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Can the Internet of Things (IoT) offer the insights needed to exceed your dealership's profitability goals? Internet-connected devices and intuitive platforms provide a comprehensive view of your lot inventory. But they also help dealers manage fleets and control maintenance costs.
Discover why operators and independent lot owners turn to IoT to optimize operations while learning about the Cox 2M solution used at 24 Manheim locations across the nation.
What Is IoT?
The Internet of Things, better known as IoT, pertains to any internet-connected device that collects and shares data. Although consumer-focused gadgets garner the most media attention, sensors are widely used in the retail, manufacturing, and agriculture industries. According to Juniper Research, "the total number of IoT connections will reach 83 billion by 2024." Moreover, the industrial sector "will account for over 70%of all IoT connections by 2024."
Lot Management During Unprecedented Times
The average dealership sells around 1,500 new and used vehicles each year and expends plenty of resources to monitor and track inventories. Remotely monitored security systems help dealers oversee lots but don't provide asset-specific details, raising concerns about inventory misuse or theft. Although tools exist for lot tracking, many require manual, onsite data entry.
The need for on-premise management posed a problem for locations in 2020. Local lockdowns and labor shortages made it tough to maintain records and vehicles. Furthermore, as consumers flocked online to shop, dealers struggled to reduce waiting times and ensure accurate digital inventories.
How IoT Can Help Automobile Dealers
As dealers look for ways to lower expenses and meet shopper expectations, IoT technologies can deliver all-important data for proactive decision-making. To get the most from IoT solutions, dealers need user-friendly platforms that easily integrate with existing tools and reports. The suitable trackers and programs enable dealerships to implement technologies quickly and earn a return on investment (ROI).
Smart Inventory Management Benefits
Traditionally, IoT sensors and internet access came with a high cost, and cellular connectivity was an issue. However, advances in IoT sensors and smart inventory management technologies created new opportunities for dealers and lot management professionals.
Reliable gadgets with long-lasting batteries, improved connectivity, and lower costs offer solutions for all-sized dealerships. Tech-enabled dealers can take advantage of:
- The ability to monitor vehicles in real-time
- Predictive maintenance notifications
- Usage data about models or vehicles
- Historical and real-time trend information
- Multiple lot management capabilities
- Increased efficiency for inventory managers, sales teams, and technicians
- Enhanced customer experiences as salespeople find cars quicker
- End-to-end operational management via any connected mobile device
Cox 2M Solutions: Simple & Scalable
Today's consumers embrace virtual shopping and demand frictionless onsite experiences. However, scaled-down dealership teams and a lack of data can make it tough to deliver on all accounts. Technology can provide solutions to reduce inefficiencies while enhancing the buying experience. And that's where Cox 2M, a CoxCommunications company, can help. Dealers use Cox 2M's LotVision technology to manage inventory and maintenance from laptops, tablets, or mobile devices.
Unlike complex, resource-intensive technologies requiring a huge learning curve, Cox 2M empowers dealerships of all sizes. John Kiernan, Head of Growth Management Office, says, "We like being told something can't be done and 'It's too hard' because that's where we find value. We spend a lot of time questioning: how can this be done differently, what does the customer really need?"
An Innovative Way to Manage Assets
LotVision uses GPS-based wireless devices that fit on a car or truck's onboard diagnostics port or a sensor connected to a steering wheel. These gadgets deliver information in real time to any internet-connected device. Your dealership team can use the data to:
- See what vehicles are in stock and their location on the lot
- Identify maintenance needs for new and used cars
- Track autos through reconditioning and merchandising processes
- Assess total time spent per stage to decrease inefficiencies
- Locate stalled or aged vehicles for prioritization
- Spend less time reconciling inventory
With Cox 2M, dealers can use an intuitive platform or pull data from tools they currently use. According to Jarod of Flint, Michigan, "We had been in the market for a solution like this a long time, and LotVision really delivered — a reliable system that was simple to deploy and also scalable."
Unlock Growth Potential
Whether you're monitoring dozens or millions of assets, scalability is essential. With the right tools, you can enable your teams to use data across many processes. A scalable solution like Cox 2M LotVision fits into today's workflows yet supports future growth.
Dealers can develop insights about which models or vehicles get the most test drives. Or prioritize brands based on consumer shopping trends. LotVision also supports multiple lot monitoring, allowing dealers to know what's in stock to effectively assist customers and sales teams.
Reliability and a Name You Can Trust
With ever-changing technologies, device and platform providers must have the resources to update and improve IoT services. Yet, stability shouldn't mean stagnation. Instead, IoT industry leaders pursue innovation to produce and perfect the tools dealerships need. While startups promote agility, they often lack the strong infrastructure and a high volume of assets required for long-term use.
The Cox 2M solution is installed at 24 Manheim locations and counting, with over 300,000 vehicles tracked nationally. Backed by enterprise resources, Cox 2M has the infrastructure to support dealerships across the country and the autonomy to innovate new ways to create frictionless environments.
Expand Into New Spaces
Cox 2M isn't limited to the automotive industry. Rather, it aims to help multiple sectors take advantage of a connected world. Dealers can move into the rental space using affordable IoT fleet management tools or track equipment rentals with ease. Cox 2M capabilities extend to:
- Smart energy: Lower operational costs and increase uptime using sensors in industrial processes.
- Smart city: Connect infrastructure, transit, and utilities to enhance the quality of living without huge expenditures.
- Smart agriculture: Review critical data and apply advanced analytics from any internet-connected device.
- Smart retail: Ensure excellent customer experiences and secure assets while detecting problems before they affect your clients.
- Smart healthcare: Remotely monitor patient health and medical equipment and use insights to create personalized experiences.
Discover How IoT and Cox 2M Can Empower Your Dealership
The world of IoT opens the door to countless possibilities. However, to take advantage of a connected environment, dealers need a reliable partner and easy-to-deploy solutions. With Cox 2M and LotVision, you can empower your teams to deliver better customer experiences while developing insights necessary for growth.