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Auto Dealerships – A Look Ahead

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Recently, Dennis Ephlin, Auto CoE: Customer Engagement & Digital Transformation at IBM, wrote a blog for Dealer Marketing Magazine about the Future of auto dealerships. Below is an excerpt. Read the blog in its entirety here.

Future Point-of-View
The future of auto dealerships survival will not be enabled by physical inventory and assets or traditional parts and service. No matter how much these departments are squeezed for cost reduction and profit margins, it will not be enough. The future survival and success of auto dealerships will be enabled by those that can create a customer network platform and deliver new goods, services, and experiences into that ecosystem. The future retailers in the mobility industry will be those that offer and deliver on the following:

New Services: These may include mobile servicing, electric vehicle charging and power utility exchanges, storage, rentals, shopping and concierge services.

Fleet and Fleet Management: Offering and managing a fleet of vehicles for consumers to acquire, borrow, or even serve as the outpost for person-to-person and car sharing platforms (pick-up/drop-off) and servicing needs.

Access Models: Retailers of the future will need to think of “offering mileage and mobility” and not just selling inventory. Enabling all ways for consumers of mobility to buy, lease, borrow, rent, and access mobility and mobility needs will be a major service of the future.

Personal Concierge: Serve and meet the multitude of needs that come with the consumer’s entire mobility journey. This includes vehicle access, usage, flexible servicing, full-service provider or manager of mobility needs that include finding and delivering mobility, vehicle options for use, scheduling, pick-up, delivery, insurance, financing, maintenance, and much more.

Customer Mobility Platform: Successful retailers in the future will operate more as customer mobility platforms—arranging and delivering all of the above possible services. This will help them become an “On Demand” mobility access platform for consumers of all kinds, all needs, and all models.

The China Car Cascade

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According to a recent blog published by Electrek*, car buyers in China are coming back in waves.  Personal vehicles have become more desirable  as consumers concern surrounding the safety of public transit rise.

Last month, Ipsos, a global marketing research firm based in France, surveyed first-time car buyers. 41% of new buyers surveyed had a preference for Electric cars. (Approximately half of the respondents wanted Air Conditioning with a germ filter and an interior with antibacterial materials.)

Car sales in China were reportedly down over 95% during the peak of the COVID-19 crisis. In March, sales were only 40% below a year earlier representing a significant climb in a short period of time. The China Passenger Car Association believes sales in the overall vehicle market will rebound to last year’s level by the end of April and reported  approximately 47,000 sales of electric cars in March 2020.

In June, Tesla will offer a Chinese-built electric vehicle with a longer range and only a slight increase in price.  Tesla sales jumped from 3,900 cars in February to more than 10,000 vehicles in March, the company’s best results in a single month and plans on pushing deeper into the Chinese market with a greater variety of products and services.

Volkswagen dealerships in China are reporting customers are once again returning to the showroom floors. There are many signs of recovery, with a good chance that the Chinese car market could reach last year’s level by early summer.

There are a plethora of creative tactics being used to re-start post COVID-19 sales. The Chinese government has launched incentives to increase sales which include extended Electric Vehicle subsidies, in some regions, license plate restrictions are being loosened, and some cities are deploying a program similar to cash-for-clunkers.  Automakers are  offering zero contact  test drives, and GM, which just unveiled its new Baojun electric vehicle, launched a no-questions-asked return policy within 30 days. Even Tesla is providing free charging in China.

It’s clear that Chinese buyers are switching from public transit to personal vehicles. If global auto sales rebound, the shift to electric vehicles could be faster than initially predicted. 

 

*Electrek is a news and commentary site that is tracking, analyzing, and breaking news on the transition from fossil-fuel transport to electric transport.

AI is Listening

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BEBDATA BLOG AI IS LISTENINGArtificial Intelligence (AI) is able to measure tone, tempo and other voice characteristics. Some systems compare those sounds to stored speech pattern libraries that define a plethora of human emotions to determine an individual’s emotional, mental or even physical health.

When this sound technology is used in conjunction with computer vision, the science that allows computers to gain a high-level understanding from digital images or videos, the applications become even more powerful. For example, imagine a vehicle that is able to hear a driver yawning and see the driving dozing off.

Research firm Gartner Inc predicts that within three years, 10% of personal devices will have emotion AI capabilities that include wearables (similar to a Fit Bit) that is able to monitor an individual’s mental health or video games that adapt to the players mood.

Car Subscriptions? Yes!

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Of the 17 million cars expected to be sold in the U.S. this year, about a third are leased. The rest are purchased. But there’s a new option for drivers coming on strong in 2018 – car subscriptions.

There are several companies offering drivers a monthly fee to access a variety of vehicles they can change up when they want. The fee varies depending on the company, and range from $400 to as much as $3,700 per month!   The fee usual includes maintenance, insurance, roadside assistance, pickup and drop-off. And in most cases the subscription can be ended at any time.

Cadillac, Volvo, BMW, and Mercedes are all offering subscriptions today.  In an interview with David Liniado of Cox Automotive (part owner of Flexdrive), he said that the market is tiny today (subscriptions between 100K – 150K) but anticipates it growing into the millions within the next 12 months!  Read more about this new concept here.

Marketing Data

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Data is king and choosing the right marketing lists is essential to the success of your marketing strategy and results. Our Bankruptcy file provides robust and comprehensive data including the most current data available combined with rich history as our records date back to 2002.

Unlike many competitors, we compile our database, which is over 20 million records today and contains a wide array of information such as filing dates, dismissals, discharges, Chapter 7 and Chapter 13. All of our data is standardized, CASS Certified, DPV coded and an NCOA (National Change of Address) is run as data is gathered prior to submission to our master database. We gather the data directly from local courthouses nationwide and guarantee that you are receiving the most up to date and accurate data available.

Our count system is lightning fast, easy to use and available 24 hours a day. We have an assortment of count selects available such as geography, status or previous order suppression. Our output menu includes case number, chapter, discharge or dismissal, filing date or status.

If you don’t already have an account, sign up for one now by clicking here. If you need assistance, our expert client service and sales representatives are only one phone call away.

Buying a Car with Bad Credit 2

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We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.

2.  Proof of residence – This must be a current (within the past 30 days) utility bill in your name, showing the address used on the application. A good tip: make sure your bill is up to date. It may not look so good to a lender if the bill you are using as proof is 30- or 60-days past due. Also, most lenders will require your rent or mortgage to be current.

from Auto Credit Express

Fewer Subprime Borrowers

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The percentage of Americans with subprime credit scores has fallen to the lowest level in more than a decade, a development that could give bank lending and the overall economy a boost. The share of U.S. adults with credit scores that are considered “subprime” fell to 20.7% in April, the sixth consecutive year-over-year decline and the lowest level since at least 2005, when FICO started tracking the data.

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