During these interesting times, our number one goal at Dealertrack DMS is to help you find the best path forward. As a Cox Automotive business, we have been planning for years for the emergence of the “digital dealership.” We can give you the tools and teach you the best practices for thriving in this environment. And, as a long-term, committed partner, we are also offering the assistance you need to get through this difficult time. We’re here for you, and here’s a quick overview of what we’re doing to help.
We’re sharing market conditions and their business impact.
The Cox Automotive team includes expert economists that specialize in retail automotive. They’re monitoring economic conditions very closely and sharing their findings with our dealership partners. Recently, our Chief Economist, Jonathan Smoke issued a public report on the state of the economy and industry.
We are also conducting weekly surveys of consumers to better understand how their behaviors are impacting the automotive market. One recent survey showed that 35% of consumers who were planning to purchase a vehicle, now plan to delay their purchases. Similarly, 37% of consumers now intend to delay needed services or repairs. Diving into those numbers, however, our experts found that the majority of these consumers are delaying because of stay-at-home orders, social distancing guidelines, or fear of coming into contact with other people. Only 34% of these consumers said they plan to delay because of cost or current financial situation. We’ll continue to share research, findings, and strategic insights that your dealership can use to stay strong in any economic environment.*
We’re sharing best practices for turbulent times.
Economic downturns are full of unknowns. While no one can say for certain how things will play out, the advice of Cox Automotive experts who navigated previous downturns and turbulent times is a helpful resource. Cox Automotive has experts in automotive retail, and we’re excited to share their knowledge and experience with you. We’re providing helpful resources, including webinars, videos, articles, and more on a wide range of topics relevant to today’s unique challenges. You can find them through the following online channels:
1. Resource Hub: Our experts are sharing remote working tips, and strategies for building a successful virtual dealership during these virtual times.
2. Here for You Solutions Page: We’re committed to demonstrating our commitment to partnership by sharing best practices for driving a digital transformation and for maintaining healthy business performance while overcoming today’s challenges.
3. Business Continuity Webinars: We’ve compiled a collection of webinars from Cox Automotive experts to help you adjust to the changing landscape.
We’re offering assistance programs to save you money.
To assist our dealership partners, Cox Automotive is offering a 50% discount on all Retail Solutions dealer subscription product fees, including Dealertrack DMS. The Cox Automotive Retail Solutions Assistance Program aims to keep the automotive marketplace up and running by helping dealerships retain access to their tools while reducing costs.
At Dealertrack DMS, we believe that partnership is our best product feature. Let us emphasize once again that we’re here for you and that we can get through this together. Rely on our experts, make some simple changes to your business, and you’ll be well on your way to becoming a digital dealership with the potential to succeed in any environment.
*Cox Automotive, COVID-19 Consumer and Automotive Sentiment, April 2020
Helping our clients maintain business continuity is a top priority. Visit our Business Continuity Tools & Resources Center for more.
