Jan 24 2024
When OEMs make their as-built data, also known as window sticker data, available to vendors through a vehicle data partner, they invest in their brand’s equity. As consumers associate their complete vehicle experience with your brand (from purchase to servicing to resale), it's essential to ensure that the organizations handling your vehicles, from dealerships to insurance providers, have the opportunity to provide the best possible service throughout the vehicle life cycle. This, in turn, will drive long-term customer loyalty.
The window sticker data of a vehicle provides several advantages for vehicle sellers during the purchasing process. Dealerships, online sellers, and wholesale auctions must provide comprehensive vehicle information to prospective buyers, especially at the package and option level, as these can significantly impact the cost of the vehicle and influence the buyer's perception of value. OEM build data is the source of truth, and serves as a valuable marketing tool for their dealers. Knowing the precise trim levels and options on every vehicle, sellers can create a competitive price and promotional strategy based on all the vehicle's features and benefits, and ensure that the vehicle's true worth is reflected accurately in the marketplace.
As brand loyalty for repeat vehicle purchases declines, OEMs must find ways to increase consumer loyalty. Dealerships and service providers are the key to influencing a purchase. The car buying process can be long and complicated, but with the correct data, dealerships can attract interested shoppers. Additionally, accurate vehicle descriptions can help dealers enhance their marketing efforts, drive sales for used vehicles, and improve customer satisfaction.
In today's highly competitive used-vehicle market, precision and accuracy are crucial for all vehicles entering the market. Even after purchasing a vehicle, build data can offer many benefits. Organizations that service the car, such as dealerships, auto repair shops, and collision centers all need to know the technology, options, and packages that the vehicle has, to accurately assess the costs of service. Any discrepancies in the data can lead to customer dissatisfaction, negative brand association, and headaches for the consumer, as well as insurance or warranty companies that must pay for repairs. In addition, having complete vehicle data boosts certified pre-owned vehicle valuations at wholesale auctions. Lastly, it will also increase vehicle residual values and in turn, help to lower the monthly payment on a vehicle lease.
As the vehicle approaches the end of its life, build data continues to provide value by informing decisions such as trade-in values, repair costs, or scrap value. Today's modern vehicle has over 30,000 parts from hundreds of different suppliers, so the build data must be precise should the vehicle need any repairs or be sold for parts. By leveraging this data, we can follow a circular economy approach that benefits the environment, creates economic value, and extends the lifespan of the vehicle's components. It is no longer a question of whether we want to seek out OEM repair information to repair today's vehicles properly. It is now a requirement to ensure its trade-in or resale value is accurate. What we know about the vehicle today may not be up-to-date or valid information for tomorrow. Build data helps to accurately estimate the residual value of the vehicle, ensuring that the owner receives a fair return on their investment, whether the sale is private or at the dealership.
Licensing build data to vehicle data providers, such as DataOne Software, will help manufacturers support the entire vehicle ecosystem and ownership lifecycle, while also creating revenue in a new way for the OEM. If consumers know that their vehicle was sold with accurate information, is capable of optimal support post-purchase, and shows a competitive resale value, then they are more likely to continue purchasing vehicles that are associated with your brand. When vendors utilize the full power of the OEM build data, they help dealers build value for their vehicles, create a compelling case for their vehicles in the marketplace, and drive customer loyalty.
To learn more about the benefits of partnering with DataOne Software for OEM build data licensing, reach out to one of our experts today!
