eCommerce and digital shopping have transformed consumer habits, allowing them to get what they want, when and how they want it. From groceries to clothing to cars, consumers are logging on to make purchases from the comfort of their homes. In fact, more than 60%2 of TrueCar shoppers want to complete their full car purchase online.
Dealers are already feeling the pressure to adjust their process and strategy to continue to capture customers in the digital space. But a one size fits all approach won’t work to keep customers for long, and quite frankly, won’t work for dealers either!
TrueCar is helping to solve this by creating an approach to online car sales that really is shaped to each consumer — and dealer — experience. While 95%3 of shoppers want to do some or all of their car deal online, they certainly aren’t a monolith, and TrueCar’s new solution, TrueCar+, aims to give every shopper the right experience to help them find the right car (new or used), the right dealer and even the right financing to get them on the road.
Car Buying and Selling, Your Way
Consumers enjoy having options, and car shoppers are no exception. They expect to have a wide array of online options when considering the purchase of a vehicle, and they want options for how they purchase, too. Therefore, it is vital for car dealers to ensure that their inventory options are prominently displayed on the platforms where consumers are actively searching.
TrueCar+ enables dealers to set up their pricing rules and customizations ahead of time, which in turn empowers consumers to secure financing, build their deal including any trade, add in accessories and protection packages, select delivery and ultimately secure their next car online. And while this naturally drives efficiency, the true differentiator is that TrueCar+ provides dealers with more than just a lead — instead, dealers get a deal that’s ready for fulfillment.
The Power of Buying Power
With TrueCar+, a personalized, responsive online car shopping experience starts with two words: Buying Power.
One of the goals of TrueCar+ is to help the 35% of Americans with credit scores under 6704, a shopping demographic often overlooked in today’s car shopping landscape.
TrueCar+ provides this segment of shoppers the opportunity to prequalify in two minutes with no impact to their credit score. The site then provides these customers vehicle search results within the Buying Power of each individual shopper, incorporating their vehicle preferences and suggesting additional similar vehicles. This new integration helps make the car-buying process more transparent by displaying estimated monthly payments reflective of the final cost. And for dealers, it unlocks a new way to cater to a group of customers they may not have been able to before.
“We’re seeking to build credibility and trust with shoppers who experience credit-based challenges, who may have difficulty applying for credit and getting pre-qualified,” said Jantoon Reigersman, president and CEO of TrueCar. “We believe car buying should be easy for everyone, no matter their background, income, zip code or credit score. This new feature aims to solve the financing accessibility problem many shoppers deal with, while at the same time support TrueCar dealers with new tools to better service this audience who have often been overlooked.”
On the other side of the spectrum, TrueCar has identified a group of shoppers where convenience and ease of sale are paramount when it comes to customer satisfaction. According to data collected by Tallwave, 41% of consumers identified convenience as the primary benefit of digital shopping. And a staggering 65% of TrueCar consumers expressed a willingness to shop with a dealership that enables remote paperwork and vehicle delivery. So convenience is key when it comes to catering to digital shoppers with high Buying Power. Ease of customizations like add-ons and F&I products, plus integrated credit approvals, make setting up a sale for both consumers and dealers a snap.
Based on consumer inputs, TrueCar+ sorts and displays the right inventory to the right consumer based on their Buying Power. TrueCar+ customers across the credit spectrum can expect a streamlined online experience truly tailored to them. And for dealers, it also solves a broad spectrum of problems on a full digital marketplace. There’s no back and forth, just a deal that’s ready to close.
The automotive industry is witnessing a digital revolution, with consumers increasingly turning to online platforms for their car shopping needs. To thrive in this new landscape, car dealers must prioritize choice, convenience and clarity to meet evolving consumer preferences. By implementing strategies that cater to these needs and by engaging with comprehensive partners, dealers can ensure their success in this digital era. Embracing innovations like TrueCar+ can be the key to achieving a seamless end-to-end digital buying process, providing a win-win solution for both dealers and consumers.
To learn more about TrueCar+ and explore the possibilities it offers to streamline your digital car-buying process, visit truecar.com/dealer.
1 TrueCar Flash Poll, December 2022 (N=1200), TrueCar Consumer Brand Tracker, 2021-2022 (N=1000 per month)
2 TrueCar Consumer Survey, January – June 2022
3 TrueCar Flash Poll, December 2022 (N=1200), TrueCar Consumer Brand Tracker, 2021-2022 (N=1000 per month)
4 According to Experian
5 TrueCar Covid-19 3-Wave Study, May 2020