AI in the auto industry
|Richard Harris in Artificial Intelligence Thursday, March 15, 2018|
Conversational AI research for business decision making has been released by Conversica.
In a recent study by Conversica, a provider of artificial intelligence powered business conversations for auto dealers. From the research they discovered from talking to over 124 car dealerships and other businesses in the auto sector - service is the key for auto dealers getting more sales.
PCG Research on the Conversica AI Auto Service Assistant findings:
- 82% of car buyers who service with a dealership will buy their next car from that dealership
- Furthermore, with an average 72% gross revenue margin, auto service is the most profitable department of most dealerships
- By contrasting results between these two departments, we give automotive companies more insight into the effect their relationship has on sales performance
- Of the 124 automotive departments surveyed, 74 (60%) were sales and 50 (40%) were service centers.
With data mining and conversational artificial intelligence, Conversica is able to analyze and manage DMS data with great success, reaching out to the right customer at the right time with an engaged conversation. One of their customers, for example, is the Cutter Auto Group, a family run business of car dealerships serving Hawaii for more than 40 years. They say their sales have increased at least 20% because of their AI assistant, Lilly.
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