Published in: 
Fleet News
14 May 2024

Opinion: Why real-time data is crucial to fleet remarketing

Much has been written about the period of unprecedented change that the fleet industry is currently undergoing. In this environment, business resilience is key to enabling businesses to survive and thrive.

Resilience is often portrayed simply as the capacity to bounce back from setbacks, but it's much more than a passive endurance of adversity.

True resilience embodies the spirit of not only surviving challenges but also seizing the moment to thrive and grow in their aftermath.

It involves a dynamic process of adaptation, where organisations transform obstacles into stepping stones for future success.

Understanding resilience is crucial, especially in a world increasingly characterised by volatility and unpredictability. Whether it's navigating the complexities of a global pandemic, dealing with economic fluctuations, or adapting to the rapid changes in technology and work environments, resilience calls for a proactive stance.

Resilient businesses can recognise hazards early, adjust to unfavourable external changes, and carry on with operations even in trying circumstances.

Data is essential to understanding the market and making better decisions.

Fleets face the challenges of navigating the roller-coaster BEV market. In a fast-paced market, real-time data allows remarketers to quickly identify trends, respond to customer actions, and adjust in the moment. This agility is crucial to capitalise on buying intent.

Real-time data provides granular insights into BEV trade buying behaviour, allowing remarketers to build highly targeted remarketing audiences.

It improves the efficiency and return on investment of sales by ensuring vehicles are shown only to the most qualified prospects.

A digital approach that directly connects buyer and seller will help minimise risk when the EV market remains ‘bumpy’ as it evolves.

It is essential to consider days in stock when seeking to maximise the effectiveness of the remarketing process.

It can be less of an issue in a rising market, but with the falls the BEV market has seen recently, every 30 days could cost around £300 per book drop, plus additional de-fleet and remarketing costs might account for an additional £975.

Several models have fallen in value by more than -40% and a handful more than -50% over the last 18 months.

A digital marketplace also significantly reduces vehicle movements, which will aid fleet companies in achieving their carbon reduction goals.

It's time to assess the effectiveness of the de-fleet and remarketing process using more environmentally friendly KPIs.

Modern image and data technology can enable vehicles to start their remarketing process prior to de-fleet.

Vehicles can be imaged using AI tools at remote locations and published for sale. This will expedite time to market, which is critical in a dynamic market and drastically lowers the quantity and cost of logistics moves.

Data and digital technology have advanced. It can now empower vendors to take more control over the process, accelerating de-fleet and remarketing and redrawing a greener and more efficient model that is fit for today’s market.

Benjamin Franklin, one of America’s founding fathers, said, “When you’re finished changing, you’re finished.” This sentiment still rings true over 200 years later.

Fleet companies have made giant steps forward with digital transformation in recent years and have radically changed a range of functions from customer service to fleet management.

It’s time to apply the same logic to the remarketing process and take a data-led approach to navigating an ever-changing market.

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