Deloitte’s 2021 Global Automotive Consumer Study suggests that the future preference of buying vehicles in-person versus on-line is still to be determined with the majority of customers still preferring the in-person experience. Yet as Murad Baig, Chief Product Officer at Otoz, a subsidiary of NETSOL Technologies points out the US largest dealership group AutoNation Inc still has a market cap of $7.6bn compared to Carvana’s (online car buying marketplace) market cap of $52.6bn shows that customer preferences are changing.
Find out Murad Baig’s point of view on which auto retail model will prevail, and understand the implications of these findings for auto finance providers.
Murad Baig is Chief Product Officer at Otoz, and a formerly led Fintech & Disruptive Technologies at Deloitte. Otoz announced this month (June 2021) their implementation of a true end-to-end e-commerce platform for MINI USA (OEM) and MINI Financial services. Otoz was selected because it was able to bridge gaps in existing the automotive retail process. This new platform can help OEM’s get the increased value they are seeking as they increasingly focus on direct to customer models as their preferred retail model.
Otoz are specialists in developing digital-first automotive retail and mobility solutions for OEMs, dealerships, and start-ups to further facilitate seamless customer and dealer engagement.
Key topics to be covered in this interview will include:
- Understanding the competitive advantage from agency and why direct to customer platforms seem likely to deliver more customer data and customer insight
- Learning why subscriptions and rental products represent a challenge for dealerships, and whether direct models work better
- Predicting how the future range of mobility products from daily rental to leasing (contract hire) may work together to deliver a comprehensive mobility solution for customers.