As we head into 2021, I encourage everyone to reflect on 2020 and the lessons we can take away from the unusual year. At the heart of my thoughts are agility and a willingness to change. Here are five lessons that I think we should keep;
- The challenge faced by motor retailing could be a positive thing
On balance, I believe changes made to survive, notably in embracing an omnichannel approach during lockdown, can help secure the future for car retailing and limit the impact of disruptors. The recent devastation of well-known High St brands who failed to embrace online fast enough illustrates my point.
2. If it can be done online, it will be
I don’t doubt many people will still want to visit a showroom, but investing in an ever better online car buying and financing experience will be crucial. The better we make the online experience, the better the Showroom experience will be
3. A personalised customer experience matters
If we don’t take care of our customers, someone else will – The FCA’s desire for fair customer outcomes as we gear up to change this month is not a challenge; it is excellent advice. Our capacity at MotoNovo, to help dealers to deliver genuinely personalised finance on a risk-based pricing basis has seen dealers increase their used car finance penetration dramatically and delight their customers at the same time.
4. Service trumps price
Never has this been more accurate. The value of service increased dramatically as people sought a safe, well-considered buying experience. This mantra is true for all businesses as they work with suppliers and customers.
5. Our people make the difference
The workplace is changing; different roles and skill requirements are emerging – the importance of well-led, motivated and coached people in the roles we need is crucial.
2021. Let's do this
Karl Werner, Deputy CEO