Internet and social media have played a huge part in the recent changes to the automotive industry. Car dealerships struggle with offering the same or better service than their e-commerce counterparts. Last year, sales projections showed a slow and gradual decline and a slight increase in the online sector.
There were a fair few companies that started the disruptions to the brick and mortar dealerships. A few of the more notable ones were:
It is predicted that by 2020, millennials will account for 40% of the automotive market. Their buying power will have more influence than that of other generations. They won’t just be buying cars, the will be dominating the car buyers. It will not be a surprise when we say that Facebook and other social media platforms have become essential tools to connect with the market. Millennials are taking advantage of all the resources available to them, especially Facebook, to help them decide their next purchasing design.
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Join us in Miami from the 20th to the 22nd of June for the Global Online Marketplaces Summit. Our summit theme is From Classifieds to Marketplaces – Capturing Value from the Transaction and we’ll hear from Global Leaders who are creating the Online Marketplaces of Tomorrow.