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USED CAR GROWTH SIGNALS ‘SIGNIFICANT’ INCREASE IN VIDEO SALES TECHNOLOGY
USED CAR GROWTH SIGNALS ‘SIGNIFICANT’ INCREASE IN VIDEO SALES TECHNOLOGY
Published by Gbaf News
Posted on February 1, 2017
Global Banking and Finance Review
Company
Published by Gbaf News
Posted on February 1, 2017
The 7.9% annual surge in used car sales during 2016 has been mirrored with a ‘significant’ increase in dealers using personalised video to engage customers.
Automotive video expert CitNOW says it has seen a double-digit increase in dealers who already use its Workshop video technology now adopting its Web and Sales in the last quarter.
“It’s no coincidence that the growth in used cars, aligned to record new, has seen a significant shift in dealers switching onto using video as a Sales tool since September,” explained Alistair Horsburgh.
According to figures released by the SMMT, used car sales were up 7.9%*overall in 2016 partially fuelled by a 10%** increase in flexible PCP finance agreements.
Horsburgh adds: “With high stock levels, competition for sales even within a growing marketplace, still means dealers need to act to capture the attention of buyers quicker in order to keep stock moving.”
Analysis by CitNOW showed that the length of time used stock at 120 Volkswagen dealers spent on the forecourt was reduced by 14 days on average when the dealer used video communications via CitNOW’s Web product.
Vehicles advertised online with a CitNOW Web video spent an average of 32 days in stock before being purchased, while those without a video spent 46 days in stock – two full weeks longer.
One Volkswagen retailer also saw used car sales increase from 60-70 units a month to 90-100.
CitNOW Web enables retailers to upload a short video of used vehicle stock to their website via a smartphone. Potential customers can watch the video and request a personalised video of particular vehicles.
Retailers can fulfil this request using the CitNOW Sales app, and create a bespoke video paying particular attention to detail that is needed to accurately report the condition of a used vehicle.
Research in CitNOW’s White Paper revealed that on the whole, customers are 64%*** more likely to buy a car after watching a video. The White Paper can be downloaded athttp://www.citnow.co.uk/white-paper
The 7.9% annual surge in used car sales during 2016 has been mirrored with a ‘significant’ increase in dealers using personalised video to engage customers.
Automotive video expert CitNOW says it has seen a double-digit increase in dealers who already use its Workshop video technology now adopting its Web and Sales in the last quarter.
“It’s no coincidence that the growth in used cars, aligned to record new, has seen a significant shift in dealers switching onto using video as a Sales tool since September,” explained Alistair Horsburgh.
According to figures released by the SMMT, used car sales were up 7.9%*overall in 2016 partially fuelled by a 10%** increase in flexible PCP finance agreements.
Horsburgh adds: “With high stock levels, competition for sales even within a growing marketplace, still means dealers need to act to capture the attention of buyers quicker in order to keep stock moving.”
Analysis by CitNOW showed that the length of time used stock at 120 Volkswagen dealers spent on the forecourt was reduced by 14 days on average when the dealer used video communications via CitNOW’s Web product.
Vehicles advertised online with a CitNOW Web video spent an average of 32 days in stock before being purchased, while those without a video spent 46 days in stock – two full weeks longer.
One Volkswagen retailer also saw used car sales increase from 60-70 units a month to 90-100.
CitNOW Web enables retailers to upload a short video of used vehicle stock to their website via a smartphone. Potential customers can watch the video and request a personalised video of particular vehicles.
Retailers can fulfil this request using the CitNOW Sales app, and create a bespoke video paying particular attention to detail that is needed to accurately report the condition of a used vehicle.
Research in CitNOW’s White Paper revealed that on the whole, customers are 64%*** more likely to buy a car after watching a video. The White Paper can be downloaded athttp://www.citnow.co.uk/white-paper