NADA 2022: Top 3 Trends & Strategies to Watch
Published by
Hale Soucie
on
It’s no secret that the annual NADA Convention is one of the most important trade shows in the automotive industry today. With an expected 15,000 attendees and over 500 exhibitors, there is much to see, do, and learn at this year’s NADA taking place March 10–13, 2022, at the Las Vegas Convention Center.
Can’t make it this year? No problem. Keep reading to explore the top-three trends and strategies we anticipate to be the most buzzed about at NADA 2022.
Trend #1: Hybridize In-Person & Online Car Buying
The fact that this year’s NADA Show is taking place in-person is hugely indicative of consumers’ desire to return to pre-Covid normalcy. However, one trend that catapulted in popularity during the pandemic shows no signs of fading: the digital car-buying experience.
Although we have come to rely on digital tools and platforms as a first point of contact with prospects, personal interaction will also be key in building trust and sealing deals in 2022. To stay competitive, dealerships should offer online buying options—and even home delivery—and also:
- Prioritize communication with prospective and existing buyers
- Anticipate more impromptu in-person traffic
By hybridizing the demand for online shopping with trusted, personal interactions, dealerships can win out over online used-vehicle retailers and third-party websites.
Trend #2: Convenience Trumps Everything—Even Pricing
In today’s world, convenience and efficiency are king. Shoppers have an increasingly short attention span, so promoting your dealership and service department as quick and hassle-free is the key to gaining a competitive edge.
“One thing dealerships need to consider right now is how the bar on convenience is constantly being raised,” says Skip Soucie, CEO of Edifice Automotive. “Convenience beats out everything, including pricing.”
Also consider that many shoppers consider both the car-buying and car-servicing process to be too long, confusing, and full of financial pitfalls. To change their mind and edge out your competitors, it’s vital that you streamline processes both in sales and your service department. This can be accomplished by running a convenience audit to identify pain points and ensure a better customer experience.
For instance, does your website allow customers to easily schedule their service appointments online? This is a modern convenience that your shoppers will now expect. If you don’t offer this, you can bet that your competitors will.
Trend #3: Promote Your Service Department to Safeguard Profitability
One topic that is sure to come up at NADA 2022 is the national car-inventory shortage. While a challenge, the shortage has also provided opportunities for dealerships to boost profits with increased new-vehicle pricing.
To ensure your dealership remains profitable after inventories improve, promote your service department. This strategy leverages your most trusted revenue generator—your service lane—to pad your yearly gross profits so you will avoid a major financial pitfall once inventories (and vehicle pricing) return to a normal level.
Dealer Takeaways
The past couple of years have brought unique challenges and opportunities to the automotive industry, and 2022 promises to be no different. As the industry gathers at the NADA Show this March, the most important takeaways will revolve around convenience, efficiency, and communication.
If you’re ready to harness the power of these trends and make 2022 your dealership’s most profitable yet, contact us at Edifice. Our consumer-centric approach to marketing is powered by Elevation, our premiere data platform. With it, we guarantee we’ll help you reach 4X ROI in gross profits.