With 2018 set to be the year of the used car, retailers need to adapt to maintain a strong used car performance. From understanding changing consumer attitudes to preparing to take advantage of a changing retail environment, the time to be laying foundations is now.
New consumer research undertaken by CitNOW found more than half of customers believe an online video tour of a used car for sale is an essential part of the used vehicle listing. A further 7% pro-actively request a video when one isn’t immediately received.
Although the number of consumers who would buy a car having only received a video tour of it are currently low, at 5%, the figure rises to 12% among 18-24 year olds. A further 30% said they may consider doing so, reflecting the growing acceptance and reliance on video.
The research shows that if the used market performs as well as it did in 2017 when 8.1 million vehicles were sold, the use of video could result in up to 2.8m sales from customers who never set foot in forecourts.
With many tools now available, used car pricing is accurate and accessible, giving consumers the confidence they are paying the right price. Good digital assets help an online ad stand out. Video provides the final piece of the jigsaw, increasing transparency and demonstrating that the vehicle’s online description matches what is on the forecourt.