VIDEO: Changes in the Automotive Market — Three Trending Factors
Things are changing in automotive — and each market change will bring challenges and opportunities.
Here are three automotive market trends or factors as seen in this video by Chuck Parker, Publisher of Automotive Digest:
Dealerships: Dealers are again considering being called “Automotive Retailers” not “dealers as some are migrating towards becoming Total Transportation Management Centers.
Automotive Portfolio Management: Dealers,auto finance companies, OEMs, and fleet management companies are now beginning to look their customer base like an “Investment Portfolio”– much like a Hedge Fund or Wall Street Stock Portfolio.
Consumer & Car Life Cycles: With the increasing influence of Millennials & the popularity of leasing, consumers are becoming “users” not buyers. This is trending towards less interest in ownership and more toward short term usage and the utility of a vehicle..
News You Need to Know
View All V2V or Vehicle to Vehicle communications that will avoid car accidents are being perfected by advancing research, development, and testing.
More than One Million people are killed by automobiles worldwide every year, including over 30,000 deaths and 5 M crashes in the U.S. alone
This breakthrough technology in cars that talk to each other will avoid accidents, loss of life, and extensive vehicle damage.
V2V is said to have a greater impact on vehicle safety than autonomous or self-driving vehicles. Linking cars wirelessly will have a big effect on road safety.
Vehicle manufacturers face complex challenges from car computers processing data, hackers, and human interface issues but GM, U of Michigan and NHTSA working to solve all constraints.
Is the current $336B Subprime auto loan boom about to implode and become like the subprime mortgage bust of the past?
Auto loan funders and securization underwriters are investing heavily. Credit standards are being relaxed. Lenders and dealers are going ever-deeper into subprime auto loans including Buy Here Pay Here lending programs
Therefore, dealers must pay attention and be vigilant. This Thought Leader Series posting from David Meyer, Executive VP of Spireon outlines how GPS Tracking is a savvy solution for dealers to adopt for better security and risk abatement practices in subprime auto lending
The management of your dealership is undoubtedly concerned about the possibility that your IT system being attacked and hacked from inside or outside the dealership.
Here is a Case study that shows how the alertness and due diligence by the dealership controller lead to a solution by a managed security service provider (Nespire Networks) from outside the dealership.
This listing of the impact of the solution on the this dealership may serve as a management resources for your dealership's management. See the Five areas that contributed to the security of this Toyota dealership data and the well being of the dealership and its team.
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View All du Toit joins Black Book from Jacada, Inc., where he was the executive director of Product Management and led the company’s transition from on-premises systems to cloud-based SaaS products. He has worked globally in product development in England, South Africa, and Hong Kong and co-founded a successful technology company that specialized in Web and Enterprise systems architecture and implementation.
He earned a BS in Computer Science from Rhodes University in South Africa and holds a JD from Concord Law School and is admitted for practice in the State Bar of California.
Follow The Leaders
Why the selection of Subaru of Las Vegas as Dealer of the Month by the Autobytel Dealer Awards Program is significant to other dealerships:
• Dealership has been an active Autobytel Dealer for many years
• Responds to Autobytel Sales leads with Texting and Chat
• Store team was surprised by the success of the Autobytel Lead Program
• Active Internet Sales Department lead by Christian
• Small Store and nimble staff with only the Subaru Brand
• Dealership Philosophy & Pricing strategy that sells cars
• Quality of the Subaru product line factor in success
• Sales force is non-commissioned which is unusual
• Dealership seeks to be like & act like an Apple Store
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