One Third of population or 222M in U.S. & rich countries are over 60. These people spend $4T per year and number(s) are growing. Only 31% of companies are focusing sales & marketing on this market
Why is this? Young people dominate marketing, agencies, & media-buys Older Car Shoppers are going to reshape the automotive business landscape
Biggest challenge: What is “old” anymore? 60 is the new 40 & so on. Automobile & health care industries are “on” this Grey Market with a Silver Rush Marketers are discretely learning in early stages of a market revolution
What You Can do: Go to startling Economist article “The Grey Market” and alarm your marketing department.
Auto Supplier Companies in Peril? Is Bitcoin’s Blockchain Technology about to Blow Automotive Systems AwaySituation:
The common ledger technology of Blockchain programming is enabling multiple users to work on shared computer documents in finance and everywhere.
Wall Street has tested the use of Blockchain technology in record keeping, credited default swaps, repo trades, and even funds transfers in financial transactions.
The Depository Trust and Clearing Corp which is the center of Wall Street’s trading infrastructure is working to apply Blockchain Digital Ledgers to the $2.6 Trillion Market.
Automotive industry insider and Hi-tech savvy executives and analyst are saying the Blockchain Technology will transform automotive industry CRM. DMS, and Auto finance for starters.
If this be the case, look for massive changes, opportunities, mobile applications and a complete transformation of the automotive market from Leadgen to vehicle remarketing.
To see how WS is using Blockchain Technology.
TrueCar has made a dramatic change about who they thought they were.
TrueCar’s new management team has completely changed its core business model from being for the “car shopping consumer” to “The dealer is our customer”.
TrueCar has ironically made this change look problematic & tenuously challenging by declaring that the new business model strategy is a WIN-WIN for dealers and car shoppers.
The Significance of it all:
Maybe three Questions:
Will the dealer body believe the new Pledge and adopt the TrueCar pricing model?
Will the Car Shopper and all those TrueCar affiliate members be OK with this new strategy?
Will this new strategy enable TrueCar to finally make a profit?
Significance of the Study:
1) 90% of people feel they have lost their privacy
2) 73% of time, the user location was shared with an advertiser
3) Advertisers pay 10-20% more for online ads that include location based info.
4) Many displayed ads are based on info about where user has been.
5) Many location based software cannot be uninstalled, such as Google Play
6) Few users take action to prevent apps gathering personal dataas sourced from the Wall Street Journal article.
An Executive MBA team from Rochester Institute of Technology’s Saunders College of Business seeks survey information from dealership management for a graduate research project in order to come up with a solution.
Significance & A Solution: This team is researching alternatives to the current practices utilized by single and multiple rooftop operations for the retention and retrieval of deal jackets and service orders
. What do they need from you? Answer a survey on current practices used for document storage & collect information on a proposed solution to the problem.
Who should do the quick survey now? --- Get Free $5 Starbucks or Dunkin' Donuts Gift Card CFOs, GMs, Principals, Office or Service managers
AUGMENTED REALITY:Situation: Intel, Microsoft, and others are taking virtual reality to a new level with the deep sensing capabilities that capture high resolution images. The imagined future of gesture based computer interfacing with augmented reality is being realized.
Will Augmented Reality Superimpose Virtual Elements of the Real World into Automotive Advertising, Marketing, and Enthusiast Print Magazines?
Significance of Augmented Reality: Intel is now building an augmented reality headset. This means that Intel's RealSense 3D camera technology would be used in such applications as autonomous vehicles, webcams on computers, smart bike helmets, wearables and holding a smartphone over a print magazine page to see car advertisements come to life.
Microsoft put its augmented reality camera on sale this past week and is collaborating with Intel to move beyond personal computing.
Get smart about Augmented Reality by going to recent articles in the WSJ, Fortune, and TechCruch
Situation: Mark Rosekind, administrator of the National Highway Traffic Safety Administration, gave a restrained view of self-driving vehicles at a recent MIT conference while acknowledging that technology could provide important new safeguards for cars but said it was too soon to say exactly what form vehicular automation would eventually take.
Significance: Rosekind did express enthusiasm for the possibility of automation-based safety improvements and said that NHTSA is trying to expedite the process through which more testing of automation takes place.
Backstory: The onstage remarks by Rosekind were made at an MIT Age Lab event, “The Present and Future of Automated Driving: Technology, Policy, and the Human Factor,” with Bryan Reimer, a research scientist at the MIT AgeLab and associate director of the New England University Transportation Center, conducting a probing interview.
Significance: Advertising may well becoming the least effective communications channel for clients and automotive industry companies. Content marketing, social media, native advertising and at least another 5 resources are combining to replace print and banner advertising.
See if you can wake up and excite your management & marketing team about what the author, Mike Dexler, is saying and why they should act.
Click and think about your current plans to advertise in 2016.
THE FUTURE OF THE AUTOMOTIVE MARKETThe Situation:
Disruption is Coming: 8 Key Tech-Driven Trends to Alarm & Arm You
Almost every day, one comes upon a blog, a research study, a White Paper or a news item that advances and postulates that dealers and the whole vehicle market in the U.S. and globally is about to change dramatically and to be disrupted.
The Significance of this Posting:
These disruptive trends will transform the automotive industry. The listing of these trends, issues, and developments by this consultant to McKinsey and Company are in-depth, definitive, and predictive in content and suggested strategic response.
It will be worth your time to read, make notes, and scroll to the very bottom of this blog which is really a kind of White Paper on the present and future condition of the global automotive market with particular applicability to the U.S. Market.
The “Preparing for Change” section at the end of this linked document lists a 4 pronged strategic response that is somewhat general but outlines some actionables for the entire automotive market, particularly the OEMs and their dealers.
Here is the latest in-depth analysis from a McKinsey & Company consultant, Jorge Lopez Colome, Senior Partner at Autometrics S.A. de C.V.
Toyota Research Institute and its CEO Gill Pratt are on a hiring binge to bring together a line-up of engineers and executives to head its technical leadership team and advisory board.
Toyota’s ambitious AI and robotics effort, lead by Dr. Gill Pratt, who is CEO of the newly formed Toyota Research Institute (TRI), announced the technical leadership team and advisory board.
To See the list of the new Self Driving Tech Team that Toyota has put together to make the self- driving car a reality at Toyota.
Patrick Dealer Group were experiencing poor lead conversion from the phone traffic, even with an increase in inbound phone volume.
The Significance of the Solution:
Every dealer team now realizes that 84% or more of car purchases are made with 90 days of the initial search by car shoppers.
This means that being able to track and retarget phone traffic within a short period of time after the initial call can means higher conversions, fewer lost sales, and increased profits.
In this case study, the Patrick dealerships increased sales conversions by 10%, gained 197 more sales, and realized $400,000 in profits – all by using CallSource’s tracking technology and reporting system.
Toyota is investing $8.2 M in machine learning company, Preferred Networks, Inc. Plans to establish a robotics and artificial intelligence center in Silicon Valley by January 2016.
Toyota seeks to produce self-driving cars by 2020. Step toward bringing ADAS [Advanced Driver Assistance System] into Toyota vehicles. Plans to invest $1B in Research Center in next 5 years.
BASF, a very large chemical company based in Germany, has published one of those corporate magazines that people generally regard as “nice” and then recycle
Well, BASF‘s Creating Chemistry Issue #5 has a 12 page richly contented article on “The Future of Mobility” that is a Must-Read for automotive executives.
You probably won’t or can’t find this print version so we have given you the link to this comprehensive article, You will gain a fresh & updated presentation of where mobility, autonomous cars, car sharing, sustainable traffic management are going and what the future of cities will look like.
Photo from Variety, with composite by Automotivedigest
Who are these people, where are they, and what is it that they are saying that is subtly and directly influencing car buying, dealer management, brand selections and financial decisions?
Identifying those individuals who are talking about your customers, associates, and counterparts, with social media resources may be one of the most challenging -- yet rewarding actions you can take for 2016.
In order to help you make sense out this emerging trend in marketing communications, the author has put together a list of articles for you to learn more influencer marketing as you dig into this incredible new source of knowledge, information, and power.
Click to gain info and source sites with takeaways for each actionable resource.
While TrueCar’s future is in question with founder Scott Painter leaving soon, why would Krafcik choose Google over another automaker?Krafcik, who has been praised for leading Hyundai to record U.S. sales, would have surely be offered an executive position with an OEM or Tier 1 supplier. What’s behind the Google move? Read and ingest six categorical areas of insight and backstory from one OF THE the industry’s leading experts on green marketing and alternatively powered vehicles Jon LeSage, editor, Used Car Market Reports and Green Auto Market...
- 1. Race to Be Leading Auto Tech Company
- 2. Marriage of Detroit and Silicon Valley
- 3. The Morphing of Automakers
- 4. The Leading Advanced Technology OEM
- 5. The Migration to “Semi-Autonomous” Vehicles
- 6. Why Uber Says it Will Go Driverless
Marcus Lemonis, Bert Jacobs, & GoDaddy’s Parsons Celebrate Entrepreneurship with New Life, Ideas & Inspiration at iCONIC LAiCONIC means having the characteristics of an icon. Hence an iCONIC LA Conference. Inc Magazine’s recent iCONIC LA conference put business icons and emerging icons on the platform one after the other in a day long presentation of speakers who informed, inspired and instructed the theatre audience of 500 or more on what it means to be an entrepreneur and to have fire, passion, and persistence to survive and succeed.While every speaker and panelists had great stories to tell with CNBC's Tyler Mathisen and Inc’s Eric Schurenberg facilitating, the Automotive Digest publishing team has sought to capture the essence and context of three speakers who rocked the walls of the old United Artist Theater in the resurrected downtown LA.Bert Jacobs of Life is Good; Bob Parsons founder of GoDaddy and the hit of the day, Mark Lemonis of the CNBC’s The Profit.Click and gain the essence of what these 3 role models for all business had to say, proclaim, and celebrate._________________________________________________________________
2.40% more TV shows on multi-platforms than 5 years ago
3.More shows than ever being launched this summer with more risk
4.Studios & producers “fishing” for audiences
5.Viewers are snacking
6.TV quality has increased
7.Appointment TV is virtually gone
8.New business models every day with White Hot Content
9.TV is the best environment for premium content
10.Programmers want as much content as possible
See Summary and link to Variety Magazine for what you need to be aware of going into the last half of 2015.