AI will change how we buy cars by 2030; Test drives, loans and more made easy

A report by OpenAI and Boston Consulting Group (BCG) indicates that automakers that quickly adopt Gen AI in customer experience could see sales increase by up to 20%.

New Delhi: Artificial Intelligence (AI) will no longer be limited to chatbots or the tech industry. According to a new report, by 2030, generative AI-based assistants will impact 40-50 million car deals worldwide. This technology will not only improve the customer experience but could also significantly boost auto companies' sales.

Impact on Sales and Revenue

A report by OpenAI and Boston Consulting Group (BCG) indicates that automakers that quickly adopt Gen AI in customer experience could see sales increase by up to 20%. However, companies that lag behind this change could suffer a revenue loss of up to 15%.

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Easy Access To Test Drives And Loans

Gen AI-based assistants will act as neutral advisors for customers in the future. They will allow them to configure their vehicle, compare loan options, and even schedule test drives directly. This shift could reduce customer "brand loyalty" to a single brand, as buyers will now make decisions based on practical factors such as price, range, and features.

New Challenge for Auto Companies

The report suggests that companies must establish a strong presence on AI-powered platforms to maintain their presence among customers. They can provide a hyper-personalized shopping experience by joining multi-brand marketplaces and launching their own branded AI assistants.

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Helpful in Reducing Costs

Often, customers don't purchase a vehicle even after receiving information. However, Zen AI chatbots will be available 24x7 in every language, allowing customers to get instant answers to questions and even book test drives. This will enable companies to convert more inquiries into sales and reduce costs.

Future Direction

Experts say that AI-based systems will not only improve customer experience but will also pave the way for new strategies and market competition for the auto industry. Customers will be more informed and open to choice, while companies will need to increase investment in digital and AI technologies.

According to this report, the impact of AI could completely transform the auto industry by 2030, proving both beneficial and challenging for both buyers and companies.