New global market research released today by Solera Holdings, LLC (“Solera”), the global leader in vehicle lifecycle management, reveals the increasing demand for digital-first automated claims, with trust in AI-driven claims and repairs soaring to 79% globally. The annual survey also identifies rapid acceleration of AI adoption among global car insurers, enterprise body shops and Original Equipment Manufacturers (“OEM”) dealer networks to deliver on consumer expectations.

Digital-first channels are revolutionizing how claimants manage their motor claims and repairs. Half (49%) of consumers now desire fully digital self-serve experiences and 43% prefer a hybrid model blending digital tools with human contact. As a result, more consumers are now willing to change their insurance provider to one that offers digital claims technology (70%) and nearly two thirds (65%) would choose a repairer using AI to minimize the risk of error when conducting work on their vehicle.

“Digitization is now an integral and expected part of the claims cycle. Our research shows the pace at which consumers now actively seek automated self-serve models that meet their needs for digital convenience, speed, and accuracy,” said Bill Brower, VP Industry Relations, Solera. “It’s clear that those implementing cutting-edge technologies like AI will gain critical customer retention, efficiency, and resilience.”

Digital transformation projects have been fast tracked to optimize processes and solve challenges accelerated by the global pandemic. In the last year, repair shops and OEMs saw the highest return on projects through improved profitability (52%), increased staff productivity (50%) and employee efficiency (49%). Insurers saw the highest return on digital transformation projects through improved business resilience (58%), faster decision-making (55%) and increased staff productivity (55%).

In line with this shift, the use of digital claims technology has also increased rapidly. Solera’s survey revealed over a third of claimants have now completed a motor claim without speaking to a person and over half have taken images of their vehicle and uploaded them onto an insurer’s platform.

Despite the progression of AI-driven claims and repairs, this ecosystem is still facing critical adoption barriers. Global car insurers continue to cite cost to implement and upskilling the workforce (73% and 65% respectively) as their biggest AI challenges. Repair shops and OEMs face similar drawbacks, as cost remains the largest barrier to AI (75%), up by a third year-on-year. However, there is a clear path for future AI investments. Now, nearly two thirds (64%) of global car insurers and 43% of repair shops and OEMs are highly confident their AI goals will be met within the next 12 months, ranking 8 out of a maximum 10.

“Covid was clearly the tipping point for customer adoption of digital services. Insurance customers are clearly ready for digital options especially when they have the opportunity to quickly access an adjuster in person as needed. The optimism among industry decision makers to achieve AI objectives is a huge vote of confidence, but more needs to be done to realize its value for stakeholders and customers. There are inevitable barriers in the journey towards full automation, but the message is clear. Now more than ever, organizations must leverage first-class technology partnerships to streamline this transition and maximize the return on AI investments,” added Brower.

For more information and findings click here.

About This Research Survey: Solera’s research series was conducted by Coleman Parkes in November-December 2021 with 1,500 tech-savvy consumers and senior decision makers from over 500 global car insurance companies, enterprise body shops and OEM dealer networks across North America, Europe and Asia Pacific.

WESTLAKE, Texas, May 25, 2022– Solera Holdings, LLC (“Solera”), the global leader in vehicle lifecycle management, today announced the release of Omnitracs One Route Modeling at Solera Outlook 2022. Omnitracs One Route Modeling enables large enterprise customers to work through what-if routing scenarios without affecting the operational production routes already in place. As a result, drivers and local dispatching can engage in route creation plans in a more time and cost-efficient manner.

Available to Omnitracs One solution customers, Route Modeling allows drivers and fleet managers to model changes to stop sequences, route start times, pre- and post-trip time, breaks and layovers – in order to measure a suggested route’s impact on cost and service windows. Unlike common practices using static routes, this real-time feedback affords further efficiency and reoptimizes the route planning process. With Route Modeling, fleets benefit by testing various operational strategies and identifying the one that suits them best without physically driving each prospective route.

“Dynamic Route Modeling emphasizes Solera’s commitment to identifying and understanding problems faced by our last-mile enterprise fleet clients,” said Todd Bransford, Vice President of Product Management at Solera. “Our Route Modeling solution provides a crowdsourcing environment where drivers can contribute their expertise and knowledge to the planning process like never before. The solution is unmatched with real-time feedback that makes our system smarter and enables our customers to generate and analyze more accurate, efficient, and less expensive routes.”

Notable benefits of Omnitracs One Route Modeling include:

• Real-time feedback:Simulate the positive or negative impact of route changes with an enhanced route scorecard, providing instant feedback supported by real-life data.
• Streamline communication: Eliminate the use of hardcopy scanning, phone calls, instant messaging and email communication between routers and local facilities, saving thousands of hours per year in labor.
• Enhanced collaboration at any time: Work through simulated routes either before or after a route is performed.
• Accessibility via browser: Avoid the need for time-consuming desktop client software installs with a light, web-based application that fleets already use daily.

To learn more about Omnitracs One Route Modeling and how Omnitracs One can further empower your fleet operations, visit our website.

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a “one-stop shop” solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit solerastaging.wpengine.com.

WESTLAKE, Texas, May 26, 2022 – Integrated vehicle financing solution provider Solera Auto Finance (SAF) is building momentum and bettering its own initial growth estimates in record time. Buoyed by its well-received launch in March of this year, SAF is already well-positioned in the used car finance market, signing dealer agreements and funding loans within two months of its introduction. SAF today announced the upward revision of its short-term targets in the face of this accelerated market adoption.

“We have a robust offering, a motivated team, and a strong network that is growing on a daily basis. Solera Auto Finance planned to launch initially in seven states and add about a dozen more in the next six months. I’m proud to say we have made quick inroads with dealers and customers in a record time. SAF is already operational in 20 states within two months of its launch. Based on our accelerated growth and performance, we are revising our short- and long-term growth targets and now plan to be operational in all 50 states within the next one year,” commented Kenn Wardle, CEO, Solera Auto Finance.

SAF levels the playing field for dealers, enabling them to provide the same seamless experience with a ‘captive-like’ financing solution that rivals even the most prominent used-car disrupters.

“We are fulfilling our promise of enabling independent and franchise car dealers to provide competitive-rate auto loans to the non-prime segment of used car buyers. By the year-end, we expect to extend our offering to the full spectrum of used-car buyers. Besides reducing operating costs, SAF’s commercial value proposition for used car dealers is designed to positively impact the automotive industry, create a seamless journey for car buyers, accelerate the financing and funding processes and provide a superior car-buying experience,” added Wardle.

SAF provides a new competitive financing option that fully integrates with Solera’s Dealer Management Systems (DMS), including Auto/Mate for franchise dealers and IDMS for independent dealers.

Amongst SAF’s first customers is Virginia-based dealership Town Auto Brokers. Rena Bateman, General Manager, Town Auto Brokers said: “What attracted us to Solera Auto Finance was their straightforward financing solution with an all-digital, online option and competitive financing rates. We are excited to collaborate with a company that is easy to reach and impressed by the customized service provided to us at every step in the process. Based on our interaction, this is the key differentiator of why we believe Solera Auto Finance is making quick inroads in the used car finance segment.”

Having expanded to 20 states, SAF is already actively recruiting in others for its high-speed rollout. In the current, highly competitive used car market, SAF will empower dealers to engage new customers with a fast, simplified lending solution for buyers and dealers. With its purpose-built financing solution, car buyers can receive financing decisions in seconds. SAF will also fund the dealer significantly faster than the current process, which can take several days for many franchise and independent dealers. As SAF’s AI-driven technology continues to mature, dealer funding time is expected to shrink to mere hours.

Dealers who take advantage of Solera Auto Finance will also qualify for a unique rewards program that can reduce or eliminate their Solera DMS solution fees. 

Details about the program, including how to enroll, are available at www.soleraautofinance.com or via email: info@soleraautofinance.com. 

WESTLAKE, Texas, Sept. 6, 2022 – Solera Holdings, LLC, the global leader in vehicle lifecycle management, today announced a strategic partnership with DigniFi, a leading FinTech platform for the automotive industry.

Solera will offer access to DigniFi financing options, funded by WebBank, to consumers seeking payment solutions for a range of vehicle repairs made by auto repair and body shops as well as dealers. Solera is offering the DigniFi solution through several of its platforms and expects to make DigniFi financing options available across three of its operating pillars – Vehicle Claims, Vehicle Repairs, and Vehicle Solutions. Solera dealerships, auto repair facilities, and body shops can enroll for DigniFi financing options by emailing Solera@dignifi.com.

"Adding this offering is a win for Solera’s customers and car owners because DigniFi provides access to a much-needed financing choice for the thousands of people not able to pay for an unexpected repair, insurance deductible, or bodywork without assistance,” said Alberto Cairo, Solera Managing Director of Vehicle & Fleet Solutions.

DigniFi solutions can provide access to financing for almost any vehicle-related expense, including mechanical repairs, preventive maintenance, bodywork, insurance deductibles, vehicle service contracts, accessories, tires, and prepaid maintenance packages. Drivers can receive financing from $350 to $7,500 to pay for vehicle-related expenses. To apply, consumers complete a simple, four-step process and receive an answer in minutes.

“It’s a real thrill to collaborate with like-minded, industry-leading partners, like Solera, who share our commitment to supporting main street and hardworking people across the country. I’m convinced that together, we can build a world where inclusive, accessible funding for the needs and aspirations of daily life is the norm,” said Neeraj Mehta, CEO, DigniFi. “At DigniFi, we strive to spark opportunity for small businesses and to delight their consumers through access to visionary, inclusive financing.”

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore,

cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a “one-stop shop” solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit www.solera.com.

About DigniFi

DigniFi is a FinTech company and leader in the world of transportation. We help auto dealers and small businesses across the country grow their revenue and delight their customers with access to visionary, inclusive financing. Our technology simplifies the loan application process and enables small businesses to offer access to on-the-spot financing for repairs, parts and

accessory purchases, trade-in assists, maintenance packages and more. All credit products are originated by WebBank, Member FDIC. To date, DigniFi has helped over 6,000 small businesses across the nation secure almost $200 million in incremental transactions. For more information, please visit DigniFi.com.

The customer experience (CX) is the driving force of any successful business. More than ever, providing customers with seamless service and access to information is vital to attracting and retaining valuable consumers. For that reason, franchise and independent dealership websites must reflect this cultural shift and offer consumers a variety of ways to find the information they seek.

Customer Experience is King

In a McKinsey article on automotive retail, Christian Richter, Google’s global automotive director, said, “All the digital touchpoints during the car-buying journey need to be connected. The customer expects it all to work. And when it works, you get their full attention and some money with it.” And according to recent data from Qualtrix, 8 out of 10 people feel customer experience should be improved across products, prices and fees, customer service, and ease of use. Brands risk

losing 9.5% of their revenue on average due to poor customer experience. And more than 50% of customers say they are likely to leave a brand after a bad customer experience.

How Your Dealer Website Experience Helps Customers

You will lose potential and existing customers if your website is clunky, outdated, or hard to navigate. People have many choices, so optimizing your website experience, for both the car buyer and service client, is key to generating new revenue and word-of-mouth recommendations. Here’s what to look for:

Ease of Use

The first – and most important – element of a successful dealer website is that it’s responsive, meaning it works the same on any device. Most consumers initially research purchases from smartphones, so your branding must be consistent across platforms. Ensure it’s easy to search, provide chat options and use eye-catching elements that are visually exciting. You are selling your products and services here, and this is your first chance to make an impression before a client ever steps through your doors.

Offer a Variety of Resources

Giving your customers many ways to learn about your products and automotive services on their own can only benefit you. A rich and compelling content offering will allow potential and current customers to explore and find answers to their questions on their own before they meet with you in person. Giving them the information they are looking for helps establish you as a valuable resource, even if they don’t buy anything this time. You can offer this by creating an extensive knowledge base on your dealership website with testimonials, product videos, and articles on trends or new releases. Customers will check your social media for reviews, so stay on top of those channels. And offering a “Get a Quote”/”Build Your Vehicle” page allows the consumer to envision how the vehicle will work with their lifestyle.

Drill Down on Data & Information

Offering a vibrant car search inventory is another way to elevate the customer experience. Consumers like to do their research, so provide different ways to imagine themselves in one of your vehicles. Here are a few suggestions:

• Create a “Lifestyles” page, sharing options for commuters, families, outdoor enthusiasts, and eco-friendly options.
• Pricing/financing calculators are popular features
• Share stats/trends on your vehicles
• Highlight current offers
• Repeat calls-to-action throughout the pages on your site
• Add contact forms to each page to capture user information

Take Advantage of Your Dealer Insights

Finally, identify the most utilized features customers visit and mine them for data and insights. And don’t fall back on updates. Continue to innovate and improve your site based on what you see customers engaging with and visiting the most.

Developing a rich and engaging dealer website will improve your customers’ experiences and set you apart from your competition. Find out more about how to create a new or optimize your current website today!

Learn More About Solera | DealerSocket’s Best-in-Class Solutions

Auto repair software designed for car enthusiasts, restoration technicians and technicians-in-training

WESTLAKE, Texas, Oct. 26, 2022 — Solera Holdings, LLC, the global leader in vehicle lifecycle management, today announced the launch and availability of Identifix Direct-Hit® DIY for car enthusiasts and technicians. The industry-leading auto repair software trusted by more than 100,000 service professionals and technicians is now available to everyday users at a lower-cost alternative, providing access to repair information for a single vehicle model verified by a team of master techs and confirmed by professional technicians across North America.

The average age of vehicles in operation has increased in recent years as inflation and supply chain challenges have disrupted the automotive industry. As people hold on to vehicles longer, car enthusiasts are taking on more repairs to maintain vehicle longevity. With Identifix Direct-Hit® DIY, users have access to more than 50 years of vehicle makes and models, making it easy to run a search for a vehicle’s issue and quickly find codes and details relevant for the necessary repairs.

“This lower cost version of Direct-Hit is perfect for a DIYer or a project car because it gives the same access to information that professionals use, meaning they can spend less time searching and more time working on their vehicle,” said Bob Mordorski, Identifix ASE Certified Master Technician. “This provides access to professional technician-created tests and confirmed fixes which are also backed by comprehensive OEM information to support the quick identification and instruction on how to repair virtually any issue in a vehicle.”

For a single vehicle, DIY grants users’ access to the following content:

• Technician confirmed fixes
• OEM service and repair information
• Maintenance schedules
• Remove and replace short cut procedures
• Component locations diagrams
• Interactive color wiring diagrams
• Diagnostic trouble codes
• Technical service bulletins
• Specs and capacities
• Parts and labor estimating

Identifix Direct-Hit® DIY is available now for single vehicle model use for $19.99 a month. To learn more about Identifix Direct-Hit® DIY, visit https://store.Identifix.com/Direct-Hit-DIY.

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions, and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a “one-stop shop” solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit www.solera.com.

Contact:

Solera

Priti Sharma

Priti.Sharma@Solera.com

PAN Communications  

solera@pancomm.com

Service Absorption Goals

Dealerships and their service managers are constantly trying to solve the problem of their customers defecting and servicing their vehicles at aftermarket locations. OEMs pay dealerships bonuses based on the number of OEM customers registered in their primary marketing area, compared to those OEM customers who continue to service through the dealership. In general, dealers need approximately 70% of the total brand vehicles servicing with them to get their bonus.

Solving the Defection Problem

What can service managers do when service cycles are getting longer and longer, and dealerships are unaware that customers have defected until it is too late? A considerable defection period occurs when a new vehicle’s warranty expires, and the customers start to service in the aftermarket instead of returning to your dealership. When that vehicle is sold to its second or third owner, the dealership must wait until that vehicle is registered in their primary marketing area and will not know who the owner is unless they have the registration data or if that customer decides to visit the dealership for service.

So, how many of your customers are defecting to the aftermarket? If you could capitalize on these known defectors, and “in the market” for service customers, how much closer would you be to hitting your OEM’s benchmark for servicing vehicles in your primary marketing area?

Who are these Known Defectors? 

Known Defectors are people who own a particular make of vehicle, and who live within a certain radius of your dealership. By using proximity targeting, dealerships can now identify when a mobile device has been to an aftermarket location. Proximity targeting uses latitude and longitude information to determine if a mobile device is at an aftermarket location and can track the length of time they are there. When a customer is at an aftermarket location for over 30 minutes, they become a “known defector.”

In addition, data partners have the ability to scrape credit card statements in aggregate to see if customers have charges on their credit cards from aftermarket locations and can even see what service was provided. Using this data, these audiences can be specifically targeted with Facebook and display advertising, which can bring them back into the dealership when it is time to service again.

How does this work exactly? Take a real-world example: Peggy recently got an oil change at Jiffy Lube. The proximity targeting data determines that her phone was at the aftermarket location, in your dealership’s primary marketing area. Also, data partners see the charge for the oil change on her credit card. Peggy then receives advertising for a special offer that brings her back into the dealership for her next service instead of going to the aftermarket location the next time she needs an oil change.

How Do You Identify a Customer Who is “In the Market” for Service?

Data can also help dealerships find people who own a particular make of vehicle, live within a certain radius of the dealership, and are “in the market for service”. When customers visit different dealership websites and aftermarket websites, or are searching online for service parts or locations, that information can be tracked. This online activity indicates that the customer is in the market and then they can be sent a Facebook or display ad as well to encourage them to visit your dealership. Now you can entice the customers with digital ads and special and special offers that can bring them into your dealership.

For example, Doug’s car just broke down and he needs a new alternator. Data informs the dealership’s marketing team that Doug owns a Toyota Camry in the dealer’s primary marketing area. Doug gets his vehicle towed and calls his friend Ryan for a ride. They go back to Ryan’s house to start researching prices and more information. They might google “prices for alternator” and start visiting aftermarket websites like Jiffy Lube, AutoZone, to price out alternators and the cost of getting one installed. This online activity moves Doug into the “In the Market for Service” audience and is shown advertising for service at the Toyota dealership in his proximity. Doug then receives exceptional service from the dealer and becomes a loyal customer of that dealership for future service and vehicle purchases.

Does This New Technology Work? It did for a Luxury OEM!

Since this technology is new to the marketplace, a luxury OEM recently ran a pilot to determine its effectiveness. The pilot ran in the OEM’s selected store’s primary marketing areas for two months. Nine total stores participated, ranging from small to larger stores targeting owners of vehicles for this luxury OEM. who were defecting or in the market for service with advertising. On average, dealerships got $18 back for every $1 spent on advertising. Small stores reported an ROI of $16 per $1 spent. Medium stores reported an ROI of $18 per $1 spent, and large stores reported an ROI of $22 per $1. After the pilot, this luxury OEM is now rolling out the technology to all their stores across the country to continue capturing these known defectors and use the data for maximum service absorption.

If your dealership is interested in learning how to capture Known Defectors, and reach customers currently in the market for service, you can learn more at solera.com/knowndefectors.

Author Bio: Madison has a diverse background in automotive marketing, focusing on seamless integration between Tier 1 and Tier 3 marketing strategies. Madison has experienced marketing from various perspectives from working with the OEMs and dealerships directly, to now serving the automotive industry from the technology and vendor relations side of the business. Currently she serves as the Lead Marketing Business Partner at Solera, where she strives to elevate consumer experiences and enhance dealership value at every stage of the vehicle lifecycle.

To avoid an inventory problem, you need a plan of action that covers merchandising, your plan for per-unit profitability, and all the critical stages in an inventory unit’s lifecycle.

Inventory success in 2019 will depend on how you answer the following question: Do you have a policy or plan when it comes to aging inventory. Most dealers will say they have a policy when a unit reaches 60 or 90 days, but a policy isn’t a plan. What’s the difference?

Well, what’s the process when a vehicle reaches 15, 30, 60, or 90 days? What will you do differently to merchandize units? How are you going to price those vehicles? Are you going to place those aging units in different spots on your lot? Bottom line, what are you going to do differently with a unit as it ages through its lifecycle?

The answers to those questions need to be in your written plan.

Virtual Merchandising

You also have to look internally and ask the following: How long does it take to get photos on a car? What about a description? How long do you price a unit competitively? If your inventory management system can’t report on those statuses, you’re operating blind.

We have very successful dealers who can have a vehicle they just took on a trade merchandised on their site within two to three days. And what they’re doing is giving themselves an extra week or two to sell the car. It may not be frontline ready, but it’s available virtually to everybody in the market.

Profit vs. Turn

I want to finish up this piece with one other trend, which I think is critically important. See, one of our competitors in the inventory management space announced a major change in philosophy earlier this year. See, the biggest difference between us and everyone else leading up to that announcement is that we, here at DealerSocket, have always looked at how well a dealer performs on a particular unit. And for those vehicles the dealer does well on from a profitability standpoint, well, there’s no reason to get down in the gutter with every other dealership engaged in a race-to-the-bottom pricing war.

See, DealerSocket has always believed every lot unit deserves a chance to be sold at a profit. We’re glad our competition has finally come around, because a race to the bottom is no way to conduct business.

This content may express opinions and ideas that are not intended to be official statements from DealerSocket, Inc.