First-party data, customer information collected and stored by a business, is a powerful tool that allows companies to provide better, more efficient service. But with the digital landscape evolving faster than the retail automotive sector can adapt, some are beginning to worry that the deadline for implementing data analysis into the dealership is fast approaching.
To learn more about first-party data and the steps some industry leaders are taking to equip car dealers with the technology they need to succeed, CBT News anchor Jim Fitzpatrick met with Jade Terreberry, senior director of strategic planning at Cox Automotive, at this year’s Digital Dealer conference. Cox Automotive is the automotive sector’s top provider of insights, tools and research, operating many of the crucial platforms dealers use to run their businesses. Terreberry has been an essential part of the company’s efforts to prepare dealers for the age of e-commerce and digital retail.
1. First-party data can help dealers maximize profits and insulate their businesses from economic headwinds.
2. Many dealers are unaware of how much first-party data has already helped the industry over the last five years. Cox Automotive’s popular Fleet and Wholesale Marketplaces are examples of tools that utilize this level of data collection.
3. The rapid escalation of e-commerce in the retail automotive sector means that dealers can no longer afford to ignore the power of consumer data in their operations.
"For a long time, using data to make fact-based decisions within your business; it was a differentiator. It really gave you a cutting-edge advantage. And now, if you are not operating that way, you can't survive, and so you've gotta think about different ways to find that competitive edge and advantage, and that's what we're here to help our dealers do." — Jade Terreberry