Driven by digitalization, customer expectations for frictionless and fast experiences are being set by small, everyday interactions with companies like Skype, Google, and Amazon. The ease with which you can connect with family and friends across the globe, pause and play your favorite shows and shop with a press of a button is changing the standard for businesses across industries. Whether it is saving time, offering personalization or removing unnecessary friction, disrupters innovate beyond the standard practices in their category by delivering what people value. The simplification gets to the minds and hearts of customers by ensuring their brands are useful.
Technology has also increased the volume of information and the speed at which it is accessible while people have increased decision-making responsibility and less free time. As a result, Artificial Intelligence (AI) is rapidly becoming mainstream for business. Advances are bigger with a rapid adoption rate. We’re using AI in our daily lives but don’t realize that it’s AI – or understand its’ impact. For example, by taking the box scores from minor league baseball team, The Associated Press is utilizing AI software to collect those scores and put together articles for readers. AI initiatives, from Uber to self-driving cars, are driving the future.
Wholesale Used Vehicle Auctions
Since the introduction of online wholesale auctions 20 years ago, the industry has evolved dramatically, putting wholesale vehicle professionals in the driver’s seat. Dealers can now virtually “kick the tires” of automobiles and search, view, and purchase vehicles 24 hours a day, complementing the traditional auction business.
Today, with the power of data and analytics combined with digitization, there is tremendous opportunity to create strategies that will reduce depreciation and holding cost(s) while maximizing value for consignors. These insights help consignors get a better understanding of how their portfolio is performing down to the VIN-specific details and what they should do with it — extend it, pull it forward, move it somewhere — so they can take advantage of the best market opportunities. A digital wholesale vehicle auction in conjunction with a physical auction and integrated with Data and Analytics creates a seamless integrated auction experience help buyers and sellers make informed decisions in vehicle remarketing.
What if you had the power of data analytics to help drive your future strategy? An example that comes to mind is lease maturities. Say the grounding dealer doesn’t buy the vehicle, and the car is offered to the captive’s franchised dealers. If that dealer declines the purchase, then an alternative must happen. What if you knew that the ideal dealer for that vehicle was in another city or town? Inserting data and analytics earlier in the cycle is going to help reduce depreciation, creating foresight into the future. Foresight defines what is possible and moves the question from asking, “What can we predict?” to “What are the future possibilities?”
Author: Nick Peluso
Nick Peluso is President of Manheim Digital Marketplace and RMS Automotive. Nick brings more than 30 years of automotive experience to his role as President for Manheim Digital Marketplace and RMS Automotive. In his dual role, Peluso is responsible for Manheim’s digital channels, including OVE, Manheim.com and Simulcast, in addition to RMS Automotive’s global business. Peluso joined Cox Automotive in 2000 as President of remarketing solutions for Manheim and soon became Senior Vice President of customer management for Manheim before being named President of RMS Automotive in 2014. Prior to that, he spent 12 years in leadership positions with ADT Automotive, Inc., including Vice President of sales and marketing.