Online Car Shopping Coming, Cox Executive Tells Auto Event
Technology is poised to disrupt the car purchase process in much the same way it shook up how consumers shop for some other products, said Mark O’Neil, chief operating officer at Cox Automotive, at a National Automobile Dealers Association/J.D. Power…
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event. The automotive market, a business segment that did less than 1 percent of consumer transactions digitally last year, could see as much as 20 percent of sales online by 2022, he said Tuesday here in New York. “If you think about any retail category out there, the consumer inevitably wins in getting it their way.” Meeting with a salesperson, securing financing and haggling over price and trade-in value could be eliminated by having consumers do those steps themselves from home on a dealer’s website, said O'Neil. Consumers are more comfortable with technology every day and will expect to be able to do more online, he said.