The 2nd Annual Automotive Intelligence Summit is in the books, and what an incredible experience it was! Over 200 attendees came out for a diverse lineup of speakers from throughout the auto industry and beyond, including Equifax, GM Financial, Deloitte, IHS Markit. If anything, the full range of experience at the conference proved that the changes coming to the future of cars will have a broad impact.
We were happy to have Joe Overby back on the Vehicle 2.0 Podcast to recap the highlights of this year's show, which you can listen to below!
Here are a few of our favorite sessions from the Auto Intel Summit; ranging from informative breakdowns of industry trends and new ownership models to the evolution of automotive digital retail.
The Evolution of the Auto Consumer
One of the first blocks of breakout sessions was led by Ryan Robinson, Automotive Research Leader at Deloitte. Ryan broke down the journey into the future of mobility, which included autonomous vehicles, electric vehicles, data privacy, and shared mobility. Overall, his presentation was rooted in an impressive range of data that depicted the ongoing shifts in consumer behavior and expectations within each area.
You can read more about Ryan’s findings here, but here are some key insights:
- 50% of U.S. consumers don't think autonomous vehicle technology will be safe
- 33% of consumers aren't willing to pay extra for advanced vehicle connectivity features
- 59% of vehicle owners are interested in buying their next vehicle online
- 30% of people bought their current vehicle the same day they started visiting dealerships
Digital Retailing: Separating the Facts from Fiction
The second day of AIS was packed with informative sessions and kicked it all off with a talk by Andrew Tai, CEO of Motoinsight. With retailer case studies from multiple industries, his presentation surveyed the digital future of automotive retail. While the number of car buyers is predicted to drop over the coming years, those who continue to buy or lease desire a similar experience to what a company like Amazon can provide. Alternatives like Carvana are shaking up the traditional dealership experience, while automakers like Genesis are shifting to a seamless model that's entirely online.
Learn more about Motoinsight here!
Disrupting the Car Leasing World with Three Swipes
One of the latest and fascinating disruptions to the traditional leasing process comes from Nathan Hecht, Founder and CEO of Honcker. His app bypasses those ambiguous "lease deals" by showing available cars in your area, calculating monthly payments in real-time, and reserving your specific model. Nathan emphasized the importance of a complete e-commerce experience where consumers can shop every brand, make, and model with transparent pricing, set individually by each dealership. Honcker has already raised over $27 million in capital in 30 months of operation and shows no signs of slowing down.
Read more about their model here!
Automotive Industry Outlook
IHS Markit is synonymous with data and critical insights, which made the session led by Mike Wall, Director of Automotive Analysis, a must-attend event. While offering a high-level economic overview of the automotive industry, he was able to dig into several possible scenarios for the future, including the potential for a downturn in the coming years. Mike emphasized the impact of policy mistakes, high-interest rates, and vehicle affordability on the impending plateau and decline of car sales. Beyond those factors, alternative vehicles and ownership models are expected to put pressure on the current market peak.
Dive into the bulk of his presentation here!
The Future of Ownership in a Vehicle 2.0 World
There were a few sessions that repeated on the final day of AIS, including one hosted by Spiffy Co-Founder and CEO, Scot Wingo! The presentation began with a look at the three phases of car ownership, from the birth of the Model T to today's digital renaissance, before exploring the big players for each alternative ownership model. These range from ride-hailing services to P2P or free-floating car-share networks, such as Turo, GetAround, and Zipcar, and subscriptions. All of these options are fighting to serve consumers in a market worth $1.2 trillion, with more choices still to come in the future.
Check out Scot’s article on Forbes to learn more!
If you're interested in staying up to date with the latest in automotive technology, then be sure to subscribe to the Vehicle 2.0 Podcast. We have several interviews recorded live from the Auto Intel Summit in the pipeline for the coming weeks, so stay tuned!
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