Connected vehicle data has unlocked the potential for businesses in the automotive world to market and optimize like never before. Each of the following hypothetical use cases is designed to illustrate an example of how connected vehicle data is used. We’ll also share the impact that such data can have on the industry as a whole. Let’s take a closer look at the transformative effect of data.
Active and Recent Inventories
Automotive platforms can use this data to offer comprehensive search functionalities. They can give users a real-time snapshot of the market, enabling consumers to find the best deals from over 50,000 sources. This level of transparency greatly improves the car-buying experience. Dealerships can use this data to benchmark inventory against regional trends, optimizing stock to meet consumer demand.
Days-On-Market (DOM) and Trim Level Breakdowns
Analyzing DOM data alongside trim level breakdowns helps dealers understand which configurations sell fastest. This data has a ripple effect on purchasing and pricing strategies. For instance, a dealer might note that SUVs with specific engine types sell quicker in their area, guiding their inventory acquisition.
VIN Histories and Auction Data
Used car dealerships use VIN histories to curate high-quality inventories. Auction data can be used to spot opportunities to acquire vehicles at competitive rates. By accessing detailed VIN histories and auction insights, dealers improve the trustworthiness of the used car market. Customers enjoy a more improved shopping experience and benefit from better pricing strategies.
Private Seller Listings and Incentives Data
Private seller listings offer consumers a broader selection, while incentives data help dealers understand what drives purchases. Having access to this data democratizes the car buying and selling process as a whole. Detailed incentive information helps consumers make smarter financing options available to consumers. These incentives can be broken down by zip code or even VIN level.
Build Data and Popular Cars API
Manufacturers and dealerships analyze build data and tailor their production and stock to align with consumer preferences. This focus leads to higher user satisfaction and lower inventory costs for the industry as a whole. Everyone wins when manufacturers and dealers are better equipped to predict and meet market demand.
Market-Days-Supply (MDS) and Recall Service Leads
Dealerships use MDS data to adjust pricing and marketing strategies dynamically. In the automotive world, making sure you can move inventory efficiently in challenging market conditions is a must. Meanwhile, recall service leads give the service department the data to reach out to consumers about recall repairs proactively. Being notified about a recall helps improve safety as a whole while fostering greater customer loyalty.
CRM Cleansing and Competitive Intelligence
With CRM cleansing, dealers can automate their CRM systems to keep records current while removing sold or trade-in vehicles. Competitive intelligence data helps dealers see their market position and update their strategies accordingly. CRM cleansing helps improve operational efficiency and customer engagement, while competitive intelligence ensures dealers can swiftly adapt to changing conditions.
Pricing Intelligence
Pricing intelligence lets dealers and private sellers price their vehicles more accurately and confidently. They can ensure their rates are competitive and fair by accessing a vast database for comparison. Using price intelligence across the industry helps promote market transparency. These actions create a more trustworthy automotive ecosystem where consumers can buy confidently.
Why So Much Data? Why Now?
Having access to this kind of granular data through connected vehicle platforms has transformed the automotive industry. For dealerships and manufacturers, it streamlines inventory management and business operations. The ability to analyze trends at the VIN level, including trim specifics, lets stakeholders make informed decisions about stock, pricing, and marketing.
Consumers are empowered by transparency and depth of information throughout the buying process. For example, our White Label Search can leverage this data to match them with the perfect car. Finding a vehicle that meets their needs and budget with your custom branding can help create lifelong loyal customers.
The industry as a whole benefits from access to this data as well. Increased market efficiency, better competitive intelligence, and building relationships with customers cannot be overstated. The result is a more dynamic, responsive, and customer-centric automotive marketplace.
Access to the Data and So Much More
Of course, having access to the data itself isn’t enough to power these insights. You also need to know how to integrate it within your existing systems. That’s where MarketCheck can help. We offer a full suite of APIs ready to help you access over eight years of detailed automotive data. Get access to all of the above data highlights the way you need it, with just a few lines of code.
Need to do more detailed analysis? For large volume data-sets, MarketCheck offers FTP access which allows you to access a larger amount of data more efficiently. Need a one-off report or something specific? Let our professional data experts create custom reports for your needs.
Connected vehicle data has created a major shift in the automotive industry. Never before have there been so many opportunities for optimization and innovation. From streamlining inventory to driving competitive advantages, the benefits of this data have far-reaching impacts. The industry will continue to evolve, and those automotive companies that adapt will be poised to excel. Using connected vehicle data will play a vital role in shaping the future and driving innovation.
Contact the data professionals at MarketCheck today to learn more. Let us work with you to craft an impactful plan of action that takes your business to the next level.
