Today’s dealerships must gain and maintain a competitive edge more than ever. Advanced automotive data, from CRM to inventory and telematics, is all at your fingertips. But how do you access this data, and how do you leverage it to streamline your operations? Read on for all the details and get the advantage you need to excel.
How Can Advanced Automotive Data Help Dealerships?
At its core, advanced automotive data helps dealerships better understand their market, customers, and operational bottlenecks on a deeper level. By using this data, dealerships can tailor their inventory to match demand, accurately predict trends in vehicle popularity, and more.
Relevant automotive data also optimizes pricing strategies to maximize profits and lower turnover. It enables dealers to make more informed decisions and secure their position in a highly competitive market.
Here are a few ways that you can leverage this information right away:
Optimizing Stock Levels with Predictive Analytics
Predictive analytics represents a significant leap forward in inventory management. You can forecast demand with uncanny accuracy by analyzing historical sales data, seasonal trends, and consumer behavior.
Predictive analytics reduces the risk of overstocking, which can tie up valuable capital and increase storage costs. With the correct automotive data, you can identify:
- The best times to reorder stock
- The most efficient inventory levels for different products
- How external events can impact demand
- Minimize stockouts while improving customer satisfaction
- And much more.
When applied strategically, such data analytics optimizes inventory, enhances efficiency, and helps you maintain a competitive edge in your market.
Personalizing Customer Interactions
Gone are the days of “one size fits all” customer retention strategies. Advanced data can reveal many customer insights in an era dominated by online services and digital transactions. For example, you may discover that customers who purchase a specific type of vehicle also invest heavily in customization and additional accessories. This gives you a prime opportunity to provide them with personalized accessory recommendations or mention exclusive customization packages during service visits.
Actions like these demonstrate to the customer that you’re invested in them for the long term. You care about their preferences, lifestyles, and interests and recommend vehicles based on those traits. This is possible by leveraging advanced automotive data, but it’s also scratching the surface.
Effective After-Sales Service
Leveraging advanced automotive data for after-sales service is a game-changer. The data itself is ripe with opportunities. For example, telematics data can provide dealerships and service centers with real-time insights. These insights can be used to predict potential issues before they become significant problems. As a dealership, this positions you to reach out with timely maintenance offers and service reminders. You can also follow up with tips to extend the vehicle’s lifetime.
Having access to rich automotive data also helps you be proactive. If you notice a particular line of vehicles under recall, you can quickly notify customers. They’re just a click away if you’re interested in active and recent inventories. See which cars sell best in which areas and how long they were on the market.
By analyzing the data, service records, and engagement patterns of buyers of certain vehicles, specific trends and patterns will start to emerge. This data creates a wealth of opportunities that can set your dealership firmly ahead of the competition.
Targeted Marketing Strategies
Dealerships can also use advanced automotive data to identify specific customer segments for more targeted marketing. For example, your dealership analyzes vehicle data and identifies a segment of customers that utilize their vehicles for long-distance travel. It could be sales professionals or long-haul truck drivers. The data you have about them includes things like:
- Mileage
- Driving times
- Areas they frequently visit
- Fuel consumption rates
Based on this data, you could offer custom maintenance plans to address vehicle wear and tear. The plan could include things like:
- More frequent oil changes
- Tire rotations
- Brake and suspension inspections
These parts tend to wear down faster due to prolonged use. However, you can also install more durable components, such as long-life tires or heavy-duty brake pads.
Streamlining Operations with Real-Time Data
Operational effectiveness is a must for dealerships looking to boost efficiency, reduce costs, and improve productivity. It may be surprising to learn that advanced automotive data can also help in this regard.
On the retail side, real-time inventory tracking can significantly reduce stock issues by providing sales data across locations. Managers can then redistribute inventory more efficiently. Pricing can be adjusted based on current demands uncovered through data analysis. Having access to years’ worth of vehicle data can deliver insights that were previously nearly impossible or prohibitively expensive.
Your Next Steps in Using Automotive Data Effectively
So, what exactly do you get when you make advanced automotive data a part of your operations process? With a company like MarketCheck, you get a variety of solid benefits, including:
Instant API access — No permissions, no hassle. Sign up for an API key and start putting data right away. No minimum requirement. Payments are based on the amount of data processed and how quickly it’s done.
FTP access for large data sets — Need to access the data even faster? We offer FTP access for large data feeds and can set it up for you within a few days.
Custom reports, dashboards and integrations — No matter what your needs are, we can likely work with you to get you exactly what you’re looking for. It’s all available.
From CRM marketing scrubs to basic VIN decoding, OEM build data, recalls, and more. MarketCheckc’s advanced automotive data includes CRM cleaning, pricing, and competitive intelligence.
Contact us today to learn more about our detailed automotive data and how we can help you improve your operations with greater efficiency, speed, and quality service.
