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Auto Industry Update: Applying Advanced Analytics to Improve Profits
Webinar by Earnix
US auto companies invest billions of dollars each year creating demand for vehicles and influencing purchase decisions. Manufacturers, dealers and finance companies collectively invest an estimated $8,000 to 9,000 per vehicle sold on advertising, discounts and rebates and discounted finance charges alone.
While the auto industry leverages analytics to help improve marketing effectiveness, these efforts are still highly fragmented and largely focused on marketing variables rather than maximizing profits for stakeholders. An integrated customer analytics framework can enable stakeholders to target more relevant purchase and incentive offers to each consumer.
The reward for improved integration of customer analytics is great. Auto companies could maintain the same volume, while shaving up to $1,000 per vehicle off their investments in sales support. For a major US auto and finance company, improved integration of analytics could increase yield by as much as $2 billion annually.
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