Current cars on our roads are usually older than they were just 20 years ago. The US Department of Transportation says the average age of vehicles on the road is around 11 years, up from 8.4 years old in 1995. This means drivers will need to repair and maintain their vehicles more often than just a few decades ago.
But Pitstop CEO Shiva Bhardwaj told PYMNTS that most drivers and businesses aren’t maintaining their cars properly, though it’s not for lack of desire. It’s for simple lack of knowledge.
The problem, he said, is that the automotive industry has a bit of a broken feedback loop when it comes to gathering and analyzing vehicle data. It’s a problem he first began noticing early in life — because his father runs service shops and dealerships.
“And I realized that vehicles are being embedded with computers at a faster rate than ever before. But once vehicles get on the road, not one is actually collecting and analyzing all that data coming from vehicles to figure out how to make the product work better.”
This, he noted, was incredibly different from the tech industry where he went on to work as an adult.
Every six months, he noted, a new chip would be released and within two week there would be firmware updates going out to then perfect those chips. It was a feedback loop that made the products more powerful, and when he began to incept the idea for the Pitstop platform, the idea was basically to fix that broken data loop so that the incumbent auto industry could respond as proactively to data as the tech industry does.
“What we do is predict vehicle failures before they happen. It is a prognostics platform that we’ve built.”
Read more here
Join us in Bangkok the 19th to the 22nd of March for the Property Portal Watch Conference.