In today’s dynamic market, vehicle pricing is everchanging with vehicle condition, location, color and even added features like heated seats impacting the price tag on dealer lots. For dealers, offering accurate prices on vehicles that reflect their condition is critical and the key to success in today’s market. For dealers, there are a few simple but critical steps to stay ahead of the curve with more accurate and transparent inspection and evaluations.
Dealerships today are increasingly incorporating AI to fuel dealership success by improving customer experience, sales processes, vehicle inspections and operational efficiency. Dealers who want to remain ahead of the curve need to consider how to incorporate AI and machine learning tools into their daily processes. From the customer service perspective, AI-powered chatbots and virtual assistants can revolutionize dealerships interacting quickly and efficiently with customers and offering vehicle recommendations.
When it comes to vehicle inspection, this technology is just as valuable. The technology available to dealers today leverages millions of data points on vehicles, including vehicle sensors, internal systems, external databases, and historical records, and applies advanced analytic techniques to provide insights that inform preventive maintenance practices.
AI leverages the power of IoT in automobiles to track the real-time conditions of vehicles and analyze a plethora of vehicle performance data to flag deviations from normal patterns and alert dealers whenever maintenance is required. This consolidated and concise data provides a comprehensive view of the vehicle’s performance and operating conditions.
Once dealers have visibility into a vehicle’s condition, accurately pricing a car is quick to follow. Dealers and consumers alike are seeking a tool that demystifies the relationship between vehicle condition and value, which will ultimately allow both parties to have more transparent conversations.
For consumers, having greater visibility into how vehicle value is determined will help increase trust between both parties. Today, dealers can add a simple digital pricing engine tool to their website in order to provide consumers with a value estimation for their vehicle. Customers will only need to submit photos of the vehicle they are looking to trade in and through AI imaging, any visible exterior damage or irregularities will be identified, ultimately enabling dealers to update their condition-enhanced pricing estimates without the need for an on-site inspection.
These tools are revolutionizing the way consumers sell or trade in their vehicle to a dealer with real-time pricing that enable consumers to provide their own self inspections leveraging AI. By taking advantage of the pricing and inspection technologies available today, dealers can stay ahead of the curve and streamline overall dealership efficiencies.
