Dealer management systems enable auto dealers to offer swift and reliable purchase processes and services to customers. Additionally, the system helps meet customer requirements by facilitating coordination between products and services, and ensuring the dealers are ready and equipped with the parts required for repairs; this simplifies the repair and maintenance services and inventory management process. The dealership management systems also allow seamless financial reporting, payroll services, and cash flow management. The systems integrate a suite of the finest technologies such as customer relationship management (CRM), business intelligence and reporting, and inventory management. They further assist auto dealers in enhanced customer conversions and customer retention, along with allowing them to maintain a remote help desk.
Growing advancements in automotive industry and increasing integration of different management systems drives the growth of the global dealer management system market. advent of autonomous vehicles is among the major factors that are anticipated to bolster the market growth during the forecast period. However, the growing security concerns may hinder the market growth.
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Impact of COVID-19 Pandemic on North America Dealer Management System Market
The COVID-19 pandemic situation compelled many countries to impose lockdown in 2020, which ravaged businesses in these countries and lead to the discontinuation of auto dealership operations. Dealer management systems help auto dealers to stay updated regarding the current market trends and changes. Thus, slump in the businesses of dealers also slightly hindered the growth of the dealer management systems market in 2020. However, as stated by Forbes, despite these conditions, dealerships in certain US states continued their operations, with formal permission from the US government to run the business during the pandemic as it is one of the crucial businesses, especially for the transport industry. As per the National Automobile Dealers Association (NADA), the US government allowed the auto dealership business in pandemic. Since auto dealers were back in business, the demand for the system upsurges in the region. The market players manage to offer their solutions remotely even in the pandemic.
Players operating in the dealer management system market are mainly focusing on the development of advanced and efficient products.
– In 2021, CDK Global, Inc. introduced Neuron, a Big Data platform connected to Fortellis automotive commerce exchange. The Neuron is designed to convert high volumes of industry information into actionable insights for dealers, original equipment manufacturers (OEMs), and third-party software developers.
– In 2020, Integrated Dealer Systems (IDS) launched Service360 to help dealers revolutionize their service and reduce repair event cycle time (RECT). The IDS Service360 is an end-to-end service solution that integrates seamlessly with the IDS Astra G2 dealership management system.
With focus on improved customer connection and communication, several manufacturers are looking for integrated ways to manage their business. This boosts the need to have systems that streamline enhanced interactions between the customers, dealers, and OEMs. Dealer management systems integrated with various features—such as CRM, service management, spare part management, sales tracking, and inventory management features—meet the growing requirement of the modern manufacturing industry.Dealer management systems capture data about customer, inventory, and product and make inventory management more efficient. Besides, they facilitate visibility on dealer operations across different countries around the world. Companies are highly integrating various systems into dealer management to offer enhanced customer experience. For instance, in January 2021, DealerSocket, Inc. rolled out an all-new service scheduler effortlessly incorporated within its CRM tool. This tool is built to combine dealership sales and service departments in a shared mission to convert, acquire, and retain lifelong customers. Its CRM tool creates a wide-ranging view of a customer’s experience with the dealership while enabling advisors and service managers to manage customer interactions from one location.Thus, dealers can manage operations from inventory management to customers and product sales to services seamlessly with a robust dealer management system integrated with different management systems. Therefore, this factor is driving the market globally.
Key Findings of Study:
– The global dealer management system market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). In 2019, North America led the market, followed by Europe and APAC.
– Significant strategic initiatives by several industry players are observed in the market; for instance, in January 2021, CDK Global, Inc. introduced Neuron, a Big Data platform connected to Fortellis automotive commerce exchange. The Neuron is designed to convert high volumes of industry information into actionable insights for dealers, original equipment manufacturers (OEMs), and third-party software developers. Further, in November 2020, Integrated Dealer Systems (IDS) launched Service360 to help dealers revolutionize their service and reduce repair event cycle time (RECT). The IDS Service360 is an end-to-end service solution that integrates seamlessly with the IDS Astra G2 dealership management system.
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