Connected vehicles are paving the way for new services and business models that will disrupt traditional product and service companies, according to Warren Ritchie, author of Competing in the Connecting World.
Ritchie is a featured speaker at the upcoming CADA Summit that will take place on February 13, 2019 at the Metro Toronto Convention Centre. He says connected cars are providing more information about how vehicles are being used and about the users themselves — and that data is attracting new players to a new and high margin market.
“The vehicles that are using data are becoming the basis for generating future services that are of interest to both the driver, the user or the owner of the vehicle,” said Ritchie. “And the metadata about how people are using vehicles is becoming increasingly of interest to the manufacturer, the dealer, and new parties outside of the traditional relationship between owner, dealer and manufacturer.”
What does this mean for the relationship between car dealers and consumers? And how will this data, and perhaps more importantly the Internet of Things (IoT) alter the traditional customer service?
According to Ritchie, there will be new revenue opportunities available for OEMs and dealers to take advantage of. But there will undoubtedly be competition from companies outside of the automotive industry seeking to benefit from those same advantages.
Dealers interested in learning more about how connected vehicle data will impact the auto retail industry can register for the CADA Summit 2019 online.
Brendan Shanahan, President of the Toronto Maple Leafs, will be headlining the event. He will be joined by an all-star lineup of speakers.
The CADA Summit is supported by an exclusive sponsorship from TD Auto Finance.
