How can data help you prepare for agency models?

The way that customers are buying and servicing cars now looks very different from the purchasing journey pre-Covid.

Many customers now demand a simple and streamlined car buying experience where they are able to complete a good chunk of the process online if they wish, but are still able to interact in-person with the dealership team when the time comes to close the deal.

It’s been a seismic shift over a couple of years – powered by new technologies – and now more change is just around the corner in the form of agency models.

Automotive evolution

‘Agency’ is an industry buzz term at the moment, and it’s a concept that could very quickly transform the retail landscape of the automotive industry.

A pure agency model will see franchised dealers become ‘agents’ for manufacturers – with centralised pricing strategies and commissions, rather than giving dealers financial autonomy (and risk) over the cars they stock.

An alternative hybrid agency model could see dealers retain some autonomy over pricing and discounting.

It’s fair to say that there isn’t one solution for all right now, but the underlying sense is that the emphasis on a dealer’s role as a slick and effective service provider is only set to grow.

Understand today to thrive tomorrow

In order to keep ahead of this rapidly evolving curve, Automotive Retailers will need to have the tools in place to help them make clear, effective and robust commercial decisions.

Take, for instance, Business Intelligence (BI) solutions.

With effective BI platforms in place, Retailers can collate all of their critical data into a single source of truth – making it easier than ever to analyse business activity and performance in real time, spot opportunities and identify trends that will continue to make them the go-to destination for new and existing customers.  

With AutoBI’s comprehensive analytics suite, for example, Automotive Retailers have access to a variety of customisable workspaces that provide an engaging visual representation of critical key performance indicators (KPIs) around CRM, sales, service, parts and finance.

With the ability to dig deeper into the data at the touch of a button, users can identify areas of weakness in the business, improve the productivity of their teams, reduce idle time or stock wastage and spot any growth opportunities or trends that are emerging in customer behaviour.

It’s a far cry from overly complex and clunky spreadsheets or out of date print-outs that give a historical perspective.

It’s also a proven way to increase the profitability and productivity of any Automotive Retail Business – now and in the exciting times that lie ahead.

If you’re ready to take the next step towards business intelligence or would like to see a demo of the AutoBI workspaces in action, contact AutoBI on 01522 711111 or email hello@autobi.co.uk