Why the GDPR is an Opportunity, not a Challenge for Motor Traders14/05/2018
On 25 May, the General Data Protection Regulation (GDPR) will come into force, which doesn’t leave your dealership much time to comply. If you don’t comply, you could receive a fine worth up to €20 million (£17.5 million) or 4% of your annual global turnover, whichever is higher. However, don’t see compliance as a formidable task. Instead, view it as an opportunity to build a stronger relationship with car buyers and cultivate cleaner, more targeted marketing data.
In fact, 69% of potential car buyers rely on their smartphones to research dealerships, according to e-commerce vehicle retailing solutions expert, iVendi. This emphasises the importance of adopting digital marketing practices, which will require you to comply with the GDPR. With digital marketing, you can better engage with potential car buyers, highlight the available vehicles you have and even begin discussing financing options—all before they step onto the forecourt.
However, before you begin building that rapport, you first need to be GDPR compliant. This can be a daunting task, which is why the Information Commissioner’s Office has created an assessment to help accurately gauge how prepared you are and offer the necessary steps that you need to take.