Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Auto Dealership CRM Software Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global auto dealership CRM software market has grown rapidly in recent years. It will grow from $5.52 billion in 2023 to $6.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historical period can be attributed to factors such as the increasing complexity in vehicle technology, rising consumer expectations, and the evolution of the insurance industry.
The auto dealership CRM software market is expected to see strong growth in the next few years. It will grow to $8.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of artificial intelligence (AI), the surge in electric and autonomous vehicles, a heightened focus on environmental sustainability, the global expansion of the automotive aftermarket, and an increased emphasis on customer experience. Key trends expected in the forecast period encompass the integration of AI and machine learning, the adoption of cloud-based solutions, the enhancement of mobile solutions, the utilization of data analytics for performance optimization, and a focus on regulatory compliance and standardization.
The burgeoning automotive industry is poised to drive the expansion of the auto dealership CRM software market in the foreseeable future. For instance, in June 2023, as outlined by the Society of Motor Manufacturers and Traders (SMMT), passenger car sales in the UK surged by 25.8% from 140,958 units in 2022 to 177,266 units in 2023, underscoring the impetus provided by the expanding automotive industry to the auto dealership CRM software market.
Leading players in the auto dealership CRM software market are channeling their efforts towards the introduction of innovative solutions, including advanced CRM technology integrated with AI-generated responses, aimed at gaining a competitive advantage. For instance, in May 2023, Space Auto, a US-based provider of CRM software for automotive dealerships, unveiled the inaugural unified CRM system for retail automotive, meticulously tracking the entire customer journey from initial click to closure. Leveraging AI-generated responses, this groundbreaking system pioneers personalized interactions for car shoppers, harnessing the insights gleaned from GPT-4's advancements. Offering swift, data-driven recommendations to dealerships based on comprehensive customer interactions and additional data points from the Space Auto CRM, such as inventory details, deal activity, and digital retailing statistics, this innovative tool empowers sales personnel to promptly and accurately select AI-suggested text or email responses. Consequently, customers receive pertinent information promptly, enabling dealerships to address inquiries with agility and efficacy, thereby elevating their responsiveness and impact in the market.
In June 2022, AutoManager Holdings Group LLC, a leading US-based provider of dealer management systems for independent auto dealerships, merged with Selly Automotive for an undisclosed sum. As part of this transaction, AutoManager provided Selly with a growth investment aimed at facilitating workforce expansion and product development initiatives. The merger is anticipated to enhance AutoManager's software offerings while fostering numerous synergies across engineering, sales, and marketing functions. Selly Automotive, a US-based full CRM (Customer Relationship Management) or ILM (Internet Lead Management) platform, empowers auto dealers to effectively manage Internet leads and customer follow-ups.
Asia-Pacific was the largest region in the auto dealership CRM software market in 2023. The regions covered in the auto dealership CRM software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the auto dealership CRM software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Research Scope
Markets Covered:
1) By Type: Cloud-Based; On-Premises
2) By Functionality: Sales and Lead Management; Customer Service and Support; Marketing Automation; Inventory Management
3) By Application: Small and Medium Enterprises (SMEs); Large Enterprises
Key Companies Mentioned: Salesforce Inc.; Oracle NetSuite ERP; Reynolds and Reynolds; Selly Automotive; CDK Global
Time Series: 2018-2023, 2024-2038 & 2033
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $6.13 Billion |
| Forecasted Market Value (USD) by 2028 | $8.81 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Salesforce Inc.
- Oracle NetSuite ERP
- Reynolds and Reynolds
- Selly Automotive
- CDK Global
- DealerSocket
- Zoho CRM
- Dealertrack
- ELEAD1ONE
- Freshsales
- Dominion Dealer Solutions
- Freshdesk
- PBS Systems
- VinSolutions
- Creatio CRM
- Izmocars
- Elead CRM
- ProMax
- MAM Software
- Xtime
- LivePerson Automotive
- DealersLink
- Datacar CRM
- Quorum DMS
- myKaarma
- AutoLoop
- AutoRaptor
- Vital Software
- AutoMate DMS
- Fortellis Automotive Exchange
For more information about this report visit https://www.researchandmarkets.com/r/dqin5i
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