How AI Can Help the Wholesale Buying Experience
2 mins
Every day, more and more businesses are turning to Artificial Intelligence to help them make business decisions and execute routine tasks. While this emerging technology can seem scary or overwhelming, it can help streamline processes and provide vital data points and guidance to help make more informed decisions. That’s why here at OPENLANE we are leveraging AI in the buying process to help make our dealers more successful.
Understanding AI in the Automotive Industry
Innovations and Artificial Intelligence have been ingrained in the automotive industry from the very beginning. From the early days of assembly line manufacturing to today’s research, design and autonomous driving, AI has been disrupting the automotive industry for decades. According to a recent industry analysis, AI’s impact on the automotive industry is expected to grow by nearly 23% leading up to the year 20301.
Across the industry, AI is now being used in nearly every aspect of a vehicle’s life cycle, from the initial design and research stages, all the way through to production and remarketing of a vehicle. AI has a key role every step of the way.
AI in Inspection Reports
At OPENLANE, we leverage AI when it is practical and additive to provide a better and more comprehensive experience for our dealers. The most visible way we are using Artificial Intelligence to enhance our customer experience is the introduction of our Visual Boost AI™ technology.
When a buyer toggles on Visual Boost AI in the OPENLANE US marketplace, they are quickly and clearly given a visual indication of exterior vehicle damage.
By highlighting even the smallest instance of exterior damage, dealers are able to make more informed decisions about a vehicle. This is crucial in digital wholesaling, where a dealer won’t physically see a vehicle in person until after they’ve made a buying decision.
OPENLANE’s cutting edge use of AI in Visual Boost AI brings a whole new level of transparency to the buying process, making wholesale easier for our dealers.
See how Visual Boost AI works for dealers:
Using AI to Improve Dealership Decision-Making
AI can be a powerful tool for dealers in their daily workflow and decision-making. From real-time data analysis to pricing insights, inventory management and risk assessment, AI can be an instrumental tool.
Regardless of which AI solution you are using, there are tools that can be used in business to help a dealer make better decisions. AI is a great tool to help identify patterns and trends in your customers’ behavior, and provide valuable insights for a dealer trying to make informed purchasing decisions.
Let OPENLANE Help You
OPENLANE is here to make wholesale easy so our dealers can be more successful. As part of that purpose, we are constantly innovating with the help of technology like AI to provide our customers with a robust suite of tools. By leveraging AI to help our dealers make better buying decisions, we continue to demonstrate our dedication to improving digital wholesaling. Find out how OPENLANE is working to help dealers like you right now at openlane.com.
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