How Technology Is Changing Automotive Finance and Sales

Abdul B. Seedat is from Fair Lawn, New Jersey, and earned his bachelor of business administration from the Wharton School at the University of Pennsylvania. The finance director at Steven Ford in Jersey City, Abdul B. Seedat keeps up to date on the latest trends and technology in automotive finance.

Automotive finance has seen many changes over the years, and it is no longer a given that customers will complete the sales process from start to finish at the dealership. The internet has changed how customers shop for and finance a car, and dealers need to keep up to stay relevant and competitive.

Financing departments must adapt to newer technologies and be digitized for convenience. Consumers are more comfortable than ever shopping online, and they will be looking for vehicle information and financing options on the web. Financing departments must adopt the right platforms and technologies to make financing as easy and flexible as possible for potential customers.

Bringing back existing customers is a major part of car sales, as it is much more cost-effective to bring back previous customers than acquiring new ones. Artificial intelligence can help predict when previous buyers will be looking for a new vehicle, as well as what they may be interested in.

With financing and sales being so strongly affected by technology, businesses should also make sure they pay attention to mobile platforms. The majority of people have smartphones these days and prefer the convenience of the devices for many things, including shopping. Having an up to date and efficient mobile platform will ensure customers can shop in the way they feel most comfortable.