Connected vehicle data will empower the remarketing sector by providing richer data about the health and mileage of ex-lease cars, according to Epyx.
The automotive technology provider is working on a connected vehicle product, which it intends to launch later this year, that will later include remarketing-focused features, following proof of concept trials with a number of major vehicle leasing companies.
Debbie Fox, commercial director at Epyx, said she had been involved in several "encouraging" conversations throughout the sector - ranging from vehicle leasing specialists to dealer groups - regarding the possibilities of accessing data through connected vehicles.
“The huge advantage for the used car and van sector is that information covering key lifecycle events that potentially affect the vehicle’s value can be drawn directly from the car and van, and built up over time, without the need for a telematics-style ‘black box’,” Fox said.
Connected vehicle technology makes mileage tampering nearly impossible because the mileage of a vehicle can be continuously monitored and any major discrepancies will be plainly obvious, according to Fox.
Using the 1link Service Network, Epyx plans to match data covering when a vehicle was serviced and which maintenance actions were undertaken to rich information about usage and the manner in which it has been driven, providing a comprehensive view of a vehicle’s condition.
“The benefits of this for the remarketing sector are clear,” said Fox. “They will be able to provide information that has an extremely high degree of veracity that can be used to maximise the value of the vehicle by proving its provenance to traders and retail buyers.”
The potential for launching a connected vehicle solution that will effectively serve as potential successor to traditional telematics has existed for some time, but Fox said there have been long-term structural problems with translating the idea into a marketable product.
“Pricing of the data has been an issue,” she explained, “as has collating it into a single point of access, while some cars and vans have been connected-capable and others haven’t.
“However, we’re now in a position whereby the middle of the decade, the majority of vehicles operated by leasing fleets will be able to produce connected data, efficient aggregators have emerged, and conditions therefore now mean we’ll be able to deliver a commercially-compelling solution.”