Your dealership runs on technology. And technology runs on data. Mostly. Having access to the right data, at the right time, without problems like hidden fees or nightmare integration challenges, is extremely important. In the brave new world of “all things Big Data,” dealers need to know the three rules of Data Access.
Rule 1 – Data Must Work Well With Others
In one study1¹, dealers used an average of 6.8 third-party software integrations to run their dealership. That’s a lot of getting along and playing nice. While this sounds like a lot, the fact that your have the ability to pick and choose the systems that work together is quite remarkable. “(Dealertrack) doesn’t restrict us to just one particular product,” explains Ken Barczyszyn, CFO of Dwyane Lane’s Auto Family. “We can have other relationships with other vendors and products and Dealertrack is open to that.” See it in action.
Rule 2 – Data Cannot Cost an Arm and a Leg
With multiple software integrations, dealers face the real risk of being taken advantage of by unscrupulous vendors. Accessing your very own data can suddenly come at a cost—a cost that can add up to $42,000 per year². If that sounds unbelievable, consider that many of these fees often go unnoticed and simply add up over time. With as many as half a dozen vendors charging you to access what you already own, those data fees chipping away at your profits can start to feel unfair. See how it adds up.
Rule 3 – Data Must Not be Held Hostage
If you’re considering switching to a new technology like a state-of-the-art Dealer Management System (DMS), consider this: signing a contract should protect, not prohibit, the data that you own. Your data—customer names, personally identifiable information (PII), and records of your transactions—need to be protected. But that doesn’t give a vendor the right to hold them hostage from you. Learn why it matters.
Discover a truly open DMS and find out what your technology is costing you. Learn more.
Sources:
¹https://us.dealertrack.com/content/dealertrack/en/challenges/data-fees.html
²https://us.dealertrack.com/content/dealertrack/en/challenges/data-fees.html
