Dealer management systems (DMS), which lie at the core of dealership businesses, were once a rather standalone solution. Dealers and sales personnel often had to log into the DMS separately to check information, run an analysis or create a report. In cases of multiple dealerships, often each location had its own DMS, and there was little by way of sharing across properties.
The DMS industry is in the middle of something of a renaissance. This is according to a new reportby ResearchMoz entitled, “Dealer Management Market Situation Lightness Major Drivers & Trends, 2019- 2024.”
“Today, with the advancement in software integrations and partnerships, a DMS can finally achieve its true purpose of helping dealers manage their entire business from a single login platform,” wrote the report’s authors. “Integrations help converge these processes and data into a centralized hub of tools, resulting in better organization, efficiency and ultimately more deals.”
The DMS system likely integrates with the customer relationship management (CRM) solution. It will provide inventory management, credit reports, deal structuring and contracting, customer information and payment processing. Increasingly, DMS is becoming a one-stop solution by extending capabilities (either through acquisitions or partnerships) to integrated web site management, email marketing and other online tools as well as a mobile app allowing most DMS functionality to be accessible via mobile device.
Many DMS platforms are now fully functional sales solutions, as well, allowing dealers and sales personnel to track and qualify leads, schedule appointments and even automate the calling or messaging of customers at appropriate times. The addition of technologies such as artificial intelligence (AI) can guide users to “next best steps” to ensure that opportunities aren’t missed.
Thanks to cloud-based technologies, these newly expanded DMS solutions can be deployed across multiple locations (even from any laptop with an Internet connection,) allowing for better coordination between employees and remote locations. This is a primary factor driving DMS growth, according to ResearchMoz.
“The dealer management systems market is anticipated to witness immense growth opportunities as end-users such as automotive enterprises specialize in value added services such as telematics services, cyber security, and connected car platforms,” wrote the report’s authors. “These platforms are anticipated to provide immense growth opportunities to the market with the growing need to automate processes.”