Automotive Industry has been going a massive transformation with the advent of Digital Technologies and Data-Driven embracement. With advanced Telematics, it is possible to look at capturing real time and minute vehicle diagnostics that can give crucial insights about vehicle health.
The Digital Transformation emerging technology elements of Machine Learning, AI and Decentralised ecosystems brings in a massive transformation in terms of new business models and possibilities like Shared Mobility, Autonomous Experience, Automated Service, Enhanced After Sales Service Attributes, Field Service Automation, all of which can help in creating engaging Customer Experiences. That can be further elaborated into aspects of determining crucial attributes in terms of Customer Behaviours, Buying Appetite, Design Choices, Model Preferences, Service history attributes, Vehicle Maintenance History and so on.
For Automotive Makers as well as Resellers, one more impactful arena would be to look at aspects of the Used Car Sales Segments. Usually from the current ecosystem that prevails, there isn’t a mechanism that can essentially determine the ‘true price’ of a used car. Essentially there can be avenues to determine the ‘best price’ of a used car. But essentially that doesn’t typically make the ‘best price’ always the ‘true price’of a car. A car used or newly purchased, albeit becomes an Asset and trying to get to the ‘true price’ of a used car segment can help in establishing transparency, faith, trust and a serious differentiator from competitions.
Especially in the Covid19 era, this can be something very useful, and by the use of IoT Telematics Data, combined with Machine Learning & AI, mapped to service history records and other intrinsic details, it is possible to compute the ‘true price’ of a used car and store the information into a Non-Immutable ledger leveraging Blockchain. Vijay Gunti and Swapnendu Mukherjee from DIGIOTAI Solutions led the implementation for the World’s First CarPass Solution.
Currently, there is no transparency or a trustworthy solution that exists which could determine the true value of a used car. Under the circumstances, people have to rely on Sales People, Middlemen, or intermediary agents to sell a used car. In this model the end customer doesn’t necessarily get the true price, also the car makers have to unnecessarily provide shares or a percentage to the digital mediatory agents thereby further compromising on their already low-profit margins in the used car segment.
Using the Car Pass Solution We can effectively eradicate all the intermediary agents by means of technology adoption through IoT Telematics merged with Machine learning, AI and Blockchain. This kind of solution effectively helps in improving the bottom line margins as well as establishing customers trust in terms of value for money against the asset purchased.
Car Pass solution was World’s first data-driven pilot which was successfully deployed with two major automobile manufacturers in Europe. The adoption of the solution helped the automakers to have over half a million worth of bottom-line profit margins across their used car segment sales. The same solution can be easily deployed across automakers around the globe as well as car resellers with optimum benefits leveraging technology instead of relying on other intermediary or third party agents.
Published in Telematics Wire