Connected vehicle technology set to be embraced by the remarketing sector
We believe that the Remarketing sector is beginning to embrace new solutions around connected vehicle data as a way to deep-dive the key health indicators for a car or van throughout its lifecycle.
Debbie Fox, our commercial director at epyx, said that they had been involved in several encouraging conversations throughout the sector – ranging from vehicle leasing specialists to dealer groups – regarding the possibilities of accessing data through connected vehicles.
“The huge advantage for the used car and van sector is that information covering key lifecycle events that potentially affect the vehicle’s value can be drawn directly from the car and van, and built up over time, without the need for a telematics-style ‘black box.’
“For example, connected vehicle technology makes mileage tampering – or ‘clocking’ nearly impossible because the mileage of a vehicle can be continuously monitored and any major discrepancies will be plainly obvious.
“Using the power of the 1link Service Network, we could match data covering when the vehicle was serviced and which maintenance actions were undertaken to rich information about usage and the manner in which it has been driven, providing a comprehensive view of a vehicle’s condition.
“The benefits of this for the remarketing sector are clear. They will be able to provide information that has an extremely high degree of veracity that can be used to maximise the value of the vehicle by proving its provenance to traders and retail buyers.”
Debbie added that we have been working on a connected vehicle product that is intended to launch later this year that will later include remarketing-focused features, following proof of concept trials with a number of major vehicle leasing companies.
“The potential for launching a connected vehicle solution that will effectively serve as a potential successor to traditional telematics has existed for some time but there have been long-term structural problems with translating the idea into a marketable product.
“Pricing of the data has been an issue, as has collating it into a single point of access, while some cars and vans have been connected-capable and others haven’t. However, we’re now in a position whereby in the middle of the decade, the majority of vehicles operated by leasing fleets will be able to produce connected data, efficient aggregators have emerged, and conditions therefore now mean we’ll be able to deliver a commercially-compelling solution.
“Our expertise lies in presenting this information in formats that have genuine value for operators and certainly, the needs of the remarketing sector have been prominent in our minds when we have been developing the product.”
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