F&I and Showroom, November 2020

www fi magazine com 25 F I and Showroom AMPLIFIED KEYWISE Vehicles With One Key Are Eligible One To Seven Year Terms For New Available For All Automobiles And Powersports Product Highlights INTRODUCING NEW STAND ALONE KEY PROTECTION 800 849 1080 SALES@ WiseFand I com And Pre Owned Vehicles See contract for all limitations exclusions and full coverage details FIShowroom_ AD_ November copy indd 1 10 15 2020 4 16 22 PM GEN X Generation Xs top reason for delaying vehicle purchases since the pandemic will sound familiar concern over cost and the financial situation However only half of these 38 to 53 year olds have since adjusted their budget with seven out of 10 decreasing it Its safe to say that this age group feels the impact of the COVID 19 economy with many of those whose employment was impacted only just beginning to see improvement in their personal finances Unlike younger groups only four out of 10 Gen X ers are less likely to visit a dealership in person due to COVID 19 They are more likely to think that personalization technology is creepy but that doesnt mean they wont like it if it helps improve their experience As you review Gen X ers data be intentional and careful about how you incorporate what you know about them into the car buying process THE BABY BOOMERS Baby Boomers shopping preferences are similar to Gen X ers but there are some key differences that are helpful to keep in mind For example they are the most concerned of any generation about the late summer spike in cases rebounding back to previous levels Yet interestingly they are the most likely to visit a dealership in person Only around 40 of Boomer employment was impacted by COVID 19 which helps explain why only a quarter of them delayed vehicle purchases and just over a third have even had to adjust their budget due to the circumstances which is notably a smaller percentage than other age groups With that said they are still concerned about cost and most have a fixed income financial situation They are still looking for a deal but be prepared to complete steps in person with the utmost safety precautions in place While age and demographics can give you a good starting point for selling they wont tell you everything At the end of the day every customer is a person with unique interests and preferences Today knowing more about your customer is a major advantage as customers become more accustomed to not only personalization but the speed and convenience it affords the sales process The data you need to understand your customers unique preferences is likely in your software and in high supply thanks to growing online usage But you still need an artificial intelligence tool to help you pull it out For instance a robust AI tool can point out customers who are 108 times more likely to buy in the next 30 days It can even predict the brand purchased within 30 days 84 of the time and the model purchased within 30 days 46 of the time Age is an important number but just one of the many tools that can help you optimize selling the right car to the right customer at the right time the right way ABOUT THE AUTHOR Chase Abbott is vice president of sales for VinSolutions and Dealer com November 2020