While the COVID-19 pandemic has created many obstacles for auto dealers, some have found ways to create opportunities in the midst of adversity. After taking a step back from the auto industry, Bernie Moreno, president of Bernie Moreno Companies, and serial tech entrepreneur, came back to the business in a big way when he saw an opportunity to transform the retailing experience. Moreno joined us to discuss his journey back into automotive.
When the COVID-19 pandemic hit the automotive retail industry early this Spring, Moreno saw an opportunity to get involved in the changing landscape. The industry is becoming much more digital-friendly, and Moreno intends to expand the capabilities of digital retailing.
Digital transformation in the auto retail industry was already steadily in motion. However, the pandemic has accelerated online retailing innovation by 10 years in just a few short months. Consumers want to own their vehicles. They are not interested in sharing cars with other people who may or not be infected with the virus. Many customers have also left the major city centers they once inhabited due to the pandemic and now they rely on vehicles to commute longer distances.
Moreno and anchor Jim Fitzpatrick also discuss industry consolidation, the changing business model of the dealership, and vehicle affordability.
Prior to the sale of all of his dealerships except one, Bernie Moreno owed 15 dealerships, representing 30 brands. His tech ventures include Ownum, CHAMPtitles, VitalChain, and Blockland Solutions.
Did you enjoy this interview with Bernie Moreno? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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