Everyone is talking about AI. At London Tech Week, every presentation on the main stage and every booth on the floor was showcasing how AI is and will change the way we do business. For some, AI is a bullet point to add onto the end of the product roadmap in an investor deck. For others, it is a disruptive technology that will fundamentally change industries and markets with big winners and losers. 

The degree to which AI will replace humans, or will act in a co-pilot style capacity will depend on the vision of those who adopt it. Companies in industries that have been slow to adopt disruptive technologies have to make choices. Accept AI as inevitable or be beaten by those who harness its power to deliver better service at a lower cost. 

One industry where technology is poised to change the rules is automotive, specifically the way cars and other vehicles are bought and sold. 

Car dealers who have embraced digital have an advantage. Car dealers who understand their customers, their motivations and needs, through digital and offline channels also have an advantage. But… here is where AI can help all dealers. 

AI Lead Management for Car Dealers – A Simple Case Study. 

Decades ago, automotive brands that had a website had an advantage over those who had physical channels. 

Imagine two website users. One navigates to the ‘wallpaper’ download section of the site and chooses a perfectly lit, studio shot of your most expensive model with all the extras. The other user searches for a specific model, browses some of the options and then clicks through to the financing page. 

An experienced automotive salesperson, even one with no digital experience, could tell you which is the better lead, but could AI? The answer is a resounding yes. 

Here is what the basic, free version of ChatGPT says… 

Now imagine you had 3 data points about these customers, or 5 or 500. How would an AI score these leads? How would an AI close the deal, with or without human intervention?

One AI developer Impel has found that in the automotive industry, 39% of leads are submitted after hours, 40% of leads received by dealerships are in the market for over two weeks, and 30% never have any level of engagement with your staff. Perhaps the most alarming finding was that 25% of leads are never followed up either during or after hours.

So, how would a freely available current generation AI respond to a customer who looked at the finance page out of hours?

Not bad. Better than no response at all. 

The process of buying and selling a car is about to change. AutoSettle is leveraging best of breed technologies including AI, Digital ID, advances in fintech and other emerging technologies like blockchain combined with a deep understanding of the automotive market and its stakeholders. 

We are always open to discussing partnership opportunities with companies that have technologies that can help us deliver disruption in this space.