by Nathan Cooper, Product Marketing Manager
Last week we attended Keyloop’s latest insights webinar – ‘Navigating the retailing challenges of consumer demand for digital experiences’. One key point made in the webinar for us was that 41% of automotive businesses consider real-time availability of vehicles and vehicle pricing to be their top challenge.
Seeing this statistic made us stop and think about the tools that dealerships can use to help them with this problem. Unfortunately, we can’t do a great deal about vehicle stock availability – that’s an industry-wide problem that is well documented – however we can help dealers to maximise the margin and saleability of their vehicle stock today by utilising a business intelligence and reporting solution that is focused on the automotive industry.
To view Keyloops webinar please follow the link below to watch it in full :
- Get a single view of your vehicle stock
Using a business intelligence and analytics solution allows you to see all your vehicle-stock data in one place, all presented in easy-to-visualise, structured charts and infographics. By giving you this single view of your vehicle-stock data, you can see any outlying vehicles or vehicles that need to be updated or amended to enhance the chance of sale. It’s quick, simple to use and take action from.
- Integrate with multiple data sources across your business
With the average automotive dealership having over 20 different systems that they have access to, keeping focus on the things that matter can be a challenge. By utilising a business intelligence and analytics solution, you can integrate multiple data points, bringing them together into a single source of information that can be actively queried against.
Data sources can also include data from your stock inventory from your DMS or national pricing data from automotive market places, such as Auto Trader, through to ecommerce platforms like SilverBullet, helping you to view online sales patterns. It’s important that your business intelligence and analytics solution is integrated and able to access as much data as possible, so you have a single view that contains all the data you need – fast!
- Optimise your vehicle pricing
Automotive business intelligence and analytics solutions enable automotive dealerships to see the vehicles that need to be amended price-wise, and they also give you an indication if you are priced too high or too low against other automotive dealerships in your area. This means you only focus on the vehicles that matter, saving you time and meaning you are making small, manageable changes every day, or hour by hour, to stay ahead of the competition and optimise your revenue and margin opportunities.
- Move your stock with confidence
For multi-site dealer groups, there’s the opportunity to move vehicle stock to different locations – the question is which site is best, and why? An automotive business intelligence and analytics solution will enable you to analyse historical sales, as well as current stocking, sale price and turnaround times across the country.
Using AI and machine learning to quickly compare your dealerships stock against the national trends will let you know where your stock is most likely to sell, and where to get the best possible margin. As a result, it helps your automotive dealership to generate more profit, and all in a few simple clicks – not hours of collating data to make the decisions you need.
- Keep track of all your inventory to avoid issues or spot future opportunities
Do you wish you could see into the future? Well, automotive business intelligence and analytics solutions can help you to not only get a single view of all your stock, but also forecast future values based on market conditions. This enables you to spot vehicles that may be falling fast in price that you need to move on quickly, or vehicles that are gaining in price that may be worth investing in now to get the best possible margin from in the future.
Hopefully the above helps your dealership to understand just some of the ways automotive business intelligence and reporting solutions can be a great tool to maximise your vehicle stock pricing and implement a vehicle-stock strategy that keeps you ahead of the competition.
If you would like to find out more, please talk to one our team who are happy to arrange a demonstration of our REALinsights business intelligence product – built by automotive industry experts, for automotive dealers and OEMs.
REALinsights is a cost-effective data and analytics platform launched in 2021 by Real Time Communications. With over 80 out-of-the-box reports and integration into Auto Trader, Keyloop, Enquiry Max, RTC and other solutions, it has the power to combine all of a dealership’s data sources and offer a complete overview of key business metrics.
In addition to reporting on stock pricing in real time, REALinsights can offer market forecasts and bottom-line predictions based on a wide range of factors, offering instant and powerful decision support in high-impact areas.
About Real Time Communications
Real Time Communications (RTC) is a digitalisation specialist, working with UK dealerships to deliver complete, seamlessly integrated solutions for sales and aftersales. With 20 years’ experience developing and deploying software, RTC is proven as an expert in digital transformation and a growth partner for dealerships in a fast-changing industry. More than 700 franchised dealers now use RTC.
RTC’s technologies allow systems, processes and communication channels to integrate and share data in real time, leading to revenue opportunities, efficiency savings and sustainable benefits. With a full-service approach, RTC is committed to helping dealerships adopt a customer-centric model, meeting motorists’ demands with a personalised experience.