Nationwide Partners With TrueCar For Online Car Shopping
Nationwide has launched what they’ve called a one-shopping stop for car buyers. Their decision to do so is based on their research, which indicates that buying a vehicle is feels like tax time. They have also decided to try to connect consumers with dealers through the intermediary of one of the most talked-about names in retail automotive: TrueCar.
Nationwide conducted a survey of 1,000 car buyers and found that 25 percent of them think that buying a vehicle is a stressful as preparing their taxes. The parts of the car buying process that these consumers found to be the most stressful were obtaining financing and the price negotiating process. Furthermore, 62 percent of the 1,000 car shoppers who responded to the Nationwide survey didn’t think that dealerships were going to get them the best price. Their solution is to offer auto insurance, auto loans and now car shopping in the same place. However, in this case, the car shopping offered means connecting consumers to TrueCar.
Using the car-shopping tool on the Nationwide site consumers can both look for vehicles at TrueCar stores and discover their financing options available through Nationwide. This feature seems to lower the possibility of consumers showing up at a dealership needing dealer facilitated financing. The question is, will customers want to give out personal information in order to use this new tool?
On Nationwide’s “Car Buying Reinvented” website, consumers are able to enter personal information into fields in order to be pre-approved for an auto loan. Some consumers will be OK with this process, seeing it as a necessary step if they want an auto loan, while others may stop at that point and pursue other online car shopping options. Their chief competitor is USAA, which offers a similar platform, however the USAA site only asks for a vehicle make and ZIP code which links directly up to the TrueCar platform with USAA site branding on top.
Do you think that the required personal information fields on a website are good way to generate leads or something that consumers avoid? Do you think that car shopping is as stressful for consumers as preparing their taxes? If you agree, what is your store doing to make the process less of a headache and more of a relief from tradition?
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If dealerships decide to work with truecar price negotiations and nationwide for financing then how is the dealership supposed to stay in business? The dealership make money on the sales price of the car (not anymore with trucar) and dealers also make probably half of their profit with the financing (not any more with Nationwide) so where is the profit supposed to come from? from parts? from service? NO WAY. I think the car dealership business is going to go of the way of the banking industry, seven years ago we had 10’s if not 100’s of different banks and now we have about 5 big ones. So how long before the consumer starts feeling the consolidation of Car Dealerships, its coming you’ll see….