An industry-first e-commerce platform that allows car retailers to remain open for business 24/7 is being backed by a major UK auto dealership as interest grows rapidly in the automotive retail sector at home and abroad.
Glasgow-based Silver Bullet’s pioneering software has been strongly endorsed by The Peter Vardy Group after it increased its used car profit per unit by £300, achieving 80% finance penetration and boosting sales volumes.
The tech innovator is also piquing interest in countries as far afield as Germany, Australia and New Zealand by helping automotive retailers catch-up with other industries that offer comprehensive personalised shopping experiences.
As well as on-boarding The Peter Vardy Group as a software customer, partnerships have been struck with two major classified websites together with automotive retail website platform hosts and specialists.
They have been persuaded to buy into Silver Bullet’s search, part-exchange, finance, and purchasing processes in 2019 by the prospect of sizeable advances in incremental sales, faster conversions, increased margins and lower costs.
John Law, Managing Director of Silver Bullet, said: “Peter Vardy is championing us because he has seen the tangible impact on sales. The product is ready to make huge inroads into the auto sector globally.”
Peter Vardy, Chief Executive of The Peter Vardy Group, said: “With the time saved by Silver Bullet’s software in managing transactions, our sales executives are able to deal with more customers and sell more cars.
“We are noticing also an increase in distance sales leads together with far more qualified, relaxed and empowered customers entering our showrooms to complete their vehicle purchase.”
With Silver Bullet, car buyers can now complete their end-to-end purchase process online including valuing trade-ins, vehicle selection, configuring and arranging finance options, purchasing add-ons and arranging showroom appointments. The platform is designed as an innovative product for retailers, and not as a disrupter technology to remove dealerships from the sales process.
John Law said: “Dealerships remain a vital part of the customer experience. We are firmly on the retailers’ side, helping them to extend their services by providing customers with more ways to engage.
“Take-up has so far exceeded both our expectations and those of our clients. Even during the early stages, adoption of the new process by customers was very rapid, indicating that this is the buying experience automotive consumers prefer and have been waiting for.”
Plans for the new software are ambitious. With inbuilt artificial intelligence capabilities unique within the automotive industry, the Silver Bullet platform maximises the power of information to deliver actionable insights said Mr. Law.
He added: “Developments scheduled for release in Spring 2019 include automated and direct-to-consumer recommendations together with intelligent pricing capability and an equity parity calculator.
“With an exciting digital roadmap by the middle of 2019, we will be the only provider of a sophisticated and integrated sales, service and parts online solution that allows retailers to be truly digital.
“In the meantime, growing demand for our software means we are partnering with a wide range of automotive digital development, classified and technology businesses while adopting dealer groups of all sizes.”