There’s a lot to discover at NADA Show 2023. Learn more about our exciting announcements and get in touch to speak with our team on the show floor.
In the meantime, get up to speed on the topics covered by the convention’s speakers, workshops, and expo participants such as:
- Hiring, onboarding, and retaining great people
- Navigating the long-term impacts of the inventory shortage
- Customer experience online and in-store
- Millennial and Gen Z car buyers
- The OEM relationships of today and tomorrow
- The future of auto retail
Before you hit the convention floor in Dallas on January 26-29, 2023, check out these resources for a confident understanding of NADA 2023’s top-of-mind issues.
Hiring, onboarding, and retaining great people
After record-breaking compensation and retention numbers in 2021, the employment boom started to pump the brakes in 2022. In 2023, it’s going to take a thoughtful and strategic approach to hiring and retention to find, train, and keep great people on your teams. Luckily, with some extra attention on the employee experience plus the right digital tools, you can onboard faster and reduce turnover even when up against the headwinds predicted for 2023.
This might also be the year many dealers do some team restructuring to facilitate single point of contact sales and a more digital-first car-buying experience. To staff up the right roles for the online/in-store hybrid buying journey, look into these top six jobs to fill at your dealership to survive and thrive in 2023.
Navigating the long-term impacts of the inventory shortage
Lingering chip shortages continue to impact inventory. And with OEMs leaning towards fewer days of stock on dealer lots in the long-term, too, shifting your business strategy makes sense. But by taking a careful and calculated approach to low-inventory operations, you can learn to thrive in the new normals of inventory and allocations.
Reduced availability of inventory has changed the dealership business for good. But tech tools can make the transition easier. So can an elevated approach to used-car prepping for higher-mileage trade-ins.
Customer experience online and in-store
Improving customer experiences is top of mind for the entire automotive retail industry. With the right updates to process, teams, and technology, dealers can deliver modern car-buying experiences today’s consumers expect. Going beyond brick and mortar to create a hybrid online/in-store engagement with seamless transitions is key.
At NADA 2023, expect to hear the latest innovations in customer experience as the industry matures beyond pandemic-era pivots to long-term strategies. That likely won’t include anything as drastic as metaverse car sales, but advancements are exciting nonetheless.
Millennial and Gen Z car buyers
Growth is a hot topic at NADA 2023, and millennials and Gen Z are the fastest-growing car-buying demographics. Tapping into this market—or doubling down on your existing focus—can be a smart move. Start by understanding what prompts millennials and Gen Z to look for a new car in the first place.
Once you get what drives them, you can be more precise about tailoring your modern car-buying experiences to their expectations. And when you’re ready to go full-force, check out the free guide: How to win over millennial and Gen Z car buyers.
The OEM relationships of today and tomorrow
Developments in automotive and retail technology, plus challenges like the inventory shortage, have adjusted the balance of the OEM/dealer relationship. With so many questions remaining about EVs, online sales, and the future of supply chains, it can be hard to plan for the next month, quarter, or year.
With all the upheaval, OEMs are even more focused than ever on customer and brand experiences. They want to drive sales in a tough market, increase loyalty among strong competition, and approach the bar set by other online retail experiences. Embracing technology to streamline the customer journey seems to be the agreed-upon way forward in the dealer/OEM dynamic.
The future of auto retail
Finally—what will car buying look like in 2023? Automotive digital retailing has been at the forefront of the industry for a few years now. So, what’s next?
In the ongoing evolution to modern retail experiences, including digitized F&I capabilities, a more omnichannel car-buying approach resonates with today’s customers. The future of auto retail goes beyond treating your dealership’s website as merely a lead-generation tool. It means attracting high-intent buyers and capturing partially completed deals—and even end-to-end transactions—through your website and digital workflow.
Find us at booth #5420 or head here to book a demo and learn more about the future of auto retail—plus how Upstart Auto Retail can help you build the digital car-buying experience today’s shoppers demand.