A belated Happy New Year from all at Autorola as we move into our 21st year of trading. We’ve made a fast start to the year – in January alone we have launched our new global website www.autorolagroup.com, our INDICATA business has gone live in Turkey and our team attended the ENG Remarketing Forum in Berlin.
Our global Marketplace sales director Morten Holmsten focussed his 20-minute slot at ENG on ‘How big data is helping vendors optimise their remarketing process.’ As with so many industries remarketing allows asset owners to collect data at a number of different points during a vehicle’s lifecycle. Our real time used vehicle business intelligence platform INDICATA sweeps a country’s online used vehicle data overnight to give OEMs and their dealers the most up to date intelligence to use to optimise their values and reduce stocking times.
Big Data helps optimise prices and reduce stocking days
He discussed the challenges of data accuracy on the Internet and How Big Data has to be collected and managed in a structured fashion to ensure the accuracy when it is evaluated to optimise prices and reduce stocking days.
He finished by posing the question -Will Big Data in the future be able to tell exactly which buyer will pay the most for a specific car, will this be the end of auctions? Check out his slides here and let us know what you think. (www.engevents.com/remarketingpresentations2017)
Amazon is already launching into the online automotive space which shows that the future is online. The efficient use of Big Data can help reduce many of the inefficiencies in the remarketing process.
We offered over 450,000 used vehicles for sale online across out online Autorola platform in 2016 and we expect that to grow to 500,000 by 2018. With the global new car market forecast to hit 100m by 2020 used car volumes will continue to grow providing much more scope for growth. Our portal is easily scaleable and is multi lingual so we are in a good place to benefit from these record sales volumes.
Cross border used volumes increase
Our article on European cross border vehicle sales in this edition of our newsletter also puts the movement of used vehicles into perspective. A record 21% of the used vehicles sold on our portal in 2016 ended up being imported or exported away from their country of registration.
As European used car supply and demand balances itself out there is likely to be continued movement of stock between countries. Online is the most efficient method of buying and selling used cars across multiple geographies and I still believe that within the next five years all used cars could be sold online. Let’s continue this debate over the next five years and see what comes of my prediction in 2022.