In today’s automotive market, the younger and more plugged-in customers are better informed about their buying options.
This is not limited to the selection of a vehicle or a dealership, but also extends to the decision of how to finance their purchase.
The days of going to the library to look up a used car value, contacting various banks to find out rates and calling a friend who gets an industry publication to look up available incentives are long gone.
Nowadays, most consumers have access to extensive online information, including the various finance options available, from the comfort of their home.
This new car-buying paradigm results in customers who have done their research upfront and, in many cases, are less inclined to need the recommendation of a dealer because they walk into the showroom with a specific vehicle, price and finance option in mind.
This type of customer is much harder to convert to another financing option than one who walks into a dealership with just a monthly payment in mind.