NetworkNewsWire
Editorial Coverage: Technology is transforming the automotive
industry.
- Data is changing vehicle manufacturing and the way customers
buy.
- Connectivity is transforming the relationships between
customers and their vehicles.
- New technology such as blockchain provides alternative
approaches to existing issues.
- The change affects the whole sector, from manufacturing and
maintenance to sales.
Some of the innovation feeds off ideas from other industries,
such as the vehicle repair app created by SinglePoint Inc.
(OTCQB: SING) (SING
Profile). Some of it is focused on sales, as is the
case for CDK Global Inc. (NASDAQ: CDK) and its
dashboard to help with sales. There are innovations for specific
market sectors, such as the truck data-gathering work headed by
IHS Markit Ltd. (NASDAQ: INFO). Tesla Inc.
(NASDAQ: TSLA) may be working on some of the highest
profile changes, with its work on electric cars leading to
record-breaking sales, but it’s the quieter work of companies such
as AutoWeb Inc. (NASDAQ: AUTO) that is reaching
into every corner of the market, as technology transforms the auto
sales environment.
To view an infographic of this editorial, click here.
Technology Brings Disruption to Auto
Industry
The automotive industry is facing a period of serious change.
The rise of self-driving cars, the move from gas towards electric
power, and the ongoing drive to produce safer, more efficient
vehicles are all creating challenges for established companies.
Incomers are adding to the mix, as new companies with new tools and
specialist interests enter the market.
The changes aren’t all just about car design and production,
it’s also about the way that the public deals with cars. From
measuring car usage and controlling traffic to buying and selling,
technology has the potential to transform consumers’ relationships
with their automobiles. By tapping into the latest trends such as
connectivity, big data analysis and blockchain storage solutions,
technological advances are disrupting the whole ecosystem around
driving.
Data and Drivers
Data gathering is central to modern business. From the
data-driven, opinion-forming companies of social media to the
manufacturers using six sigma techniques to optimize their assembly
lines, today’s world is an increasingly information-rich world.
That focus is something that companies such SinglePoint Inc.
(OTCQB: SING) are using to create places for
themselves within the automotive industry.
SinglePoint might not seem like an obvious company to make a
move in the car industry. A diversified tech company that emerged
from the mobile technology market, SinglePoint doesn’t have an
established presence in the auto sector but is instead carving out
a place through its disruptive technology.
Data gets used in a lot of different ways within the auto
sector. For manufacturers, it’s a way of improving their vehicles
and production processes. Data from traffic accidents can be used
to improve safety features. Data on customer behavior and attitudes
shapes design decisions. Data on delays and inefficiencies in the
process are used to change work on the factory floor.
Improved data is also shaping the ways that customers interact
with cars. Take buying a new vehicle, for example. More and more
sources offer sales information, including aggregators such as
price comparison sites. Information on the safety, efficiency and
performance of cars is also widely available. And it’s not all
about sales. Apps also help drivers plan routes, navigate, and find
gas stations and charging points.
Movement has arguably been slower on the repair and maintenance
side, and this is where SinglePoint is stepping in, through its
subsidiary ShieldSaver.
ShieldSaver uses proprietary license-plate recognition technology
to gather data on both cars and consumers, which can be used for
several purposes. The most obvious is to identify when repairs are
needed to approach car owners about getting the work done. But the
data also has value to other
stakeholders, such as insurance companies, parking-lot owners,
parts suppliers and people buying cars, as it can give them a
better understanding of both individual vehicles and the bigger
picture. Efficient repair and maintenance work can have valuable
knock-on effects.
Connectivity and Blockchain
Connectivity is one of the big buzzwords of the moment, and with
good reason. People are incredibly keen to connect with each other
and with the different parts of their lives. Interconnected devices
allow more control over individuals’ lives. In terms of
automobiles, the potential result is that cars connect to phones
and other devices to play music, allow hands-free calls and improve
navigation. As automation takes over, these devices are also
increasingly connected to the internet and to other cars, creating
systems that support drivers and may eventually evolve into
self-driving cars.
But connectivity isn’t just about the big, impressive pieces.
Sometimes it’s the little things, such as SinglePoint’s new ShieldSaver app. This allows people
to connect to ShieldSaver’s services directly from their phones, so
that they can source and schedule windshield repairs quickly and at
reduced cost. By providing a connected, easy-to-use option,
SinglePoint aims to disrupt the $12 billion automotive glass
industry, using technology to change the way the industry
works.
SinglePoint plans to expand upon this connectivity through the
use of blockchain to support its app. Though it’s primarily known
as the technology behind cryptocurrencies, blockchain’s fundamental
function is to store data. The technology allows information to be
kept on a shared distributed ledger, meaning that it’s accessible
to anyone who needs it. This ability helps with record keeping
across the array of companies that SinglePoint is working with on
ShieldSaver, allowing those companies instant access to important
information and thus supporting swift responses to potential
consumers.
Blockchain can also be used to provide extra security in record
keeping. Nobody without specific electronic keys can access or
alter blockchain data, and any tampering appears as part of the
data’s permanent, unchangeable record. Blockchain would provide
customers with extra security around their data and confidence that
their data is in safe hands.
Attracting Attention to Automotive Glass
SinglePoint has used the advantages of its technology to build
deals. ShieldSave has
developed strategic partnerships with some big names within the
sector, including Mygrant Glass, Wally Park, LAZ Parking and
others.
More companies are coming forward to work with SinglePoint.
“With the new application SinglePoint led in developing over the
past year, we have started to grab a lot of attention,” said Dan
Shikiar, founder of ShieldSaver. “Opportunities have started to
pile up after our first showcase — people who see the ShieldSaver
platform absolutely love it. We feel this market is underserved and
is ripe for new technologies to streamline for customers and
providers.”
It's hardly surprising given the interest in automotive
technology in general. Companies and investors have seen how the
space is transforming, and they’re zeroing in on its
opportunities.
CDK Global Inc. (NASDAQ: CDK), which provides
technology for vehicle dealerships, is another of the companies
focusing on data as a way to improve business. The company recently
revealed its new customer-centric dealer service
model, designed to drive business improvement and foster closer
ties with customers. One of the central features of this model is a
customer-service dashboard, which links data to a business’s
priorities and performance measures. The dashboard is designed to
help dealers identify the best places to focus their efforts and
staff, combining technological and human resources to improve
sales.
A specialist in data gathering and analytics, IHS Markit
Ltd. (NASDAQ: INFO) serves a variety of sectors, including
the automotive industry. Its analytical solutions provide insight
into marketing, sales, service and the aftermarket to drive better
results. Its recently
launched WorkTruckCert, launched in collaboration with the
National Truck Equipment Association, will provide customers with
one of the most comprehensive views available on the state of the
truck sector. This is the sort of work that recently won the company an award for its innovative,
data-driven work.
While many companies are experimenting with automotive
technology, none can currently compare with Tesla Inc.
(NASDAQ: TSLA), either for its high profile or for its
relentlessly innovative approach to technology. Elon Musk’s
electric-vehicle company has grown from a novelty company named
after an eccentric scientist to a household name and the undisputed
leader in electric cars in North America. Its work in self-driving
cars makes use of the latest in connectivity and data-driven
technology. The result has been impressive growth, with the company
seeing its highest ever levels
of production and delivery in the last quarter of 2019. It has
seen enough success to drop the prices of its vehicles, hoping to
push more of this innovative, environment-protecting technology out
onto the roads.
A pioneer of the automotive internet since 1995, AutoWeb
Inc. (NASDAQ: AUTO) helps customers access information on
vehicles, dealers make connections with those customers, and
manufacturers market their brands online. The company has been
strengthening its leadership team over the past year, with COO Dan
Ingle the latest in a series of senior staff to be recruited,
bringing years of experience in business development and auto
finance technology.
Technology is transforming the vehicle industry. Companies that
tap into that to draw on data and increase connectivity are gaining
an advantage that can’t be replicated any other way.
For more information on SinglePoint, visit SinglePoint,
Inc. (OTCQB: SING)
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