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How Dealerships Can Leverage Vehicle Data By effectively managing and understanding vehicle data, dealerships will improve customer experience, increase sales, save money and enhance operational efficiency

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

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With the humongous amount of data available today, it's important to prioritize data management. In the competitive automotive space, understanding and leveraging data coming into the dealership stores to connect with consumers has become an essential part of marketing. By gathering and understanding customer data, dealerships gain insights into their preferences, behaviors and needs.

JATO Dynamics, a global automotive market research company, has come up with JATO's Carspecs API, a solution that enables dealerships to directly compare vehicles from more than 50 brands. Carspecs API can make competitor and market research more efficient by identifying similar vehicles, differentiators, key advantages, and cost comparisons. "While some customers might only be interested in one car, others may be considering several options. JATO data makes it easier to have broad market oversight, boosting expertise during sales conversations," the company stated in its report.

One of the most beneficial aspects of JATO's Carspecs API is the ability to analyze key advantages between competitor vehicles. Whether used for training, pre-research or on-the-spot comparisons, the vehicle data solution equips customers with a valuable decision-making process.

Similarly, implementing Salesforce Automotive Cloud yields impacts for automotive businesses. With a unified CRM platform, automotive businesses can provide personalized and consistent experiences throughout the customer journey. Salesforce Automotive Cloud streamlines sales processes, automates repetitive tasks, and provides real-time access to critical customer and product information. Sales teams become more efficient, enabling better lead management and enhancing the effectiveness of sales activities, resulting in increased conversion rates and revenue. It offers powerful analytics and reporting capabilities, providing actionable insights into sales performance, customer behavior, and market trends. These insights enable businesses to make data-driven decisions, identify growth opportunities, and optimize sales and marketing strategies.

By collecting and analyzing data on processes such as inventory management and sales performance, areas are identified to streamline operations and increase productivity, leading to a more efficient and profitable business overall. According to a survey, 94 per cent of car buyers say they expect their interactions with a dealership to be simple and joined up, and most car dealers are already on the way to improving their online experience for them.

By effectively managing and understanding data, dealerships will improve the customer experience, increase sales, save money and enhance operational efficiency.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
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