What is the first thing that comes to your mind when you think about AI (Artificial Intelligence) in automotive; self-driving cars? Integration of AI in production lines? or something that has to do with cars of the future?
Well, this is something different! AI can also change the way you buy and sell used cars. In fact, it is happening right now, and you don’t have to look far to find an example. In a recent interview, Vikram Chopra (CEO, CARS24) explains how AI is continuing to help them drive towards a bright future.
The future of car buying
Imagine buying/selling thousands of used cars across thousands of models each month. It is difficult for a human being to perfectly assess/appraise every car. Five years ago, when CARS24 was started each process was done manually. Today, AI is slowly taking over. Technically, the role of AI in the used car segment comes down to two things: precision and scalability.
As a precision tool, AI benefits the company and its clients.
The demand and behaviors of customers are changing in the automotive industry. The days of tricking an ill-informed customer are long gone as millennials prefer to research online about the car they are interested in before approaching a dealer. AI helps in placing the right information, product, and services in front of the right people at the right time by considering their preferences. This allows companies like CARS24 to get a clear idea of what the customer is most likely to be interested in and match their expectations.
When buying a used car, CARS24 uses AI to appraise it. AI takes in large amounts of information and processes it before putting a value on the vehicle. This helps in estimating the best price a used car can get in its present condition. CARS24’s ability to accurately predict the issues with a car and how it affects the value is largely boosted thanks to AI.
AI can provide insights on:
- Programmatic advertising – buying, bidding, and selling.
- Personalized marketing- creative customization.
- Forecasting sales and demand.
- After-sales and services- predictive service offers.
- Improving customer experience- personalized customer service interactions through chatbots, and virtual assistants.
How AI helps in buying or selling a car?
If you are a buyer, you can scroll through the inventory of a used-car dealer before physically visiting the showroom. You will have access to a detailed report of every car and get personalized deals, offers, and selections with the help of AI.
If you are a seller, AI leaves no stone unturned when it comes to appraising your car. This ensures you receive the best price when selling your car.
For a dealer such as CARS24, it is all about providing the best customer experience and scaling their business to new heights with the help of AI.