Buying a car 100% online is not far away...
Here is what has caught my eye in disruption and innovation this week:
The ability to do car deals 100% online is about a year away, says Cox Automotive Chief Operating Officer Mark O’Neil, who urges dealers to board the digital train today.
Now is the time to embrace digital retailing. If the industry doesn’t, a disruptive technology will put the current dealer and manufacturer model out of business.
Each year, participating credit unions in the New York region offer their nearly 1 million members the ability to realize significant savings off their next vehicle purchase. The event, held in the spring and fall of each year, demonstrates the value of shopping and obtaining an auto loan through credit unions.
GrooveCar provides its member credit unions with digital promotional materials to generate attention for the sale and customer support to facilitate member buying needs.
Phoenix-based Carvana was founded by Ryan Keeton and Ernie Garcia in January 2013 as an online option for used car sales.
It offers a rather fancy and convenient car buying experience as its platform allows buyers to conduct research and identify a vehicle, inspect using a proprietary 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle, and schedule delivery or pick-up.
The transaction time needed for the completion of securing financing to completing a purchase and scheduling a delivery online takes as little as 10 minutes on its platform.
The buyer can elect to have the car delivered or can pick it up on their own. For pick-up services, Carvana operates vending machines, which are steel and glass buildings that dispense the cars that the buyer has paid for.
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