I n the past couple of years, the auto retail business has shown remarkable adaptability, changing to meet new demands during the global pandemic. Not only have dealers addressed an array of challenges — inventory depletion, supply chain disruptions and a skilled labor shortage — while still having some of the most profitable years, but they’ve also responded to evolving consumer buying preferences. Today, 40% of Americans say they’re prepared to configure and purchase a car online, only visiting the dealership for a test drive.1 From sophisticated, tech-based marketing to digital documentation, dealers embrace digital transformation as they strive for efficiency to streamline the buying process. Equally important, savvy auto dealers are welcoming innovations for making and receiving payments. Faster, Easier and More Secure Payments Payment solutions have progressed to become faster, more secure and easier to execute. New options — from Zelle®, PayPal and Real Time Payments (RTP), to Same Day ACH — offer consumers and businesses faster ways to exchange funds. Traditional payment types are plagued with a high risk of fraud. By a wide margin, checks represent the number one fraud risk among payment choices; 63% of respondents in a 2023 survey experienced attempted or actual check fraud at their organization.2 Newer payment methods are constantly upgraded to offer stronger security measures. Consumer demands for faster settlement and funds availability are spurring the shift to digital payments. The latest payment options reflect society’s broad desire for immediacy and younger purchasers’ expectations for simple, digital execution. Payment Strategies for a Changing Auto Retail World By Truist Dealer Services WVADA News 22
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