Is it time for MENA’s car retail industry to shift online?

Is it time for MENA’s car retail industry to shift online?

So is it finally time for the region's car retail industry to shift online?It is certainly something to think about; looking at other markets, online tools have come to the rescue of ailing car dealers. In the US, where car sales are estimated at $840 billion, online transactions still account for only around 1 percent of the total, but their share has started to rise following COVID-19 restrictions."With coronavirus, we've seen an additional shift in the desire to purchase vehicles online,“ Ernie Garcia, CEO of Arizona-based online used car retailer Carvana, told Reuters last August.Some MENA auto retailers are beginning to recognize the value of online tools, suggesting that the "handshake deal,“ which has long defined the regional marketplace, might not be the only way to do business in this sector in the future.Last June, Mohamed Yousuf Naghi Motors (MYNM) launched its first virtual showroom for BMW cars in Saudi Arabia, allowing customers to remotely explore and compare models from both new and certified secondhand car collections. Mark Notkin, MYNM's managing director, has described the move as "a step in the right direction.“Kia Motors followed suit by launching its "Live Stream Showroom“ service, which offers personalized real-time video tours of