prabhuAs the world embraces new technologies at an ever-increasing rate, the motor trade industry is keeping pace. With innovations such as AI, electrification and driver-focused systems improving companies daily, businesses need to invest in the latest technologies to keep up.
Here are five areas that technology is revolutionising in the motoring industry and how you can capitalise on it.
The electrification revolution
It will not come as a surprise that the future is very much in the hands of electric vehicles (EVs). At the end of June 2024, there were 1,145,000 fully electric vehicles on the roads and a further 670,000 plug-in hybrids.
Investing in electric technology will only benefit your business. You may want to train some of your mechanics, for example, to allow them to service and repair EVs. Fully trained mechanics are great, but they will need the kit that goes with their new role. Make sure they have diagnostic tools that are suitable for EVs.
Connected cars and ADAS
Connected vehicles can communicate with systems outside of the vehicle itself. One example of this is ADAS or advanced driver-assistance systems. ADAS covers systems such as parking assist, pedestrian detection and lane detection.
Both of these features are designed to make driving a car easier and simpler for the driver. As such, they are becoming more and more common in standard cars.
To make sure you can service cars that have these features, training and investing in appropriate equipment is the key again.
AI in the motor trade
AI has become something that many people use daily. There are many ways your business can benefit from utilising the wonders of AI.
AI algorithms can be used to predict when machinery will need to be serviced. This will help you book engineers or take machines offline with little disruption to the rest of the business. You can also use AI systems to monitor machinery in real time and alert you when something is about to malfunction.
You may also want to employ AI chatbots to enhance customer service. Visitors to the website will be able to ask a range of simple questions and get satisfactory answers. This will free up your staff for detailed and complex queries whilst keeping all customers satisfied.
The rise of MaaS
MaaS is an acronym for Mobility as a Service. MaaS encompasses digital transport service platforms where customers can pay for and access information on transport services.
Partnering with a MaaS system will allow taxi services, for example, to access a wider customer base. Customers can use the website or the app to book a ride easily and quickly which is likely to result in repeat users.
Evolving insurance landscape
With all these technological advancements come changes within the insurance arena. As you upgrade your technology, your insurance needs may change. For example, servicing EVs may require specialist insurance policies with additional protections.
It is not just businesses that need to reevaluate their coverage. If you work part-time in the motor trade industry you should take out part-time motor trade insurance. This will protect you from legal issues and liability problems, even if the job is your side hustle.
