How connected car technology could transform fleet remarketing
Debbie Fox, commercial director, epyx
At epyx, we’ve recently been looking in-depth at the possibilities presented by connected car technology – and one of the key conclusions we’ve reached is that there is potential for its use in remarketing in a manner that could be described as transformative.
The huge advantage for the used car and van sector is that information covering key lifetime events that affect the vehicle’s value can be drawn directly from each connected car and van, being built up over time – all without the need for a telematics-style black box. This data, which will have been taken in real-time from the vehicle, can be used to add a new and valuable level of reassurance for potential buyers.
You’ll be able to show not just a traditional-style service history but also, should you choose, that the vehicle has been driven carefully or that any faults that have arisen have been dealt with quickly and efficiently. Effectively, you’ll be able to say to the customer, “We can show you with a high degree of certainty that our ownership of this vehicle has been responsible and careful, and it should make a very good used buy.”
This information could be provided well ahead of the defleeting date in order to speed the sale of the vehicle and liquify it as an asset as soon as possible. Certainly, we can foresee scenarios where connected car data is drawn into a stock management system, such as our own 1link Disposal Network, to form part of a comprehensive vehicle description for potential trade buyers and then presold. This is something about which we are already talking to major fleets and they are responding with enthusiasm.
epyx recently commenced trials of an advanced connected car product with several fleets as a proof of concept exercise. As a business, our expertise lies not just in the provision of connected car data but presenting this information in formats that provide users with maximum benefit and we are currently refining our approach for maximum effect.
This new product will make several of the possibilities described above immediately accessible, although it is not specifically designed for remarketing. Our intention is to then develop it further over time to add new features that will make it more and more effective when it comes to managing disposal. We can’t wait to bring it market later this year.