According to auto industry trends, the industry is experiencing changes in customer behavior, which has created new challenges and trends in the larger industry. For auto companies, it is critical to understand these trends and adapt to them. An important adaptation method will be improving customer experiences, getting to know the customer, and reducing fraud.
Knowing the customer can have a big impact on success. In understanding the consumer, dealers can identify their most interested customers. Customers also want quality experiences; 54% of consumers report that they would buy from dealerships with a preferred experience, even if it didn’t have the lowest price. Furthermore, most consumers prefer a combination of in-dealership and online services, which can also inform how dealerships make sales.
Unfortunately, fraud is on the rise in the auto industry. Synthetic identities pose a particular problem and have increased by 59% annually since 2020. Fraud tied to synthetic identities resulted in $7.9 billion in losses in 2023 alone.
Prices and interest rates are also on the rise, which puts the consumer in a tough spot. To find success, auto companies should focus on connecting with customers and improving the buying experience. Companies like Equifax can assist auto dealers in preventing fraud and boosting sales. Equifax does this by delivering buying power insights at the onset of the shopping process. It also targets fraud, preventing it from getting out of hand.
Many factors are shaping the current state of the auto industry, and staying abreast of these changes is key to evolving and improving business.
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