AI growth and development continue across the equipment industry, but commercial vehicle dealers have unique opportunities for growth.
Fixed dealer operations are a growth area in the development of AI in the equipment industry, Jameel Ghata, chief strategy officer at vehicle inspection technology firm Pave, said during Work Truck Solutions‘ virtual Commercial Vehicle Business Summit on Oct. 24.
“We’re starting to see interesting companies pop up that are using AI and robotics to more efficiently and effectively service vehicles, whether that’s changing tires or analyzing and estimating damage to a vehicle or anything in between,” he said.
AI also presents an opportunity to improve front office operations, Edie Hirtenstein, vice president of business development at vehicle listing firm VINData Products said during the summit.
“It’s just trying to figure out when somebody is going to be ready to sell their vehicle,” she said. “Just this week, I had a fleet company reach out to me, because that’s one of the things that they’re trying to better understand, is when they should sell a unit.”
Predicting commercial vehicle customer needs
In addition to task management, AI can help dealers predict customer needs, Hirtenstein said.
With AI, dealers can “figure out when their customers should be ready to sell and make that a very precise invitation … for that person to come into the dealership,” she said. “Instead of helping them every month with an invite, getting that exact right point, that’s where AI can really shine.”
Dealerships that can harness the predictive power of AI can outperform competitors, Eric Foster, chief revenue officer of business development firm BZDev, said during the summit.
AI allows his firm to help dealers predict what they’ll need so “all of a sudden, that supply-and-demand issue simplifies itself dramatically,” he said.
“Dealers can anticipate and only order [necessary products], instead of over-ordering or under-ordering in order to meet needs,” he said. “Companies that quickly embrace [AI] and are willing and able to share that information, either with their OEMs or with their customers, and provide that kind of in-between service are really the ones who are going to far outpace their competition.”
As a result, companies that are meeting customers’ needs with AI can win, Pave’s Ghata said.
“Any time you’re solving a problem for a customer, and you can use AI to get them a product, faster, cheaper, in a more flexible manner and also provide them data in an organized manner, that’s going to be a win across the board,” he said.
