On today’s show, we’re talking about car dealership data security. We’re pleased to welcome Tracy Fred, Vice President of Cox Automotive brands VinSolutions, Xtime, and Dealertrack DMS. We’re also joined by Elton O’Neal, Senior Director of Enterprise Data Strategy at Cox Automotive.
O’Neal begins the conversation by discussing the scrutiny associated with consumer data privacy in the automotive industry. He says that the industry is seeing companies, both startups and large enterprises, invest in dealer data capabilities. Car dealers need to understand the importance of data they collect and store in their company system. This will help them operate their business more efficiently.
Fred adds that gathering value from data has been a challenge for car dealers. When car dealers understand data such as consumer shopping habits, it will lead to better estimations in car buying. Fred says that buying signals allow car dealers to create more advanced strategies to utilize the most appropriate resources to reach more customers. Buying signals also provide customers with a more personalized buying experience.
O’Neal then talks about how car dealers are benefiting from an open approach to data. He says that data must be able to flow across all interfaces of a car dealership to ensure buying signals aren’t lost.
Fred says the focus on data across the automotive industry is only going to grow as technology continues to advance. Automotive dealers must start thinking about solutions that will allow them to secure, manage, and convert the data to meaningful insight for their company. She also says that car dealers should lean into methods in which converted data can improve their operations and processes.
To learn more about how Cox Automotive can assist your car dealership in data management, visit coxautoinc.com.
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