It has been doubted that reaching the goal of zero emissions by 2035 in the transport sector is feasible. Modera’s CEO Raido Toonekurg weighed in on the matter, stating that the worry of the politicians is based on European car manufacturers’ inability to keep up with the Chinese manufacturers. 

The European Union has set an objective to ban the registration of new cars with internal combustion engines by 2035. As much as it’s an ambitious plan, it seems doable. The only question is — at what price? 

The current state of the car market shows that Tesla along with various Chinese car brands has become a force to be reckoned with.  Within the last few years, Chinese car manufacturers have shown a strong growth outside of their home market, which has gotten both European car manufacturers and state leaders on their tip toes. Their fear is justified, as Chinese manufacturers are ahead of Europe both technologically and in terms of pricing. Their cheaper price is a result of a cheaper production environment as compared to Europe. 

Car market statistics reflect consumers’ preferences and it’s clear that electric vehicles are here to stay. Last year, 14.6% of all new cars registered in the European Union were electric. This was a huge milestone for electric vehicles, as they finally surpassed diesel cars, which made up 13.6% of registrations. The trend also shows that people who have gone the electric vehicle route, are not coming back to cars with internal combustion engines. 

Consumers can’t keep up with EU’s expected pace 

Unfortunately, the purchasing pace is still not as fast as the EU had hoped. This is also clear from Germany’s expected decrease in the interest for EVs. Thus far, Europe’s biggest car market has been a brilliant example of welcoming electric vehicles, however, it is predicted that this year, for the first time, there will be a 14% drop in EV sales compared to last year. Inflation, high car prices and insufficient charging infrastructure are to be blamed for the expected decrease.

For a long time, car manufacturers have tried to convince politicians that it is imperative to give a reasonable timeframe for the transition from internal combustion engine cars to EVs and it seems their pleas are finally being heard. The automotive industry is directly linked to the economy of Europe’s leading countries. This means that if production decreases then taxes resulting from car production as well as labor taxes will decrease drastically. Current statistics show that consumers are also not running to get electric vehicles, despite the looming ban. This step will only be taken once consumers have truly sold themselves on the idea. There’s no denying that the regulation to ban the registration of new internal combustion engine cars by 2035 has helped a lot in explaining the opportunities and concerns regarding EVs to the public. What is more, it’s made people seriously consider buying an EV and forced car manufacturers to rethink their approach. At the same time, it is obvious that the public’s interest and the abilities of car manufacturers are not aligned with the expectations of the politicians. This means that the EU must introduce a level of flexibility to their plans and not turn the idea of banning internal combustion engine cars by 2035 into an obsession. 

The post As European Car Manufacturers Fail to Keep up with Chinese Manufacturers, the EU Is Forced to Change Plans appeared first on Modera.

As much as most of us would love to be a jack-of-all-trades, more often than not, that approach tends to leave us as a master of none. Although nowadays different industries are more intertwined than ever, the best results are still achieved when everyone sticks to what they know. That’s also one of the main reasons why car manufacturers tend to not find much success when it comes to managing their own internal IT projects. 

Where focus goes, energy flows

The main big reason why car manufacturers are not great at leading their own internal IT projects, is the simple factor of focus. Much like any other business, car manufacturers are motivated by profit. That means their focus and energy goes into processes that will bring them the biggest profit. When it comes to car manufacturing companies, it is clear that their biggest income comes from selling cars. 

On the other hand, if we talk about companies that specialize in automotive software, their profits are measured by how well their software sells. Hence, it is obvious that car manufacturers and automotive software companies put their focus on completely different areas. While manufacturers invest their time, energy and resources into selling cars, they generally  simply don’t have as much bandwidth left to deliver their internal IT projects in time or according to the initial plan. This, however, is never an issue for an automotive software company, who is solely focused on delivering such IT projects with finesse and according to an agreed schedule. 

The role of management

Another big reason why it’s wise for car manufacturers to outsource service providers to handle their internal IT projects, is the level of IT expertise within a car manufacturing company’s management. It only makes sense that an automotive company is led mainly by people whose knowledge and experience comes from selling cars, accessories, aftersales, etc. The management of such companies also tends to include people responsible for car sales in different regions. 

This is not to say that the management of a car manufacturing company doesn’t include anyone responsible for IT and development processes within the business, however, such people usually only make up about 10-20% of the entire management. 

On the other hand, if you were to analyze the management of an average software company, it is a whole different story. The management of a software company is generally mostly made up from people whose full responsibility lies in the development of their specific software and anything and everything to do with that. People included in the management are usually product leads, head of engineering, head of deliveries, etc. 

That means that even based solely on the makeup of the management of a company, there is a very high likelihood that an automotive software company will be much more successful in delivering an IT project for a car manufacturing company than said company using only its internal team. Of course, the best results are always achieved when the automotive software company and the client work hand-in-hand to reach their common objective. 

The post Main Reasons Why Car Manufacturers Don’t Ace Internal IT Projects appeared first on Modera.

The evolution of the automotive industry has presented OEMs with a number of challenges. On top of having to stay relevant in one of the most progressive fields of industry, they must figure out how to keep developing breakthroughs in design, manufacturing, marketing, and many other areas. Due to stiff competition, OEMs must navigate these challenges carefully. This time, we’re discussing some of the biggest hurdles regarding embracing change in the auto industry by OEMs.

Welcoming technological progress

Futuristic developments like IOT enablement, autonomy, and electric drivetrains are currently all the buzz of the auto industry. OEMs should accept these changes and plan these developments for their future agendas. To stay relevant, R&D is essential.

Sustainable manufacturing practices

OEMs will need to accept green principles to cope with current global environmental trends. It’s also vital to get ready for the global environmental political agenda and the general consumer demand for more environmentally friendly products. Sustainable practices include using greener production methods as well as greener supply chain decisions to build long-lasting success and reputation among customers and industry peers.

Customer-centric approach

To build strong relationships with customers, it is imperative to understand what your customers need and expect at every stage of your interactions. OEMs have to be willing to dedicate a significant portion of their resources to market analysis in order to get information regarding the current consumer trends that govern the new consumer’s behaviors and preferences. As a result, sales and customer satisfaction levels increase. Adhering to this type of practice provides an avenue for any company to outdo itself in the market and become more competitive.

Collaboration and networking

In today’s world, cooperation is one of the key factors when it comes to achieving success. Leading OEMs nurture their partnerships with their suppliers, technology developers, and other stakeholders in the venture-creating network. Collaboration helps improve the innovation process, which makes OEMs stay agile even in a fast-evolving environment.

Agility in supply chain management

The automotive industry has a highly detailed and developed supply chain with many parts and suppliers. OEMs require supply chains that respond and adapt to any disturbance in order to improve change adoption within an industry. Issues that are covered by this unit include diversifying the suppliers, leveraging real-time tracking technologies, and contingency plans, among others.

Regulatory compliance

As in any industry, there’s a plethora of rules and regulations that OEMs must comply with in the automotive industry. New emissions and safety regulations must be examined routinely to not miss any important updates. Not only do all products and services have to meet the current regulations, it’s also important to ensure that all marketing efforts follow the same rules to avoid losing money on mistakes.  

Talent development and retention

Innovation, adaptation and growth require a skilled workforce. Therefore, every OEM should consider ongoing employee training on how best to respond to industry dynamics. People who are great at their job and creatively inclined, will always appreciate and favor working conditions that encourage creative thinking and embracing new ideas. Make sure the environment you provide is one that supports both personal and career development.

The post A Guide for OEMs Changing the Auto Industry appeared first on Modera.

The automotive industry is rapidly undergoing a sea of changes, especially after embracing digital transformation. According to ABI Research, a whopping US$100bn has been invested by car manufacturers worldwide in 2022, in order to modernize this sector. The figure is set to hit US$238bn a year by the end of the decade.

What are the trends that will define the industry in 2023 and beyond?

Vehicle ownership

There are several reasons why people are changing the way they purchase and use cars. The rising costs of owning a car and other expenses, are playing a huge role in consumers choosing not to own a car at all. Vehicle owners are also becoming more environmentally conscious, and this is sparking a growing trend in vehicle sharing and carpooling. Many people are also working from home, so they don’t feel the need to own a car. Dealers have to factor in these socioeconomic trends while selling vehicles.

More subscription-based services

In a few years, cars could become something that people use only when they need to. It indicates a change in consumer behavior, as they might expect more personalized features such as the position setting of the steering wheel or a person’s favorite radio station will automatically synchronize across the range of vehicles to which a consumer has access, regardless of brand, model or ride-hailing company. As a vehicle becomes an extension of a home and office, retail and business apps are expected to arrive in cars. Such consumer demands of synchronized ecosystems will push dealerships to sell more subscription-based, app-driven operating models.

Autonomous driving software

In-vehicle usage has to be encouraged, while focusing on the complete safety of its occupants. It means autonomous driving (AD) software needs to be operational in most, if not all circumstances. However, this is easier said than done, as it requires millions of cumulated hours of simulation and validation of AD algorithms. The shift towards a more software-defined vehicle will force carmakers to reduce hardware and software dependencies, where software runs only on specific hardware. Dealers have to work harder to convince consumers to adapt to this change.

New vehicle development

Cloud and artificial intelligence (AI) is all set to transform vehicles. The computational power of the cloud and optimization opportunities provided by AI and machine learning (ML) have to be leveraged. Vehicles are becoming more connected, so consumers are demanding more features as well. It will also help to boost cyber security, an area that far too often goes overlooked in the car industry. For dealers, AI can help to manage the inventory more efficiently, by predicting best-selling models. It can assist dealerships in making more informed decisions about which vehicles to stock and when to order new inventory. 

Customer experience

The attention span of customers has become extremely limited. If they aren’t satisfied while visiting your dealership, it takes them seconds to move on to your competition. As mentioned above, with the usage of AI, chatbots can be created to handle customer queries, while providing prompt and accurate responses. These chatbots can help dealerships offer better customer service and build stronger relationships over time. Free up sales personnel at your dealership for more important tasks – AI-powered virtual assistants can guide customers through the buying process (initially) and provide personalized recommendations based on their preferences.

It is an exciting time for the car market, brought on by digital transformation and other factors. Car sales are yet to go back to pre-pandemic levels, but if dealerships can adapt to market trends and demands, they can easily tweak their offerings for customers and boost revenue.

The post Top 5 Lessons from the Automotive Industry in 2023 appeared first on Modera.

Nowadays, it is all about the customer experience, which is the driving force behind all businesses. You have to deliver hassle-free service, while providing access to useful information. That is why both car manufacturers and dealers have to focus on improving the customer experience, when prospective buyers visit their automotive website.

Customer experience is what matters

As per a survey from Qualtrix, 8 out of 10 people feel customer experience should be improved across products, prices and fees, customer service, and ease of usage. Brands could lose up to 9.5% of their revenue on average due to poor customer experience. More than 50% of customers state that they would leave a brand if the experience wasn’t up to the mark.

If an automotive website is clunky, takes time to load, hard to navigate, or outdated, it will only take a few seconds for customers to leave. To retain existing customers and attract potential buyers, it is imperative to optimize your website experience. It is the key to generating new revenue and word-of-mouth recommendations. This is where Modera Webfront plays a crucial role.

What is Modera Webfront?

To put it in a nutshell, Modera Webfront is specifically designed for building automotive websites. It is a cloud-based system aimed at managing automotive-related content, with integrated tools and features that incorporate the needs and processes of the industry. Regardless of whether you are a dealer or manufacturer, a solution like this is something that’s vital for your business. If you have multiple websites, you can consolidate and manage them from a single centralized dashboard. It ensures that every automotive website under your purview aligns with your brand objectives. Thanks to centralized data management, websites can be grouped according to brand, country, or any other criteria. Any changes or updates can be made on all websites simultaneously. 

The features your website needs

Edit conveniently

It presents users with a simple, on-site edit interface, so you can upload, modify, or remove content at leisure. Changes can be made directly while you view the website from the live site perspective.

Manage SEO

It is extremely important to have a strong online presence and prominent visibility, which can be achieved with proper search engine optimization (SEO) techniques. Webfront is integrated with SEO tools for this purpose.

Compare and calculate finance

Customers can check out website inventory to compare makes, models, specs, etc. side by side, to make an informed decision as to which vehicle is best suited for their requirements. They can use the Car Configurator to design and build their dream car. To help them with financing options, a calculator is integrated into the platform.

Promote your products and services

It is vital to come up with banners, ad campaigns, special offers, and so on, to attract customers. Using this platform, you can create and manage all promotional materials with ease. You can even keep customers updated with the latest news and exciting videos, along with publishing brochures and manuals on the automotive website.

Check out new and used cars

Maintain detailed listings to showcase your stock so that users can locate their next car minus the hassle. If you want to highlight the “new arrivals”, there is a Showroom feature available that lets you list new cars in a detailed manner with prices, specifications, available options, visuals, etc. Visitors can also look up accessories and order those that match their car requirements.

Book test drives and other services

Offer customers the ease of booking test drive slots and scheduling repairs and inspections at any time.

Modera Webfront offers the ultimate customer experience for automotive websites, by ensuring it has proper structure and elements, along with the features required to pique customer interest.

The post Enhance Customer Experience on Automotive Websites appeared first on Modera.

Consumer behavior has changed rapidly since the pandemic, with the automotive sector being heavily affected. Nowadays, the car buying journey mostly starts online, so dealerships have to focus on having a strong online presence, in order to deliver the information and experience customers are looking for. One of the most crucial aspects to focus on is shortening the car buying process, while making it more convenient. This is where a system such as Modera E-Commerce plays an integral role.

Why is automotive e-commerce important?

• You can reach out to a wider audience, while disregarding geographical boundaries, so the chances of more sales are higher.
• Cost of logistics and maintaining cars in traditional offline stores is drastically reduced.
• It allows you to collate and process data in real-time to offer customized deals to customers, thus boosting transparency in the buying process.
• It sets the dealership up for future branding, which means more conversions, improved sales, and excellent rapport with customers.

The benefits of Modera’s Automotive E-Commerce

Guided vehicle searches

The inventory of the dealership should be updated on a regular basis, so it can meet consumer needs and preferences. They should be able to look up vehicle makes and models, features, pricing, etc., and then compare two cars side by side to make an informed decision. Make sure to use high quality photos and videos of vehicles to pique the interest of buyers and give them a feel of what it would be like to own and drive the car. Thus, they can move a step closer to finalizing the deal without actually visiting the dealership.

Book a test drive online

After deciding on their preferred vehicle, customers are eager to take it for a spin, but don’t want to wait until they finally come down to the dealership. Modera E-commerce can help schedule test drives so they can fill in all the relevant details online, visit the showroom, and then take the car out for the test drive. No more dealing with irate customers.

Offer financing options

Once the customer is satisfied, they can be directed to financing options online. By entering the necessary information, they can check if they would be eligible for a loan or not. A loan calculator can be integrated into the automotive e-commerce platform so they know exactly how much financing is required.

Option for trade-in

There is an option for customers to trade in their present vehicle and then move on to options for financing and insurance for the new car. Modera has a premium Trade-In tool built specifically to provide buyers with market-based value estimations as soon as possible.

Pickup/delivery

Once customers are finished with the paperwork, the deal is officially closed. They have the option to visit the dealership and pick up the vehicle, or opt for the hassle-free choice of doorstep delivery.

To sum up…

Nowadays, buyers don’t like haggling with sales personnel while purchasing a car, so they prefer to receive quotes and competitive pricing online by themselves Dealerships need to have the right functionality for customers to check their credit, see insurance rates, compare prices, and avoid uncomfortable conversations with salespeople. You should have the right back-end systems and automations in place so that they can meet customers for the first time and already be prepared with the pertinent information at hand. To put it in a nutshell, the transition from online to offline has to be seamless!

Automotive e-commerce makes the process of purchasing cars all the more easy, while saving time and effort for both customers and the dealership. If you’re ready to upgrade your systems, check out Modera E-commerce.

The post Making the Customer’s Car Buying Process Shorter and More Convenient appeared first on Modera.

Gone are the days when the first step of buying a vehicle would be a visit to a dealership. Nowadays, customers conduct research and begin a large part of their car buying journey online before actually heading to the dealership. That’s why it is imperative to connect online and offline automotive sales experiences to deliver a smooth and seamless overall shopping experience for car buyers. 

Provide advanced features on the dealership website

When it comes to dealerships, there tend to be many aspects that leave the shoppers experiencing frustration, such as going through mountains of paperwork, pushy salespeople, long wait times, etc. It is vital to evaluate your website to ensure it offers the following tools – vehicle trade-in, appointment scheduler, pricing and financing options, contact forms, and so on. Thus, when shoppers land on the site, they are ready to get going! Modera e-commerce offers an excellent experience when it comes to combining the best of online and offline modes.

Updating inventory regularly

Since most shoppers spend a lot of time on online research, they arrive way more familiar with your online dealership tools than they are with your physical lot. The vehicles listed on your site should match up with the cars you have on the lot. Expired inventory still getting website views is not only wasting everyone’s time, but undermining your reputation. Take this opportunity to help shoppers quickly find what they want by bringing your website to the lot. Equip your floor staff with tablets or large smartphones to use as a helpful assistant during the sales process. Have a page always pulled up with your website. Automotive e-commerce is undergoing a drastic shift, and digitization is integral to keeping up pace.

Ramp up social media presence

Social media is the perfect place to blend offline and online automotive customer experiences. Improve interaction, build a strong presence, and strengthen your dealership brand by bringing your social media to your dealership. Post photos and videos of your facility, vehicles, happy customers etc. on social media pages. It will encourage others to get in touch and visit your dealership. Modera Showroom ensures you can offer customers with remotely managed digital solutions that can be modified in real-time as per requirements.

Allow customers to book test drives online

Nowadays, customers don’t want to wait to go for a test drive. Implement a feature that allows customers to fill in test drive schedule forms to schedule a time as per their convenience. In that way, they don’t have to visit the dealership, fill out a form in person, and then wait.

Reviews matter

Be it Google reviews, Facebook ratings, Yelp reviews, or even video reviews, they are an important part of the modern car shopping process, both when selecting a vehicle and ultimately, a dealership. Incorporating the review process into the sales experience isn’t the most common strategy, but it can be incredibly effective, particularly for generating reviews. These can be of great use to other automotive shoppers going through their own buyer journeys.

Send automotive sales follow up and relationship development emails

The automotive customer experience doesn’t end when the deal is officially closed. You have to maintain a good rapport with the customer for future sales and positive word-of-mouth. This also means interacting online with your customers, linking them to your website, soliciting reviews, and promoting on social media as mentioned above. Send emails talking about offers, new deals, and gently ask them to refer any family and friends to your dealership (without being overly pushy).

When it comes to automotive sales, combining both online and offline channels, is the key to stay ahead in these competitive times. Digital automotive retail is necessary, along with offering seamless experiences at the dealership.

The post Connecting the Online and Offline Automotive Sales Experience appeared first on Modera.

A crucial part of automotive digital retailing is to have a functional website with compelling content and advanced features. It makes the car buying journey seamless for customers, while boosting efficiency throughout sales workflows.

Did you know that car buyers spend around 75% of their journey online? Before the pandemic in 2020, only 2% of auto sales were completed online, whereas now this number is over 30% and keeps increasing. When customers land on an automotive website, they expect to be greeted by an eye-catching, yet simple layout. It should ideally have the following features:

Well-designed homepage

A segmented home page is more straightforward for visitors to read and provides a better user experience when it comes to automotive e-commerce. Customers expect a visually pleasing theme on top of well-prepared visual content. 

Updated inventory and search option

A “search” option is an important feature of any automotive portal which most visitors use to find and compare their preferred car models. The portal search feature should allow them to search for vehicles based on brand, model, year of manufacture, cost, and more, so the inventory has to be updated regularly.

Vehicle comparison options

Customers like to compare various vehicles side by side by taking a look at features, specs, makes, models, etc. It provides them with the right information so they can make informed decisions.

Digital showroom

The idea is to provide customers with the feeling of visiting a car showroom from the comfort of their home. High-quality images and videos highlighting the best features of vehicles allow customers to assess if a particular car is suitable for them or not. Ensure that 360-degree views are available so that they can actually experience what it would be like to own a specific car. Here’s where a software like Modera Showroom can help you out.

Test drive bookings

No more asking customers to “wait for their turn” for test drives. All they have to do is go to the website, choose a time slot for a test drive, and then simply show up. It ensures a smooth and hassle-free experience, where your sales personnel don’t have to manage irate customers.

Loan calculator

An auto loan calculator has to be integrated into the website, so customers can compare loan offers, chalk out monthly payments, and then choose the best option. The calculator has to take into account factors such as vehicle price, loan interest rate, the duration of the loan, down payment, etc.

Payment customizations

An online automotive retail tool drives customers as far as they would like, including an in-depth pricing breakdown. After computing the loan amount, they can check out financing options in detail. They can even get instant trade-in offers and have that rolled into their pricing. Modera Trade-in helps to get a market evaluation quickly after the details of a vehicle have been entered. Finally, they can place a deposit to secure the vehicle. 

Service reservation

Your role doesn’t necessarily end when the customer buys a car from the dealership. The next thing they look for is dependable car service and repair. Be it regular inspections or maintenance purposes, customers prefer to make appointments online instead of visiting the dealership and filling out forms.

Round-the-clock customer support

The purpose of automotive e-commerce is to make the entire buying journey more convenient for customers, while making the jobs of sales personnel easier. They can engage with car buyers via live chat and video calls. When required, they can help to select a model, discuss financing options, and collect information. Online retail customers can easily book a showroom appointment, and pick up exactly where they left off, since all their information is readily available.

It is time to combine the in-store and website customer experience into a single centralized platform, to create the ideal buying journey, while ensuring smooth operations for the dealership.

The post Make Your Automotive Website Work for You appeared first on Modera.

The IT enterprise has grown by leaps and bounds in the last two decades, while introducing numerous innovative technologies that have made it much easier to operate businesses and associated tasks. However, some industries are still stuck using older hardware and software, which are known as legacy systems. Many are reluctant to embrace modern technology, so they continue using these outdated systems.

Common issues with legacy document software

Risks of security breaches

Legacy document software makes networks more prone to security attacks and data breaches. That is why systems are frequently updated in reaction to increasingly sophisticated cybercriminals and modern security threats. But older and obsolete systems stopped receiving security updates long ago, so their vulnerabilities leave a company’s data security severely compromised.

Lack of integration

Long-outdated software often lacks internet connectivity or the ability to even run modern apps like a web browser. So if your systems can’t use tools like the rest of the world, you lose information in data silos. These issues hinder the ability to work with B2B partners, external stakeholders, and your customers. For example, sharing files with customers is also a common scenario these days. Even if you find a way around connectivity problems, customers and vendors probably can’t open or view your legacy system’s file formats.

Maintenance is expensive

A common misconception is that holding on to current systems is much more cost-effective compared to replacing them with new technologies. However, as mentioned above, when updates and support stop for legacy systems, an excessive amount of time and effort is required to keep them functioning. Even attempting to share data with internal stakeholders can be difficult. For instance, those with the latest equipment can’t work with files that are in outdated or unreadable formats. It leads to unnecessary maintenance costs that would be better spent elsewhere.

Compliance issues

Modern software automatically updates itself via a web connection or cloud server. Since legacy software was created before the internet was adopted widely, finding security updates can be a near-impossible task. Many vendors of legacy systems have gone out of business, so contacting them won’t do any good. In that case, the only option may be crawling through ancient FTP servers, looking for updated packages or newer versions of the legacy software. By keeping older systems without updates around, you risk falling out of certification. Thus, you are under the risk of being out of compliance with modern information security standards, which can drastically impact overall revenue as you could lose customers.

How to solve the above-mentioned issues?

Data and information are the backbone of all businesses, which is why they have to be documented on a regular basis. A cloud-based Document Management System (DMS) is all the more vital these days. It has the following benefits:

Seamless integration

Document management is mostly about organizing and streamlining everyday administrative tasks. A DMS like Modera Importer brings all crucial documents onto a fully integrated and centralized platform so the core business processes, including customer relationship management and accounting, can function without hassle. No more using multiple fragment data systems – everything remains consistent.

Proper support options

With a locally hosted DMS, it becomes the responsibility of your IT team to manage aspects like access rights, handle software patches and hardware upgrades, and ensure the system runs smoothly. Thanks to a cloud-enabled system, you can outsource support and maintenance, while having someone to reach out to, if and when you require assistance.

Robust data security

Security should always be the top priority of any organization. A quality DMS like Modera Salesfront not only makes the job of dealerships much easier, but it also offers rigorous security using industry-leading and globally recognized standards and protocols. It is also fully compliant with regulations that are industry-specific.

Reduced capital expenditures

Speaking of the cloud, not having to invest in hardware can have a positive impact on your bottom line. Hardware and the staff required to administer and support it, can be quite expensive. Cloud services, like Modera Importer and Modera Salesfront, on the other hand, are usually very cost-effective. Instead of a massive upfront capital expenditure, you can typically meet your business’s needs with monthly or annual cloud subscriptions.

Improvements in performance

Legacy document systems require a lot of maintenance. As with any machine, older computer hardware wears out over time, while the software becomes outdated. Incompatibility makes repairs or even regular system maintenance extremely costly. When you replace old systems with a modern cloud-based DMS, you will notice there are immediate improvements in performance. Information sharing with customers is no longer a concern. You can work with acceptable file formats or even automate your B2B data exchange via APIs. Customers won’t think of your company as obsolete anymore when you upgrade to modern and efficient technology.

Staying competitive in today’s business world means being part of the digital economy, which means investing in a quality DMS like Modera, is a must. It ensures you can keep up with customers and other stakeholders while staying ahead of competition at the same time.

The post Problems with Legacy Document Software And How to Solve Them appeared first on Modera.

Used car sales have shown a massive shift in the last few years, be it search and purchase techniques, increasing preference for online shopping solutions, financing options, dealership services, or many more. As per PRNewswire, the worldwide used car market is projected to hit $2.67 trillion by 2030.

What does the future have in store?

Thanks to the advent of technology, the demand for used cars has surged. The ever-increasing use of artificial intelligence (AI) and digital functionalities will continue reshaping the online buying experience. Introducing certified used vehicle programs can be beneficial for boosting transparency between dealers and customers. Online sales channels have been one of the major drivers of used car consumption. While online automotive retailing currently represents a small portion of total used car sales, this segment possesses substantial growth potential. Dealers have to start building omni-channel networks – revamping websites for sales and marketing and eventually directing potential buyers to showrooms to complete the purchase process.

Preparing for what’s to come

The automotive industry is plagued with supply chain issues, economic downturn, and growing utilization of ride-hailing services. For automotive dealerships, it is time to reconsider strategies to meet consumer demands. Here are just a few main points to focus on to excel in the ever-changing industry.

Managing inventory

Build a homegrown inventory that consists of vehicles initially sold as new, but after undergoing service and maintenance, they were eventually traded-in, reconditioned, and sold as pre-owned vehicles. Thus, dealerships can make lucrative profits all throughout a vehicle’s life cycle.

Innovative marketing methods

Since customers prefer to shop for vehicles online instead of visiting dealerships, it is imperative for dealers to explore new marketing tools. Establishing a strong online presence is very important, while implementing predictive marketing tools that help to engage with your audience. It involves creating a compelling website and leveraging the power of social media marketing to effectively target potential customers with intelligent advertisements and interesting content. You must also build up a long-term rapport with customers by staying in touch and available after a purchase.

Adoption of electric vehicles (EVs)

Governments are offering subsidies and rebates to encourage EV sales, while ensuring affordability and equitable access, particularly for low-income households. Dealerships will play a vital role in facilitating the mass adoption of electrification. Thus, it will enable widespread electrification, while creating a vast network of retailers and service providers with expertise in local marketing.

How to take advantage of used car market trends?

• Make use of online platforms and digital retailing to expand your reach. Display inventory with virtual tours and 360-degree views of vehicles, so customers can visualize the look and feel of the car.
  
• Curate a diverse selection of high-quality used cars. Highlight unique features, low mileage, and certified pre-owned options to stand out from the competition.
  
• Provide remarkable service and be transparent with vehicle information. Offering value-added services like inspections and warranties can build trust.
  
• Price your vehicles competitively based on market trends. Give customers flexible financing options.
  
• Build your online presence – encourage reviews and address complaints ASAP.
  
• Launch targeted campaigns on both digital and traditional channels – use social media, collaborate with local businesses, etc.
  
• Provide maintenance packages, service discounts, and referrals to foster long-term relationships.
  

Looking for a trade-in solution?

Modera has specifically developed a solution to manage used car sales. Offering full transparency, the tool is beneficial for the salesperson, sales manager, appraiser, and, of course, the customer. The trade-in tool can be accessed online to upload photos of used vehicles, assess damage, calculate prices based on market value, use templates for completing paperwork, and much more.

The demand for pre-owned vehicles has seen considerable growth in recent times, which you can capitalize on. To stay ahead of the curve, it’s wise to implement a tool like Modera’s trade-in solution to offer competitive pricing and thus boost used car sales.

The post How to Make Used Car Market Trends Work for You? appeared first on Modera.