Buying a car has always been time-intensive. Visiting showrooms, filling out reams of paperwork, and waiting for responses from financiers, among other things. To help expedite this process, TransUnion is launching Digital Dealers Guide, a digital platform to change the way people buy, sell, finance and even insure cars.
Digital Dealers Guide is an extension of the company’s mission to use information in a way that helps both individuals and organisations achieve great things. More than 55 years ago, it led to the creation of TransUnion’s first Autodealer’s Guide. Today, that same monthly printed guide is used extensively across all sectors of the auto industry, from finance institutions to insurance providers, in order to uniquely identify a vehicle derivative, and as a base for determining used vehicle values for trade and retail. Now, TransUnion has found an even better way to disseminate that information for good.
The Autodealer’s Guide goes digital
“In order to innovate and evolve, TransUnion Auto Information Solutions has recently launched a digital version of the guide called Digital Dealers Guide, that will sit within the widely-used 1Check app,” said Kriben Reddy, Director Product Development, Auto Information Solutions at TransUnion. “Available to all current users of the printed guide and providing an almost real-time view into a dynamic market, this electronic version of the Autodealer’s Guide will empower the auto industry to take the next step towards digital transformation.”
Access to real-time and VIN-specific data
For dealers to keep up with customer service demands, they will have to transform their businesses and focus on utilising the power of digital technology to maximise their digital sales and marketing capabilities. “All of this depends on intelligent data,” explained Reddy. “The difference with Digital Dealers Guide is that it can give dealers and the like a real-time view of the market value of a vehicle. By placing the guide on a digital platform, it is possible to take the entire valuation chain to the next level.”
While the value is a given, based on market averages, Digital Dealers Guide enables users to search specific VIN numbers. This, with data from other sources, makes determining whether a vehicle has been driven harshly, involved in an accident, or stolen, possible. Reddy pointed out that these factors can then be used in conjunction with mileage and condition adjustments to make a more realistic, accurate determination of the market value of a vehicle.
The bigger data pool will lead to disruption in other sectors
The digitisation of the Autodealer’s Guide means that available values will increase to 224 brands, covering a total of over 2,839 model ranges with 14,972 variants. One benefit of this is that estimated values can be generated for vehicles with low volume sales, which currently covers around 30% of the vehicle market. These kinds of capabilities will be useful to a number of other industries as well. An upcoming feature will also provide values of a new vehicle within its first 12 months of being sold, which has not been available traditionally.
Insurance can no longer afford to be based on averages. Reddy explains how this data-driven platform can enable better decision-making in relation to a specific asset in this industry, “Accurate data relating to specific vehicles helps insurance to reassess their risk models, to make sure their risk premium is correctly adjusted.” The same applies to finance sectors who base their risk assessments predominantly on the person, not the asset. “By having access to the data in the Digital Dealers Guide, this risk assessment can be done more accurately and this will have a positive impact across all sectors,” said Reddy.
Enabled for mobility
Users need not worry about high data costs, lack of signal or bad connectivity with Digital Dealers Guide, because there is also a complete offline version available. Reddy noted, “The digital guide has been designed with customers in mind, in that it can be used wherever, whenever, in a seamless, user-friendly fashion.”
With these benefits, TransUnion believes the Digital Dealers Guide will be a tremendous driving force for good in the automotive and related industries, empowering auto dealers to uplift the entire value chain with a seamless flow of data between all parties.