ABM Q4 - Flipbook - Page 43
OPINION
RE TA I L
Beyond technology
and into trust
→ Paul Humphreys is managing director – retail at Cox Automotive Europe
I
n the last decade, the automotive
industry has made a concerted
effort to develop technology that
makes buying and financing a
car simpler. We are now at a
point where it has never been
easier to go from finding a car
online to owning it in a few simple
steps. However, while we have the
technology to do it, the next challenge is
giving consumers the confidence to fully
embrace its potential.
At Codeweavers, we commissioned
research among 5,000 consumers in
the UK, Germany, France, Spain and
Italy to help us better understand what
still stands in the way of further tech
adoption in automotive retail.
What this revealed is that, while
confidence is growing, trust is
fundamental to converting that
confidence into action.
In the UK, 93.2% of respondents said
they understand car finance. Yet when it
comes to actually committing, the picture
changes, as more than half (55.4%) of UK
consumers prefer to finalise their finance
agreement in person.
What this tells us is that consumers are
open to more digital finance journeys.
They are using technology where it
makes their lives easier, but looking for
greater reassurance where the perceived
risk increases.
Trust through experience
Some 94.3% of UK respondents said the
reputation and trustworthiness of their
dealer or finance provider was important,
while 89% prioritised transparency and
clarity of finance terms.
Concerns about digital finance included
data security, privacy and fraud, cited by
38.6%, making this more than simply a
technology or user-experience challenge.
While there may be a temptation to
look to further technology for the answer,
the solution may be more nuanced. For
consumers, greater choice does not
automatically create greater confidence.
Nearly two in five UK respondents said
too many options was a challenge
when researching and buying a vehicle,
while unclear total costs and difficulties
comparing finance also created friction.
The opportunity, therefore, isn’t
just to digitise every interaction, but
to find the right technology to make
complex decisions feel clearer and
more transparent.
That could mean helping customers
understand affordability earlier,
maintaining consistent information as
they move between channels, removing
the need to repeat details, or ensuring
they can easily speak to somebody when
they need reassurance.
In fact, 50.8% of UK respondents
said seeing which vehicles they
could afford based on a monthly
payment would be valuable, while
44.1% valued moving between online
and dealership environments without
repeating information.
Digital and human
This leads to a broader discussion. We
should stop framing automotive retail
as simply a choice between digital and
physical experiences.
The fact of the matter is that
consumers don’t think in channels. They
take the path that most neatly aligns
with what they’re trying to achieve and
how confident they feel.
For retailers, lenders and technology
providers, the goal should therefore be a
connected journey where each channel
does what it does best.
We've reached a point where
technology can enable increasingly
sophisticated digital buying experiences.
The bigger opportunity now is making
sure that those experiences give
consumers the clarity and confidence
to proceed. Because building trust
is what helps turn that journey into
a transaction.
Q4 2026
AUTOMOTIVE BUSINESS
43
