When customers’ transportation needs and income take a nosedive at the same time, you don’t need to be a marketing guru to know it’s not good news for car dealerships. I’m not here to pile on more gloom and doom. On the contrary; while the market is not in the best shape, the news isn’t universally bad. So keep in mind that while certain numbers are down in many cases, what we’re seeing is not the death of an industry, but rather a call for deeper change. A simple signal to adapt to the changing terrain.
Money is such an important part of life that we often don’t think about it beyond, “It’d be nice to have more.” The truth is that money effects our minds in profound ways that are only beginning to be understood. You, as a car dealer, make a living on the third-most expensive thing a person is going to purchase in their lifetime, at a time when budgets are stretched to the breaking point. It’s important that you understand how this all impacts the most basic parts of your business. Specifically, how it all points to the necessity of a customer knowing their monthly car payment as early in the process as possible.
Source (money effects our minds): https://www.inc.com/will-yakowicz/this-is-your-brain-on-money.html