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November 2016 — Retail Properties Quarterly —
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about the trade-in process and the
amount of money they end up get-
ting for their trade in.”
Consumers also dislike how long
it takes to buy a car, having to hag-
gle and having to deal with multiple
staff members. “It’s all just hor-
rific,” Dyke said of the process. “The
industry is running as quickly as it
can away from it.”
In addition to trying to offer solu-
tions for each of these complaints,
EchoPark offers customers perks,
such as use of car washes for free
at every location. EchoPark takes
its cues from specialty retail and
hospitality sectors and is trying to
build customer loyalty. In addition to
sponsoring a local high school foot-
ball stadium, the dealership offers
defensive driving classes and is try-
ing to get accredited to offer educa-
tional driving school courses.
As more buyers migrate online to
buy used cars, the demand for space
most likely will change. “I do believe,
sooner than later, you’re going to see
the digital real estate world play as
large or bigger a role than the physi-
cal real estate world,” Dyke said.
The cars still will need to be
housed somewhere, but cheaper
properties in not as high-traffic loca-
tion will work because the vehicles
would be delivered straight to the
consumer at the individual’s home
or place of business.
“I do see that happening,” he said.
“I think the manufacturer will stand
in the way of that happening on the
new car side for much longer than
what the preowned side will be able
to accomplish.”
The digital marketplace will
become a major pillar of the trans-
action process, said Mitchell. “But
bricks and mortar won’t go away,
especially for your really niche
concepts, like an EchoPark, where
the delivery of the car and, quite
frankly, the purchase of the car is
really experience based,” he said.
“It’s not just about the car itself,
but it’s about the people that you’re
interacting with and the environ-
ment in which the transaction is
occurring.”
s
Market Drivers
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New technologies enable faster, smoother and easier vehicle purchasing experiences to appeal to consumer demands.