Almost everyone in the United States has been impacted in some way by the tough economic climate of recent years. With mass layoffs, a slumping stock market, federal bailouts, and one of the highest foreclosure rates in any decade, the business of buying and selling automobiles was forced to adapt in order to survive. While the car industry has suffered many causalities in the last several years, the industry has also become creative, gritty, and methodical in order to wade through the difficult circumstances.
In reality, the recession has created a worst case scenario for both car buyers and car sellers. From the standpoint of the buyer there is obviously still a need to have reliable transportation yet there is a need to spend much less on this transportation. For many buyers this means buying a used car instead of a new car and therefore they must really do their homework before making a decision to ensure that they pick a reliable, cost efficient vehicle. Sellers, on the other hand, need to increase profits while minimizing operating cost which means cutbacks at all levels from design to production and especially sales. With fewer cars in their inventory, many sellers have less to offer buyers at a time when buyers need more to choose from to get the best bang for their buck.
The automobile industry has found ways to be creative in this difficult economy and it has paid off for many car companies and consumers. For instance, a great marketing tool that is inexpensive is using social media to advertise as well as become more personable sellers. Many car dealerships and automobile companies now have accounts on popular websites such as Facebook, Twitter, and MySpace which helps them relate to their consumers in a wonderfully unique way. On these websites car companies and dealerships post updates about inventory, discounts, sweepstakes, prize giveaways, and other relevant information that consumers need to know. This type of communication is immediate and makes consumers feel more connected with their sellers.
Many car dealerships have offered considerable discounts on vehicles in order to make the sale or provided extra incentives with the purchase of a car such as free maintenance “for life”. Many dealers give away prizes with every car purchase such as trips, electronics, and shopping sprees.
One of the most important things that car sellers have done because of this tough economic climate is become more sensitive to the needs and concerns of consumers. So, despite the negative effects the recession has had on our economy, in many ways it should be viewed at as an opportunity to become wiser, more scrupulous consumers. The recession has also forced sellers to be more consumer friendly, cost conscious, and more effective and creative salespeople.