Retail automotive is shifting towards a buyer’s market. With a strong labor market, stable interest rates, and increased dealer inventory levels, many car buyers who have been sidelined for the past few years anticipate that 2024 is the year they will finally purchase a new vehicle.
For dealers, a buyer’s market means that they will need to be more aggressive with sales, marketing, and merchandising efforts. We will also see a return to “value selling.”
One of the most effective ways to raise a dealership’s brand online and influence car shoppers is with video. In fact, 75 percent of auto shoppers say that online video has influenced their shopping habits and purchases, according to Google.
Most dealers have inventory videos, but many are still using auto-generated, stitched-photo videos that feature standard vehicle specifications pulled from inventory management software. While stitched-photo videos effectively engage more car shoppers than inventory photos alone, dealers that make the effort to produce live walkaround videos can elevate their dealerships—and their inventory—above the competition.
In live walkaround inventory videos, the narrator can influence shoppers with emotion, as well as information. It is the emotional connection to that vehicle that ultimately sparks the desire to buy. What is the best way to forge this emotional connection? Here are a few tips on what to include in walkaround videos.
Emphasize Affordability
According to Cars.com 2024 Automotive Trends report, the largest demand for vehicles is in the under $30,000 price range, but only 13 percent of new vehicles are priced in that range. Below this price point, vehicles are selling like hotcakes.
However, the average new car price is still around $49,000. At this price point, vehicles are moving more slowly, which means dealers need to convince consumers that buying a vehicle is a long-term investment that is worth the sticker price.
In your inventory videos, mention that it’s common for car owners to keep a vehicle for more than ten years, so financing over a longer term is a smart decision. Let buyers know if you work with a lender that offers 96-month loans. If interest rates stay high for a while, encourage a “buy now and refinance later” approach.
Higher price points can also be justified by explaining the value associated with the technology, safety features, and comfort options. In fact, having your salespeople practice “value selling” in inventory videos is a good way to prepare them for value selling to in-person customers.
Promote Most-Wanted Features
Some of the most in-demand vehicles features include all-wheel drive, dash cameras, heated seats, wireless charging pads, and distracted or drowsy driving alerts. Although these are mentioned in the vehicle specs, these features should get extra attention in inventory videos.
When mentioning a vehicle’s special features, convey excitement! Technology, safety, and comfort are important to car shoppers. Emphasizing these advantages not only justifies price points but increases the emotional connection consumers have to that vehicle as well as your brand.
Validate Choices with Expert Opinions
When a consumer is on the fence about choosing one model over another, sometimes an expert opinion can be the deciding factor. If you are carrying models that have been named a “Top Rated” or “Best Car” by a respected third-party brand, make sure to include this information in your inventory videos!
Stay in the know by researching which vehicles have been featured on various review sites. Examples include:
- Edmunds.com “Top Rated 2024”
- U.S. News & World Report “Best Cars for 2024 and 2025”
- Car and Driver “10 Best Cars for 2024”
- Kelley Blue Book “Best Cars of 2024”
- Road and Track “Best SUVs for 2024 and 2025”
If your dealership carries any of the models mentioned, reach out to the site to see if they have a logo you can feature in your video, and have the narrator mention the honor in the video.
These are just a few tips on what to include in live walkaround videos, and how they can help give your dealership’s inventory the edge in a buyer’s market. Dealers that get creative with marketing efforts are most likely to stand out from their competition, and video is by far the best medium to use for conveying both emotion and information critical to the decision-making process.
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In his role as VP of Partner Communications, Jason Ezell forms strategic relationships with digital marketing, website and CRM companies in retail automotive. Prior to joining FlickFusion, Ezell co-founded Dealerskins and Dataium, and held executive positions with DealerOn and Autotrader.com.
