The data in your dealership and the rapidly evolving tools and technologies to gather, manage and analyze that data continues to become an increasingly prominent feature of the auto retail landscape.
Earlier, our ability to gather that data had largely outpaced our ability to make sense and use of it. The exploding field of data analytics is changing that scene. In the automotive industry, OEMs and dealerships have become increasingly reliant on data analytics to not only understand their data but also to deploy it to better understand opportunities and threats
That understanding leads directly to strategies and solutions that unlock new dealer efficiencies, inform the design and deployment of marketing, communications, and promotional campaigns, and boost the bottom line for fixed operations.
Given the fact that fixed operations account for up to 80 percent of the revenue stream for many dealerships, that boost can really make a difference.
Effective data analytics solutions for fixed operations are made up of collecting and compiling data about parts, services, customers, and operational details. In the second section, predictive analytics uses insights learned from past data to provide strategic guidance that will optimize efficiencies and enhance profitability.
Predictive analytics identifies and focuses on key performance indicators (KPIs) and models sales and service patterns with a fairly high degree of accuracy. As a result, predictive analytics provides car dealerships with information that allows them to make insightful decisions about staffing, scheduling, inventory, and infrastructure.
Every dealership has its own market-specific characteristics, and the best data analytics providers will be able to create truly customized solutions that deliver detailed insights into all aspects of fixed operations.
The dealership decision-makers (managers) can identify strengths, weaknesses, and opportunities at a glance, and can easily examine trends and compare performance against relevant benchmarks.
Detailed reporting allows users to view a wide range of metrics, including sales trends in individual product categories, inventory metrics, customer loyalty and retention, service data trends, parts and accessories metrics, and much more.
By altering your dealership operations based on the insights provided by data analytics, you can ensure a place that’s ahead of the curve for your auto dealership.