NetworkNewsWire
Editorial Coverage: Technology is transforming the automotive
industry.
- Data is changing vehicle manufacturing and the way customers
buy.
- Connectivity is transforming the relationships between
customers and their vehicles.
- New technology such as blockchain provides alternative
approaches to existing issues.
- The change affects entire value chain, from manufacturing to
maintenance and sales.
Some of the innovation feeds off ideas from other industries,
such as the vehicle repair app created by SinglePoint Inc.
(OTCQB: SING) (SING
Profile). Innovation is also focused on marketing
solutions, as with Bitauto Holdings Limited (NYSE:
BITA), and sales. PowerBand Solutions Inc. (OTCQB:
PWWBF) (TSX.V: PBX) is providing the automotive industry
with an effective, innovative alternative to physical auctions as a
method to buy and sell vehicles. A leading provider of
connected-car and location-based services, Telenav Inc.
(NASDAQ: TNAV) just announced that it is integrating
Amazon Alexa into its automotive navigation system offering. And
Autoliv Inc. (NYSE: ALV) has dedicated itself to
the mission of saving lives through advancements in technology.
To view an infographic of this editorial, click here.
Technology Brings Disruption to Auto
Industry
The automotive industry is facing a sea change of innovation.
The rise of self-driving cars, the move from gas towards electric
power and the ongoing drive to produce safer, more efficient
vehicles are all creating challenges for established companies.
Incomers are adding to the mix, as new companies with new tools and
specialist interests enter the market.
The changes aren’t all just about car design and production,
they are also about the way the public interacts with automobiles.
From measuring usage and controlling traffic to buying and selling,
technology is transforming consumer relationships with their
automobiles. By tapping into the latest trends such as
connectivity, big data analysis and blockchain storage solutions,
technological advances are disrupting the entire ecosystem around
driving.
Data and Drivers
Data gathering, collation and interpretation are integral to
modern business. From the data-driven, opinion-forming companies of
social media to the manufacturers using six sigma techniques to
optimize their assembly lines, today’s world is increasingly data
dependent. That dependency is something that companies such as
SinglePoint Inc.
(OTCQB: SING) are using to carve out niches for
themselves within the automotive industry.
SinglePoint might not seem like an obvious company to make a
move into the automotive industry. A diversified tech company that
emerged from the mobile technology market, SinglePoint doesn’t
currently have an established presence in the auto sector but
intends to carve out a position through its technology disrupting
the automotive repair and maintenance industry.
Data gets used in a lot of different ways within the auto
sector. For manufacturers, it’s a way of improving their vehicles
and production processes. Data from traffic accidents can be used
to improve safety features. Data on customer behavior and attitudes
shapes design decisions. Data on delays and inefficiencies in the
process are used to change work on the factory floor.
Improved data is also shaping the ways that customers interact
with cars. Take buying a new vehicle, for example. More and more
sources offer sales information, including aggregators such as
price comparison sites. Information on the safety, efficiency and
performance of cars is also widely available. And it’s not just
about sales. Apps help drivers plan routes and navigate, as well as
find gas stations and charging points.
Movement has arguably been slower on the repair and maintenance
side, and this is where SinglePoint is seizing an opportunity
through its subsidiary ShieldSaver.
ShieldSaver uses proprietary license-plate recognition (LPR)
technology to gather data on both cars and consumers, compling data
that no other company is currently able to collect. ShieldSaver
possesses unique permissions—through contracts with multiple
companies—to enter locations that are typically off limits, such as
airport parking lots (the company is currently operating at the
Sacramento International Airport), and obtain critical vehicle data
at those locations.
ShieldSaver also collects large quantities of important new
automotive and consumer data that can then be used for multiple
purposes. One of the most obvious purposes is to identify when
repairs are needed so that car owners can be contacted about
getting the work done. But the data also has value to other stakeholders, such as insurance
companies, parking-lot owners, parts suppliers and people buying
cars. Efficient repair and maintenance work can have valuable
knock-on effects. Benefits also accrue to financers and installers
while creating an indelible automotive history unique to each
vehicle.
Connectivity and Blockchain
Connectivity and blockchain are the big buzzwords of the moment.
In terms of automobiles, SinglePoint’s new
ShieldSaver app allows people to connect to ShieldSaver’s
services directly from their phones, so that they can source and
schedule windshield repairs quickly and at reduced cost. By
providing a connected, easy-to-use option, SinglePoint aims to
disrupt the $12 billion automotive glass industry, using technology
to change the way the industry works.
SinglePoint plans to expand upon this connectivity through the
use of blockchain to support its app. Though blockchain is
primarily known as the technology behind cryptocurrencies, the
technology’s fundamental function is to store data. It allows
information to be kept on a shared distributed ledger, meaning that
data can retrieved by those who need it in the most secure and
efficient manner possible. This ability helps with record keeping
across the array of companies that SinglePoint is working with on
ShieldSaver, allowing those companies instant access to important
information and thus supporting swift responses to potential
consumers.
Blockchain can also be used to provide extra security in record
keeping. Without specific electronic keys, nobody can access or
alter blockchain data, and any tampering appears as part of the
data’s permanent, unchangeable record. Blockchain would provide
customers with extra security around their data and confidence that
their data is in safe hands.
Attracting Attention to Automotive Glass
ShieldSaver has developed strategic
partnerships with some big names within the sector, including
Mygrant Glass, Wally Park, LAZ Parking and others. “With the new
application SinglePoint led in developing over the past year, we
have started to grab a lot of attention,” said Dan Shikiar, founder
of ShieldSaver. “Opportunities have started to pile up after our
first showcase — people who see the ShieldSaver platform absolutely
love it. We feel this market is underserved and is ripe for new
technologies to streamline for customers and providers.”
SinglePoint isn’t the only company paying attention to the
movement in automotive technology. Companies and investors have
seen how the space is transforming, and they’re zeroing in on its
opportunities.
Bitauto Holdings Limited (NYSE: BITA) is a
leading provider of internet content, marketing services and
transaction services for China's fast-growing automotive industry.
Bitauto’s business consists of three segments: advertising and
subscription business, transaction services business and digital
marketing solutions business. The website and mobile apps provide
consumers with up-to-date automobile pricing and promotional
information, specifications, reviews and consumer feedback. The
company’s digital marketing solutions business provides automakers
with one-stop digital marketing solutions, including website
creation and maintenance, online public relations, online marketing
campaigns, advertising agent services, big-data applications and
digital image creation.
PowerBand Solutions Inc. (OTCQB: PWWBF) (TSX.V:
PBX) is a technology provider that is developing solutions
for automotive and other industries that drive efficiency and
transparency in the marketplace. PowerBand has developed and
commercialized a leading-edge online auction platform that
increases revenues and profit margins for its automotive
dealership, OEMs, and commercial fleet and rental company
customers. PowerBand's remarketing platform, the PowerBand
Exchange, incorporates the industry's latest auction technologies,
inventory management, market intelligence, and appraisal
processes.
Telenav Inc.’s (NASDAQ: TNAV) integration of
Amazon’s Alexa into its automotive navigation
system offering creates a customized turnkey solution that
combines Telenav’s deep automotive experience and world-class
navigation system with the cloud-based voice service from Amazon,
expanding users’ touch points beyond home and smartphone to
connected vehicles. The collaboration will result in a tailored,
voice-forward experience, where the touch user experience and Alexa
are seamlessly integrated, providing a superior in-car
experience.
The world's largest automotive safety supplier, Autoliv
Inc. (NYSE: ALV) is at the forefront of automotive safety
technology. The company develops, manufactures and markets airbags,
seatbelts and steering wheels, and its products are sold to all
leading car manufacturers worldwide.
Using data connectivity, technology is transforming the
automotive industry. Upstart companies are now able to create new
automotive markets utilizing data to create value. Savvy investors
are already paying attention to the potential.
For more information on SinglePoint, visit SinglePoint,
Inc. (OTCQB: SING)
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