In the used car market, car dealerships and finance brokers constantly battle to stand out. Flashy websites and celebrity endorsements are all vying for your attention. But a recent study by iVendi, a leader in connected car retail technology, revealed a surprising truth: when it comes to buying a used car, people trust their friends and family the most.

That’s right! A whopping 61% of used car buyers reported that recommendations from loved ones had the biggest influence on their decision. Online reviews, often seen as a major factor, only came in second at 31%.

This finding might surprise some, especially considering the recent surge in online car buying during the pandemic. However, it highlights the enduring power of personal connections, even in the automotive industry.

Car buying can be a stressful experience. You’re investing a significant amount of money in a vehicle that will hopefully serve you for years. Naturally, you gravitate towards trusted sources of information – people you know and whose judgement you value. A recommendation from your mechanic brother-in-law or your friend who scored a fantastic deal on a used SUV holds much more weight than an anonymous online review.

So, what does this mean for car dealerships and finance brokers? Here are some key takeaways:

  • The Power of Recommendations: Encourage customer testimonials and referrals. Showcase positive experiences from past customers on your website and social media. Let their happy stories be your best advertisement!
  • Don’t Forget Online Presence: While word-of-mouth is powerful, online research still plays a role. Make sure your website is user-friendly with clear information on car listings, pricing, and financing options. Check out our social media guide for car dealerships here!
  • Focus on Building Relationships: The pandemic may have driven online sales, but customer service remains crucial. Create a welcoming environment at your dealership and foster genuine connections with your customers. They’ll remember the positive experience long after they’ve driven off the lot.

The used car market thrives on trust. By understanding what truly influences buying decisions, you can position yourself as a reliable source of quality vehicles and exceptional service.

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Focus on Building Trust and Connections and Watch Your Business Flourish

At Marsh Finance, we understand the importance of building trust and relationships in the used car market. That’s why we offer more than just competitive lending solutions for your customers. We also provide our partners with a free compliance and sales consultancy service. Our team of experts is here to help you navigate the ever-changing industry regulations and sales trends, ensuring you stay ahead of the curve.

Ready to Partner With a Lender who Understands the Power of Connections and is Dedicated to Your Success?

Contact Marsh Finance today, and let’s discuss how we can help you sell more cars.