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‘Car dealers must become technology companies’: An interview with the CEO of Vertu Motors
Posted by Mark Field from McKinsey in Dealerships
“The UK car industry has just seen one of the busiest months it has ever seen.” When Robert Forrester, the CEO of Vertu Motors, said these words, he was referring to July 2020—and indeed, in certain parts of the world, car sales have been relatively strong in the past few months. Amid a global pandemic and mandated lockdowns, some people who once relied on public transportation, rideshare services, and air travel have turned to private cars instead.Forrester believes the lure of private-car ownership won’t be going away anytime soon. If he’s right, that bodes well for the future of the company he leads: Vertu Motors is a £3 billion automotive retailer that operates 130-plus dealerships across the United Kingdom. Forrester recently spoke with McKinsey’s Monica Toriello about what the car-buying experience looks like today and how it might evolve over the next ten years. An edited transcript of the conversation follows.McKinsey: Like most retail establishments, Vertu’s showrooms had to close down for a few months. How has the COVID-19 pandemic changed car buying? And which changes do you think will last beyond the pandemic, if any?...
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