Many of the latest digital tools are effective at better connecting dealers and their customers, making it easier to make maintenance and repair offers that sustain dealership service revenues while offsetting the expected reductions from the longer-term shift to EVs.
    • Greater sales efficiency and increased potential of digital channels. The pandemic ushered in more efficient retail sales models using fewer salespeople as there weren’t as many cars to sell and many customers wanted to do more online. The digital sales journey will provide even more opportunities for dealers to fine tune sales models and ramp up cost-effective marketing strategies like social marketing, search engine marketing, and email/text/mail campaigns.
    • Stepping up the used car game. As the market has shifted towards used cars, many dealers have revamped their used car operations, reallocating lot space, getting more aggressive about acquiring inventory, and rethinking wholesale strategies. Having a high performing used car business will be critical for years to come, and many dealers are setting themselves up to stay competitive with other franchised retailers and public companies specializing in used cars.

     

    Playing to your strengths

    At some point, today’s Golden Era will give way to the next era of automotive retailing. While there’s much we can’t predict, we can be sure that competition in our industry will remain fierce, with players with disruptive distribution models, retail consolidators pursuing greater scale, and new technology-driven competitors all seeking their piece of the auto retailing pie.

    Local dealers have long relied on their unique ability to build relationships with their customers and pursue a more intimate customer journey to buying and owning a vehicle. The most successful ones will leverage that ability to connect with and engage customers with a state-of-the-art digital approach to buying and owning a car capable to winning with today’s customers. Coupling a relationship focus with technology excellence will sharpen the way dealers communicate with prospects, demonstrate their value during the buying journey, and earn that customer’s ongoing loyalty as an asset for the business.

    For the many dealers across the country dedicated to serving their customers, their employees, and communities, there’s no higher reward.

    Learn more about Dealer Services at Truist.


    ©2022 Truist Financial Corporation. TRUIST and TRUIST SECURITIES are trademarks of Truist Financial Corporation. Truist Securities is a trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. All rights reserved. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, deposit services, foreign exchange, risk management products and services and agency services including derivatives products are provided by Truist Bank, member FDIC and Equal Housing Lender.


    Disclosures

    1, Cox Automotive, VAuto, VMA Data, March 2022.

    2, Cox Automotive/Moody’s Analytics Vehicle Affordability Index, February 2022.

    Truist Bank, Member FDIC. © 2022 Truist Financial Corporation. Truist, the Truist logo and Truist Purple are service marks of Truist Financial Corporation.

    Equal Housing Lender

    Investment and Insurance Products:

    • Are Not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value

    Services provided by the following affiliates of Truist Financial Corporation (Truist): Banking products and services, including loans and deposit accounts, are provided by Truist Bank, Member FDIC. Trust and investment management services are provided by Truist Bank, and Truist Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by Truist Investment Services, Inc., and P.J. Robb Variable Corp., which are SEC registered broker-dealers, members FINRA SIPC and a licensed insurance agency where applicable. Investment advisory services are offered by Truist Advisory Services, Inc., GFO Advisory Services, LLC, Sterling Capital Management, LLC, and Precept Advisory Group, LLC, each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC. Insurance products and services are offered through McGriff Insurance Services, Inc. Life insurance products are offered through Truist Life Insurance Services, a division of Crump Life Insurance Services, Inc., AR license #100103477. Both McGriff and Crump are wholly owned subsidiaries of Truist Insurance Holdings, Inc.

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    Truist Securities is a trademark of Truist Financial Corporation. Truist Securities is a trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. All rights reserved. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, financial risk management, and treasury management and payment services are offered by Truist Bank. Deposit products are offered by Truist Bank.

    Limited English Proficiency Support: Applications, agreements, disclosures, and other servicing communications provided by Truist Bank and its subsidiary businesses will be provided in English. As a result, it will be necessary for customers to speak, read and understand English or to have an appropriate translator assisting them. Truist offers the following resources for consumers that have Limited English Proficiency:

    • Multilingual teammates available at our Multicultural Banking Centers
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    • Phone assistance in Spanish at 844-4TRUIST (844-487-8478), option 9. For assistance in other languages please speak to a representative directly.

    New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at http://www.nyc.gov/dca.

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    Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

    • The Consumer Financial Protection Bureau (CFPB) offers help in more than 180 languages, call 855-411-2372 from 8 a.m. to 8 p.m. ET, Monday through Friday for assistance by phone.
    • CFPB additional resources for homeowners seeking payment assistance in 7 additional languages: Spanish, Traditional Chinese, Vietnamese, Korean, Tagalog, and Arabic. www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-homeowners/
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        • Deloitte: ACCELERATING DIVERSITY, EQUITY AND INCLUSION
        • Easycare: Reinventing the service contract for EVs
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        • HAIG: BUY-SELL Q&A | Valuing dealerships In uncertain times
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        • Kerrigan Advisors: Interview with Baxter Auto Group
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        • Spectrum Reach: Playing to win: How automotive dealers can capitalize on sports marketing
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        • Trimble: The future of autonomous vehicles speeds ahead
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        • Truist: Prepare now for the next era of automotive retailing
        • Urban Science: Promoting dealer-consumer alignment across continued industry evolution
        • Walbridge: Video | Walbridge Chairman on how automotive companies are navigating the electrification boom
        • Western Digital: To Meet Consumer Demand, Automakers Must Double Down on Agile Development
        • Wipro: How to address safety and security for software-defined vehicles
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        • Notarize: What to expect for the future of auto sales
        • Seagate: Unlocking value from connected-car data
        • Amazon Web Services: AI-powered supply chain decision-making
        • Epic Games: Five ways in-car designs will change in the next five years
        • Haig Partners: How are dealerships being valued today?
        • Haig Partners: Dealership consolidation trends
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        • Ally: Navigating the future of automotive retailing
        • Google: How a century-old brand is transforming the auto industry
        • Car Wars: Is a Rise in Service Leading to Poor Customer Satisfaction?
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        • Kerrigan Advisors: Blue Sky Update Q4 2021
        • Qualcomm: Trading multi-year design cycles for on-demand features and experiences
        • Twitter: EV adoption is happening...in an unexpected place
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