Automotive companies including car dealerships and online car platforms have yet to properly utilize the artificial intelligence.
As a result, these businesses have been slow to adopt AI at scale, and adoption and deployment of AI has been even slower for smaller companies. According to a Capgemini survey of 500 automotive industry executives, in 2018, the rate at which automotive companies were integrating AI into their businesses at scale increased just 3 percent annually, growing to 10 percent of the automotive industry.
One company that is tapping into AI in the automotive space is sMedia, which provides services that allow automotive dealerships to better understand their clients though AI insights and analytics.
The company has also recently developed Vroomance, an online marketplace that holds over 16 million new and used cars. It is almost 400 percent larger than Cars.com’s online auto inventory.
At last week’s Collision Conference in Toronto, the Investing News Network (INN) spoke with sMedia CEO Marshal Finch. He discussed the Vroomance marketplace, AI in the automotive industry and the company’s plans to extend predictive analytics to broader marketplaces. Below is a transcript of our interview. It has been edited for clarity and brevity.
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