Both consumers and dealers agree that a personalized customer experience powered by automation and artificial intelligence will improve the car-buying journey, according to Cox Automotive's recent Technology and Transformation of Retail Study.
Sixty-seven percent of car buyers think that personalization technology will enhance the car-buying experience. Additionally, 76 percent of consumers expect their dealer to know something about them before entering the dealership.
The study further reveals that 63 percent of dealers concur that enabling automation and/or AI is significant to adapt to the transforming car-buying and owning process.
"Automotive retail is going through a period of transformation right now," Marianne Johnson, chief product officer at Cox Automotive, said in a press release. "AI is not just a buzzword. It's already impacting the way consumers gather information about cars, learn about which car to purchase and decide when to interact with a dealer. Artificial intelligence is also helping dealers become more efficient and transparent and deliver a better consumer experience."
Cox Automotive's VinSolutions team led the study, which surveyed 532 franchised dealerships and 2,032 recent automotive consumers. The research was conducted from April 30 to May 23, 2019.