Connected organizations drive automotive finance success

OEM captives will need more data and advanced analytics to improve internal operations and meet higher expectations. You can only really access this data if you take control over the entire customer journey, from the research stage through the buying process to after-sales service. That’s why you’re focusing more on direct-to-consumer marketing and sales approaches, managing dealerships in an agency model. 

An incredible challenge lies ahead, but just beyond the horizon, it’s brimming with opportunities.  

Imagine a fully integrated, unified experience from discovery to contract renewal; a place where all online and offline touchpoints meet; a centralized location that doesn’t only allow you to manage fleets but also personal leasing contracts, capable of managing any of today’s and future customer preferences. 

That’s the future of automotive financing. That’s why your organization will become a connected organization. 

A connected organization integrates internal operations and customer-facing strategies to create a cohesive, efficient, and customer-centric company. By connecting people, data, and technology, organizations can achieve new levels of productivity and value creation for everyone involved.  

• Captives and leasing companies benefit from operational efficiency, connecting everything from go-to-market strategy through financing, maintenance, and beyond. 

• End-customers enjoy complete price transparency and a seamless end-to-end experience that integrates offline and online touchpoints. 

In a connected organization, integrated systems are essential for scalability and responsiveness. They allow you to handle the particularly larger contract volumes while maintaining control over flexibility, deliverability, and quality of service. There’s more: as contract volumes increase, the connected organization will possess even more data to further improve personalized services, create new revenue-driving offers, and forge partnerships with third parties and service providers. 

In a connected organization, a single platform suffices to manage both fleet and retail financing operations. Everything is integrated, allowing you to streamline your operations and meet your customers’ strict demands. 

The possibilities include: 

• Automation of manual processes: reducing repetitive tasks allows employees to work more accurately and efficiently. Reaping benefits from better connected teams. 

• Cost savings: connected systems lower IT overhead by eliminating the need for multiple siloed systems and scattered data sources. 

• Agile operations: access to comprehensive data enables you to anticipate changes and adjust operations, improving operational efficiency and scalability. 

• Innovation and personalization: robust data and analytics allow you to personalize your services and foster long-term customer loyalty. 

Furthermore, connected car technologies will constantly deliver invaluable data, paving the way for additional opportunities. 

• New ownership models and smart leasing solutions, such as flexible subscription plans, mileage-based leasing, and fractional vehicle ownership. 

• Innovative financing options in the EV market, such as home-charging stations and replacement batteries. 

• Regular transactions and upsell opportunities, such as in-car payments and over-the-air software updates. 

The LexisNexis® Risk Solutions Automotive Brand Loyalty Study has found that, on average, only one in two (US) consumers are loyal to their brand. However, over 60% of Tesla buyers remain loyal to the brand, indicating that their digital approach is working much better than average. 

Becoming a connected organization may help you reach the same levels of customer loyalty (or better) because it puts customer experience front and center. Improvements include: 

• Integrated data and technology enable seamless customer interactions across touchpoints. 

• Automated data synchronization eliminates the need to input data multiple times or manage repeated offers. 

• New technologies e.g. modern points of sale, servicing platforms can help you customize new products and services.  

• Consistent information flow allow for better personalization in offerings and support. 

To become a truly connected organization, you must adopt new technologies and re-engineer your current processes to create a more agile, efficient, and customer-centric company.  

• Eliminate menial work to empower your workforce 

• Leverage data and AI to create responsive operations 

• Facilitate integrations to foster more fruitful partnerships   

• Implement advanced analytics to discover the latest trends 

• Gather your knowledge to offer the best innovations and personalized services. 

By integrating all business lines into a cohesive digital architecture, you can provide a seamless customer experience and drive sustainable growth in both fleet and retail leasing.