Most dealerships made precise decisions about model sales and vehicle acquisitions to ensure that their inventory met the needs of their customers. The data collected during these processes can be confusing, hard to understand and use consistently. Many dealerships attempt to create spreadsheets to manage their data, but this can be very time-consuming. Thousands of dealership hours are wasted analyzing data that needs more consistency and standardization.
Importance of Data Analytics for Car Dealers
Today’s car dealerships face dynamic challenges, including increased competition, volatility, and cost pressure. In addition, they face inventory shortages and diminished loyalty among consumers. In 2021, these challenges were expected to persist, but a slew of new opportunities will temper them. Auto dealers can anticipate and manage these challenges with the right tools and data.
Predictive analytics help car dealers better understand their customer base. This data analytics for car dealers can be used to optimize …