Used vehicles and the latest in big data, shared resources, and auto technologies usually don't mix. Despite selling plenty of cars and making money used cars are often pretty restrictive.
But things are changing as competition rises, consumers rush to buy new cars with plenty of discounts being offered, reversing 20 decades of stagnating sales.
Used car dealers are now turning to the Internet of Things (IoT) and blockchain technology for salvation, injecting a new lease of life into the sector.
Federation of Motor and Credit Co Association of Malaysia (FMCCAM) president Datuk Tony Khor Chong Boon said the association will introduce a new IoT-powered platform to consolidate inventories held by all registered second-hand car dealers nationwide.
Khor said the integrated database will allow dealers to gain access to stocks information within their networks, improve sales process and protect customers — a multi-pronged approach to regain customer confidence in the used car market.
“The system is a consumer-to-business (C2B), business-to-business (B2B) and business-to-customer (B2C) combined. The C2B is when used car dealers bid for customers’ cars directly and thus eliminate the need for a middleman. Meanwhile, the B2B and B2C are about shared stocks information among the dealers.
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