Most people have a negative connotation with the car buying process and find the process of negotiating with a car dealer right up there on the list of things to avoid including experiencing a root canal. Transparency has not always been forthcoming in the process of buying a car, especially more so with a pre-owned vehicle. And unfortunately, a few car dealerships perpetuating shady behavior have affected the reputation of many. The status quo of the industry has been not-so-great.
In the auto industry, we can—and should—do better.
Imagine as a dealer, if the technology you used could help boost profit margins as well as your overall reputation? With the right solutions in play, you could increase customer satisfaction exponentially and streamline the process of managing and selling your inventory. It’s a win-win situation for your dealership that gives you an edge over the other guys.
As professionals in the automotive world, we know a thing or two about the pain points affecting both dealers and consumers. Our mission is to never settle for a sub-par status quo. By building new applications for blockchain’s limitless potential, we are rethinking what car ownership can be.
How can you utilize some of the great technology we’ve developed? Read on for some tips we’ve discovered on this wild ride.
First: Why Blockchain?
Blockchain, the technology that underpins bitcoin and other cryptocurrencies, is an open, distributed ledger that is used to effectively and securely record electronic transactions. While the notion of blockchain may appear complex, it is actually quite simple: it’s a continuously updated register of records or linked “blocks” secured by encryption, each carrying a timestamp and transaction data. For the sake of security and transparency, data in any one block cannot be changed retroactively without affecting nearby transactions.
While blockchain has closely been associated with cryptocurrency, its use cases in other industries have widely been hailed as a happy disruptor that streamlines processes, ensures security in transactions, and improves communication among relevant parties.
For example, blockchain technology has enabled Carnomaly to do away with a long list of barriers that a consumer has to typically go through to obtain a car loan. By financing a car with crypto utilizing Carnomaly’s blockchain-based platform, consumers can easily complete a transaction much quicker than traditional financing.
With blockchain-based platforms, consumers and dealers will have the ability to buy and sell cars with transparency and empower them with the infrastructure to effectively communicate.
Here are at least two ways we see it working for dealers:
1. Eliminates unnecessary paperwork
As a dealer, you know the paperwork involved in managing your inventory—documenting every transaction from the buying and selling of your stock to the titling and registration. That adds up to a pretty hefty paper trail per vehicle. Instead of submitting various forms across different agencies for licensing purposes, what if you could communicate in real-time with all of the players—think DMV, lenders, and more—within seconds? With blockchain solutions, this is all possible.
Blockchain-based solutions could allow dealers to have real-time access to comprehensive history reports on vehicles pulled from each VIN. By securely storing and capturing info about each vehicle and placing it within a block on the blockchain, aggregated details can be easily shared and trusted. Thanks to the immutability of blockchain technology, you never have to worry if the history is falsified or tampered with. What you see about a vehicle is what you get.
Remarketing a pre-owned car becomes a breeze knowing how to accurately price the vehicle with comprehensive vehicle reports, and titling and registration becomes a revved-up affair. Instead of waiting days and sometimes weeks for vehicle history, the information is right at your fingertips. And for confirmation of title transfers, you can get the green light automatically.
2. Improves Customer Relationships
Take that same technology that would streamline or eliminate your paperwork and apply it to your customers’ experience at your dealership. By utilizing a VIN-based digital app, you could offer your customers a personalized experience for their vehicle, making cross-selling of your services much easier down the road.
For example, say you offer your customer a blockchain-based platform that tracks their driving history, vehicle maintenance details and accident reports as they faithfully upload their info to the app. You now have captured info about each vehicle, consumer, driving habits and service needs. Your job of marketing specialized offers and coupons becomes much easier and more personalized as you foresee (thanks to your blockchain solution!) what their automotive needs are. The research shows that consumers want you to market to them in a personalized way. In fact, 80% of consumers prefer it. Offering this type of solution to your customer base makes each encounter with you a much more personable experience—which according to the research, leads to future sales, almost guaranteed.
Carnomaly—Making Your Life Easier
Carnomaly has been road-testing a variety of blockchain-based platforms of our own to make life easier for consumers and dealers alike. We’re revolutionizing the automotive space through a variety of solutions, and here’s what you might be interested to know:
CarrChain—Comprehensive Vehicle Reports
Much like the example we gave above, CarrChain will soon bring the convenience of a digital profile to vehicles with the security and reliability of blockchain technology. Through an intuitive app, users are incentivized with $CARR tokens to manage and upload maintenance activity, registration status, claim information, and more from dealers, insurance companies, collision centers, and DMVs. When it comes time to service the vehicle, consumers will be able to find personalized recommendations for local shops. By utilizing CarrChain at your dealership, you can instill more confidence in the history of the vehicles you are buying and selling, plus seamlessly transfer ownership via the blockchain. In essence, CarrChain history reports will be the most accurate and detailed history reports on the market.
The Carnomaly Marketplace—Crypto+Cars
When you partner with Carnomaly as a Carnomaly dealer, you’re collaborating with automotive experts who utilize the latest technologies to add value to your customers’ experience. The future of financing opens up wide as your customers realize the potential of crypto to fund their dream ride in a way that’s utterly streamlined, unlike traditional financing.
We aim to provide services to dealers, like you, at a fraction of the price you currently pay for online marketplaces. The hoped-for effect is lower costs for dealers with superior transactions and value for consumers. The Carnomaly Marketplace will soon change the way we buy, sell, remarket and finance new or pre-owned vehicles.
If you’re looking to shake things up in your dealership—boost your reputation as well as profit margins, and let’s face it—make things easier for your employees overall, why not tap into the potential that the blockchain holds? At Carnomaly, our goal is to make your life a little easier. We’ve fully realized the power that blockchain technology holds, and we can’t wait for you to enjoy the ride.