Data is the new gold of the internet age in most industries, but this is especially true in the automotive industry. It is not just a matter of prospecting data for new leads, but also how a dealer is able to collect, mine and use data to sell more cars. Where dealers were once only competing on price, now they must compete using data to keep ahead of their competitors.
Auto dealers have always used data to help make their decisions, but now the tool box is much larger and much more precise. From pricing tools that accelerate sales to quoting tools that deliver personalized price quotes for customers, dealers are leveraging data to grow revenue.
You can make the term “data” as impressive as you want (analytics, metrics, business intelligence), but it is still worthless if it is not actionable for the dealer. So it’s not only vital to get the data, but you must also have an easy and straightforward way to use it.
For example, most dealers appreciate that price and aged inventory are related – the longer the vehicle sits the less money dealers make. A pricing tool may update the website, but without automatically transferring the vehicle to a specials page, the data failed to improve the dealer’s chances of selling their aged units.
Dealers should tackle data management head on, because if they don’t provide the data then the buyer will find someone that does. Buyers use data to decide which vehicle they are interested in. They want to see all the relevant pricing incentives and will no longer “call-for-price” or click on the “e-price” button. You have literally seconds to either engage the buyer or send them off to another site.
As a former dealer myself, I recognize that the role of the physical car lot is in transition and the role of the “virtual” car lot is becoming more important lot. It is much simpler to determine what the requirements of the physical lot are – just look out your window! The virtual lot, however, can be quite overwhelming with all the many choices out there. The needs and results are not as obvious either with your online presence. Are your dollars getting you what you need to become or stay competitive? Is the thought of changing how you currently manage your data just too overwhelming?
The AIM platform was created as an all-in-one solution, to automate and control the syndication and management of data. The AIM platform unleashes the power of your data with automation to give dealers a competitive advantage for managing their inventory. AIM makes every vehicle you sell more profitable. To schedule a free trial, click here.