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Technology Revolution: The Future of Now

The Future of Automotive Retail & Tech: How Will YOU Buy A Car?

Technology Revolution: The Future of Now

Bonnie D Graham

News, Business News, Technology

4.9112 Ratings

🗓️ 17 August 2022

⏱️ 56 minutes

🧾️ Download transcript

Summary

The in-person experience of car buying has always been alluring, letting you inhale the new car scent, examine the shiny power under the hood, literally kick the tires, ask questions of a human salesperson, and feel the road in a test drive. Now online car sales are offering a new experience: click it, order it, pick it up, keep-or-return it – and the automotive industry mostly isn’t ready. The Buzz 1: Nearly 30% of U.S. new car sales in 2020 were completed online, compared to 2% of vehicles pre-pandemic. The overall car shopping experience took less time and was more efficient…the number of dealerships visited dropped. [abcnews ] The Buzz 2: 53% of car buyers would consider buying a car online. [Accenture report in Readers Digest Mar. 16, 2022] The Buzz 3: Prospective buyers, especially age 55–70, are less inclined to want to interact with sellers at car dealerships. [mckinsey] The Buzz 4: Swedish electric performance car brand Polestar, 50% owned by Volvo, is focusing on a digital-first retail model, with company-owned stores in city centers selling directly to consumers. Volvo's electric C40 Recharge compact SUV will only be available online. Online car retailer Carvana sold 244,111 cars in 2020, a 37% jump from 2019. We’ll ask Daniel Grimm at SAP, Guenter Lasser at proaxia, Christos Maglousidis at OneDealer and Moncombu Raju at SAP for their take on The Future of Automotive Retail and Tech: How Will YOU Buy A Car Tomorrow?

Transcript

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0:00.0

Where does yesterday's future, which is already here, really here, really here, meet today's

0:09.4

future, which is about to happen, and tomorrow's future, which could be just minutes away?

0:16.3

Welcome to technology revolution, the future of now.

0:24.4

Where host Bonnie D. Graham asks savvy futurists for their predictions about the tech-driven trends that are shaping our future

0:29.1

right now.

0:30.8

Here's your host who will take us into the future of now, Bonnie D. Graham.

0:36.2

Bonnie D. in the house, I never remember whether I said this is the future and this is the past.

0:40.5

I'm just going to say we're going into the future now. Getting a lot of Zoom flicker here, but we're

0:44.0

happy to be on. This is the age of Zoom outages and of all kinds of freezing and frozen,

0:49.7

and we're doing the best we can. Happy to be everybody wave wave hello again we have a lot of viewers here on

0:55.4

lincoln i think we have some on facebook too so thank you this is the future of now and i have a hot

1:00.0

topic for you things have changed how we buy cars yes they have you may not be aware because you

1:06.1

may still be sitting with a car you've had for many years because of supply chain issues and

1:10.5

because of parts chain issues and because

1:10.9

of parts issues and you might say, I'm not going to go. But if you decide to get another car,

1:15.8

you may find there are other experiences, not the one you're used to. So let me read a little bit

1:20.9

of my intro here and then I will have my four esteemed guests. We've got a hot panel today.

1:26.2

And they got a great sense of humor. If you're

1:28.8

watching us on LinkedIn, you can see how smiley they are. So the traditional in-person experience

1:33.9

of automotive sales has been alluring. It gives you the opportunity to inhale the new car

1:40.3

scent. I know I love that. Examine the shiny power under the hood. If you're a hood person,

1:45.1

there you go. Literally kick the tires. That's an old saying, but you can do it. You can ask

...

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