The automotive industry is evolving once more as artificial intelligence transforms how car dealers and manufacturers conduct business and serve customers. One of the thought leaders at the forefront of this shift is Kevin Frye, marketing director at the Jeff Wyler Automotive Family.
Frye has spent more than 15 years pioneering new technologies in the dealership, supervising the integration of numerous innovations that have boosted sales, increased productivity, and, most importantly, improved the customer experience. But of all the inventions he has encountered throughout his career, artificial intelligence is proving to be one of the most significant and most transformative. On this episode of Inside Automotive, CBT News anchor Shyann Malone sits down with Frye to discuss AI and what it means for the retail automotive sector.
Key takeaways
1. Artificial intelligence, especially in the form of generative AI, offers users the ability to analyze data in a short period of time. As software developers create AI tools tailored specifically for car dealers, Frye foresees the technology being used to create daily reports for managers and store owners.
2. AI has the potential to drastically improve efficiency across departments in ways dealers may have yet to consider. Frye suggests that artificial intelligence could be used to track car dealer inventories and automatically bid for used vehicles at auction.
3. The adoption of artificial intelligence is also likely to change the way customers interact with car dealers. Since many AI platforms can provide results similar to a search engine, Frye believes that dealerships will need to adopt new SEO techniques to begin appearing in computer-generated responses to user queries, similar to how websites appear in Google search results.
4. Artificial intelligence could significantly change how CRM (customer relation management) and CDP (customer data platform) software identify leads and track information. Car dealers may soon be able to see the buyer journey in real-time with software that can recommend the best option based on a consumer’s preferences.
5. Artificial intelligence will be especially beneficial for smaller car dealers who lack the resources of larger auto groups. Since AI platforms reduce labor on many fronts, managers may also be able to invest more time into growing their business and attracting new customers.
"I'm convinced that by leveraging our data to provide a more personalized experience to our car buyers...that's how we're going to win." — Kevin Frye
