Research from The Federal Reserve Bank of New York’s Center for Microeconomic Data and the LegalShield Consumer Stress Legal Index (CSLI) show the current state of household finances isn’t necessarily great right now.

Big Time Advertising founder and CEO Terry MacCauley explained that a potential ramification relevant for buy-here, pay-here and independent dealers are four classifications of vehicle shoppers.

MacCauley described these four buckets of shoppers as:

—Full-stop shoppers: These consumers are slamming on the brakes when it comes to spending.

—Hesitant hustlers: This group is cautiously optimistic but careful.

—Chill spenders: These buyers are still in the game, unaffected by the slowdown.

—YOLO buyers: Living by the “you only live once” mentality, these buyers aren’t sweating the slowdown.

So, how should operators approach these distinct shopper groups? MacCauley — who is among the experts set to appear during Used Car Week that begins on Nov. 18 in Scottsdale, Ariz. — offered these suggestions.

To reach full-stop shoppers, MacCauley said, “These buyers need to hear about affordability and practicality.”

When it comes to hesitant hustlers, MacCauley suggested, “Dealers should emphasize flexible financing and low-interest offers, positioning the purchase as a long-term value investment.”

For those chill spenders, MacCauley recommended that operators and their salespeople should, “highlight premium features, safety, and reliability — areas that matter to buyers who value quality and durability over flash.”

And for those YOLO buyers, MacCauley said dealers can “target these carefree spenders with messaging about experiences, technology and lifestyle enhancement.”

MacCauley acknowledged dealers might be tempted to back off marketing efforts when sales soften and consumers are in financial pickles. But he urged dealers to stay the course on the marketing front because there are so many different kinds of potential buyers still in the mix.

“As consumers brace for economic uncertainty, they naturally become more cautious with their spending, especially on big-ticket items like vehicles. This often leads dealerships to cut costs, delay investments, and scale back marketing efforts. While trimming unnecessary expenses is always a prudent move, indiscriminate cuts, particularly in marketing, can be a significant mistake. Dealerships that fail to support their brand or neglect to address their customers’ changing needs risk undermining their long-term success,” MacCauley said.

“Auto dealers must first recognize how their customers’ purchasing habits evolve during a slowdown. Understanding the basics of shifting consumer behavior provides a robust roadmap for reshaping marketing strategies and positioning the business for both the downturn and the recovery that will eventually follow,” he went on to say.

For more ideas about how to retain customers or other marketing strategies, visit Big Time Advertising online at https://www.gowithbigtime.com.