Press release
Auto Dealership CRM Software Market Report 2024: Strategies And Recent Developments
Auto Dealership CRM Software Market
The Business Research Company offers in-depth market insights through Auto Dealership CRM Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The auto dealership CRM software market size has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to growing complexity in vehicle technology, rising consumer expectations, insurance industry evolution.The auto dealership CRM software market size is expected to see strong growth in the next few years. It will grow to $8.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to integration of artificial intelligence (AI), rise in electric and autonomous vehicles, focus on environmental sustainability, global expansion of automotive aftermarket, increased emphasis on customer experience. Major trends in the forecast period include integration of AI and machine learning, cloud-based solutions, enhanced mobile solutions, data analytics for performance optimization, regulatory compliance and standardization.
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Market Segmentation:
The auto dealership crm software market covered in this report is segmented -
1) By Type: Cloud-Based, On-Premises
2) By Functionality: Sales And Lead Management, Customer Service And Support, Marketing Automation, Inventory Management
3) By Application: Small And Medium Enterprises (SMEs), Large Enterprises
Major Driver - Automotive Industry Growth Accelerates Auto Dealership CRM Software Market Expansion
The growing automotive industry is expected to propel the growth of the auto dealership CRM software market going forward. The automotive industry refers to a sector comprising a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. The auto dealership CRM software is used in the automotive sector to provide a more personalized and efficient customer experience, leading to increased satisfaction and loyalty. For instance, in June 2023, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK increased by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Therefore, the growing automotive industry is driving the growth of the auto dealership CRM software market.
Competitive Landscape:
Major companies operating in the auto dealership crm software market report are Salesforce Inc., Oracle NetSuite ERP, Reynolds and Reynolds, Selly Automotive, CDK Global, DealerSocket, Zoho CRM, Dealertrack, ELEAD1ONE, Freshsales, Dominion Dealer Solutions, Freshdesk, PBS Systems, VinSolutions, Creatio CRM, Izmocars, Elead CRM, ProMax, MAM Software, Xtime, LivePerson Automotive, DealersLink, Datacar CRM, Quorum DMS, myKaarma, AutoLoop, AutoRaptor, Vital Software, AutoMate DMS, Fortellis Automotive Exchange
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Top Trend - Integration Of AI-Generated Responses To Revolutionize Customer Interactions In The Dealership Software Market
Major companies operating in the auto dealership CRM software market are focused on introducing innovative solutions, such as advanced CRM technology with AI-generated responses, to gain a competitive edge in the market. An advanced CRM (Customer Relationship Management) technology with AI-generated responses combines traditional CRM functionalities with artificial intelligence (AI) capabilities to automate tasks, personalize interactions, and improve customer engagement. For instance, in May 2023, Space Auto, a US-based provider of CRM software for automotive dealerships, launched the first unified CRM system for retail automotive, tracking the whole customer journey from first click to close and using AI-generated responses to create personalized interactions for car shoppers. It is a complete innovation for automotive retail that makes use of GPT-4's lessons. It provides rapid, data-backed recommendations to dealerships based on the full customer discussion and additional data points from the Space Auto CRM, such as inventory, deal activity, digital retailing, and consumer website browsing statistics. With the help of this groundbreaking tool, salespeople can quickly and accurately choose AI-suggested text or email replies, providing customers with the information they need and enabling the dealership to respond to inquiries with speed and impact.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Auto Dealership CRM Software Market Characteristics
3. Auto Dealership CRM Software Market Trends And Strategies
4. Auto Dealership CRM Software Market - Macro Economic Scenario
5. Auto Dealership CRM Software Market Size And Growth
…..
27. Auto Dealership CRM Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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