How will future technological advances impact the automotive industry?
Modern technological advances have impacted every industry on some level, even rendering some obsolete. The cell phone alone dents the clock, watch, calculator, game console, computer, home phone, flashlight, radio, and personal camera industry. There are plenty of signs of change in automotive industry with the dawn of self driving cars, ride-share services, and country wide public transportation improvements. What do these changes mean for the average dealership? We explore current trends, past examples, and various theories to better understand the future of our industry and what we can do to stay ahead of the competition.
Does history always repeat itself?
The transportation industry has been in constant evolution from its roots. To this day we measure the power of an engine by horse power; a relic from the days of horse only transportation. Will the car someday become as historic as the horse? Humans will always need to get from point A to point B be it for businesses or leisure. Globalization has almost guaranteed that.
In the very near future, we can anticipate changes in new and used car retail due to the self driving car. Uber recently launched it’s first fleet of self driving taxi cars to Philadelphia and many other car manufacturing companies are investing heavily in their self driving technology. Although we can (and will in future installments) dive into the specific changes that will be necessary with the dawn of self driving cars, we can still find a big picture perspective of our place in the business of transportation. Simply put, the root of the automotive retail dealership is transportation. So long as we stay focused on the greater trends of transportation, we can make educated guesses on just how we should evolve on an individual basis to insure our position in the future.
Is there a specific topic you want to learn more about? Let us know! Subscribe to our newsletter to follow our monthly future of the industry series!