Artificial Intelligence (AI) holds big potential for the automotive industry in marketing and sales (M&S). Harnessing AI can transform how automotive Original Equipment Manufacturers (OEMs) and retailers engage with customers, improving operations, personalizing interactions, and ultimately driving higher sales and lower costs.
Here’s What You Need to Know About The Applications of AI in Automotive Marketing & Sales:
Utilizing Rapidly Expanding Data Availability
Leading companies are harnessing AI to increase marketing efficiency dramatically. Through programmatic advertising, AI-driven campaigns target the right customers with the right messages at the right times, optimizing advertising spend and maximizing engagement. By integrating data from across the customer journey, companies can personalize their marketing efforts, presenting customers with tailored offers and pricing that are more likely to convert.
How Lotlinx Does This:
Lotlinx Sentinel inventory management platform leverages artificial intelligence (AI) and machine learning to accelerate dealership profitability and drive sales. Through real-time tracking, the inventory management automation tool monitors 163 variables of inventory data, consumer behavior, and market demand, enabling informed budget allocation. This extensive analysis helps dealers focus on underperforming and at-risk VINs, boosting overall sales and profitability by avoiding unnecessary spending on fast-selling vehicles.
Integrating AI into Sales Processes
AI in auto sales can revolutionize sales by automating and optimizing various operations. For example, AI-powered lead scoring can identify high-potential customers, enabling sales teams to focus their efforts where they are most likely to succeed.
Virtual assistants and chatbots for car sales can engage customers instantly, answering questions and generating information around the clock. Equally as important, AI creates personalized and dynamic pricing for competitive yet profitable pricing strategies for you and your team.
How Lotlinx Does This:
Lotlinx’s VIN-specific digital marketing campaigns harness AI to manage inventory-specific consumer demand. These targeted campaigns align with a dealer’s monthly sales goals, dramatically increasing vehicle sales velocity. By targeting specific VINs, dealers can meet their sales goals more effectively.
Transforming Marketing & Sales Operations
AI’s capabilities extend to optimizing sales forecasting, product configurations, and stock allocation. By thinking smart and automating these processes, automotive players can obtain the right products available at the right times, lowering inventory costs and focusing on what matters most — customer satisfaction. AI can also improve after-sales operations through automated visual inspections and residual-value calculations for returned vehicles.
How Lotlinx Does This:
The platform’s Sentinel technology provides real-time predictive insights, allowing dealers to identify and address specific VINs requiring attention. Empowering dealers with these predictive insights ensures a streamlined sales process through quick interventions and strategic decision-making.
Dealership efficiency can be further enhanced by integrating the best AI tools for auto dealerships like Lotlinx. These tools provide advanced AI-powered automotive inventory management solutions critical for streamlining operations and driving sales growth. Analytics for car dealerships can then leverage this valuable data to make informed business decisions.
AI-Driven Marketing & Sales Transformation is as Easy as 1, 2, 3
Dealerships can take these three simple steps to successfully implement AI in automotive M&S:
- Know the Starting Point: Assess where AI will deliver the most value and identify the necessary capabilities.
- Pilot AI-Enabled Use Cases: Develop and test promising use cases to demonstrate AI’s potential and develop a tailored AI strategy.
- Transform the Core: Build the necessary AI capabilities to scale up successful use cases, embedding AI in every function and process possible.
The potential benefits of AI in automotive M&S, such as data intelligence for car dealers, are not just a competitive advantage for individual companies but offer value to the entire industry. With estimated benefits reaching $44 billion by 2025, automotive players who embrace AI will not just adapt to the future—they will shape it. Contact Lotlinx for a free product demo to experience our capabilities.