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Following the unexpected decision of the British public to leave the European Union, there was widespread fear that the resulting economic uncertainty would dent consumer confidence in the used car market. However, Trusted Dealers are pleased to report no initial slowdown in lead generation since the vote – with a continued strong performance in email and phone leads alike.
This is also reflected in consumer behaviour visible through other metrics – with site visits, bounce rates and time on site all remaining well within normal seasonal bounds, the only blip we’ve seen coinciding with the first bit of sunny weather this year! Year on year, the picture also remains remarkably even.
With today’s announcement of a further cut in interest rates by the Bank of England, it remains a good climate for consumers seeking the kind of competitive finance deals offered by main dealers.
Now is also a good time for franchised dealers to extoll the value of their offering: main dealers remain the safest place to buy a used car, and initiatives such as the NFDA’s campaign against odometer fraud will be crucial to retaining consumer confidence and helping people to buy safely.
Looking forward to the future, the falling value of the pound will obviously favour cars made here in Britain and there may be further volatility ahead, but fears of a collapse in consumer behaviour has so far not been evident in the numbers.
Trusted Dealers continue to believe that new routes to market – through social media and video – will continue to deliver increased value through the second half of the year. With recent advancements in business intelligence we also believe that there are still better margins to be gained through collaboration with advertising partners.
So while it isn’t time for making far-reach decisions, keeping a close eye on internal performance will be critical for dealers over the next few months to inform marketing decisions over the next 12 months as the complications of Brexit unfold in full.
For more information about joining NFDA Trusted Dealers, contact Neil Addley today on 01423 506272.