Car Dealership Trends to Know About

Whether buyers are shopping online, buying a brand new car from a dealership, or visiting a used lot, we expect to see the following trends shape the car sale industry in the next year:

More Online Car Buying

Following the COVID-19 pandemic, online shopping has transformed into the preferred customer experience for many customers. While buying a car online used to be a small market, it’s become the largest industry growth sector for dealerships in the last few years. According to a recent survey, 78% of customers who purchased a car online enjoyed the experience.



Because of this trend, dealerships will begin prioritizing better, more engaging, and easier-to-use online shopping experiences to boost sales and customer satisfaction. Potential buyers will likely look for secure, feature-rich e-commerce portals for easy car-buying from home. 

A Stronger Eco-Friendly Focus

Every year, we take strides toward a sustainable future. The automotive industry is one of the largest sectors in the eco-friendly movement. According to the United States Environmental Protection Agency Automotive Trends Report, real-world Co2 emissions for new vehicles have reached a record low, dropping by 2 grams per mile in 2021 alone. 

Dealerships want to join the sustainability trend to promote a positive brand image and meet customer demands, while many shoppers want environmentally friendly and cheaper-to-run cars. Eco-friendly vehicles not only support the planet but offer more cost-effective operating expenses.

Virtual Reality Experiences

Virtual reality (VR) experiences take the online shopping car dealership trends one step further by allowing customers to view what their lives would be like without actually stepping foot in the car. VR trends include a wide range of digital experiences, from designing your own car at home and seeing how it will look on the road to playing with a headset at the dealership and imagining driving the new vehicle on off-road terrains. 

According to Audi’s VR program, such experiences can boost sales by up to 60% to 70%. Dealerships should consider this unique strategy when exploring ways to boost sales and customer experience in 2023.

Reduced Used Car Prices

According to the latest Consumer Price Index data, the price for used vehicles dropped by 2.8% in the last few months while new vehicle prices continue rising by 5.8%. During the COVID-19 pandemic, used car prices skyrocketed due to low supplies and inflation rates. Buying a new car was more practical for many buyers, though the trend has clearly shifted. 

With this trend, dealerships can emphasize lower used car prices.

Rising Interest Rates

With high inflation comes high interest rates as the government attempts to reduce lending and combat the current economic state. Unfortunately, anyone trying to purchase a car right now will see much larger APRs than they may have expected. As a result, dealerships will likely see buyers leaning toward longer-term loans or leasing options to avoid the high rates.

Shop Confidently with Edge Financial Services

Car dealership trends in 2023 will include more technological advancements, a push toward sustainable vehicles, lower used car prices, and higher interest rates. If you want to make more sales at your dealership by offering flexible financing, you’ve come to the right place. Contact Edge Financial Services today at (866) 890-2415 to learn more about our financing options.