We believe the industry’s response is best planned around four areas of activity:
- Connected Customer: Putting the customer at the centre of your company. Solutions include multi-channel digital shopping tools that support sales of new and used vehicles from multiple brands plus interactions with finance institutions. Next best actions can be automatically recommended and paperwork eliminated.
- Connected Vehicle: Making the car a node on the network. For example, telematics provided by OEMs can be tailored to provide services that meet local requirements, and integrated with customer retention tools that provide a 360° customer view.
- Connected Insights: Transforming data into competitive advantage. Forward-looking analytics help retailers anticipate sales and get the product mix right. Applying analytics to retailers’ own data and market data together can give a view that spans multiple brands and OEMs, as well as local customer tastes.
- Connected Operations: Transforming operations to improve profitability. Lot management and vehicle processing solutions enable efficient orchestration of all the work needed on a vehicle. Asset management solutions track fleet vehicle assets, depreciation, location, service records and service needs.
Retailers, large dealer groups, and distributors need to:
- introduce standard ways of working without losing the local touch and flavour;
- find the right balance between new and used car sales, and selling complementary products such as finance and insurance;
- ensure the online and offline experience combine seamlessly for the end-customer;
- decide how to leverage customer and vehicle data for the benefit of all parties – not least the consumer.