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With the recent news that BT is going to become a ‘leaner business’ and push artificial intelligence (AI), there is growing anxiety that this fast-growing technology could take jobs away from humans. But where AI might replace jobs at some point, we believe this technology will not only lead to more creativity but also create more jobs and new opportunities for business growth.
We know the automotive retail market is now more competitive than ever. Margins are tighter and profit or loss often depends on how fast the stock is turned over and then sold. In this environment, anything that gives your business a competitive advantage and improves efficiency is to be welcomed.
There are so many ways in which ChatGPT and AI can benefit auto retail. You have email marketing, and we use it today to create personalized emails, speed up efficiency and even conversion rates. Some car dealers issue emails when a financial deal ends, but it’s very common. With ChatGPT you can speed things up, but more customized and attractive.
At Phyron we have developed our own Big Language Model which is similar to the GPT-4 AI software, but adapted to automotive sales, this combines with our proprietary AI system to create 100% automatically generated AI content, bespoke to individual customers, to hundreds of thousands of automotive classified ads every day.
We are now starting to add a lifelike voiceover to the video. We trained AI software to learn how certain automotive brands sell their cars and what language and tone of voice they use. But now we can use the ChatGPT-style Big Language Model to write transcripts. That extra input raises the bar for efficiency and quality.
From a customer’s point of view, ChatGPT and AI-chatbots can help them find the right vehicle that suits their needs and preferences, from initial interaction to completion of purchase and after-sales service, including troubleshooting, service and maintenance among many other things. . There will come a time when ChatGPT can be very close to the way sellers sell cars offline.
However, an important consideration for using ChatGPT is knowing how to ‘request’ it effectively. You have to be very specific, providing details about what you want. The more detail you provide, the better, and be prepared to work with it a bit to get the content you want. We really saw a need for new jobs working with ChatGPT – specifically ‘prompt engineers’.
We believe that AI and ChatGPT will play an increasingly important role in the process of selling and buying cars. Our goal now is to help dealers meet the growing demand for quality video content in a time- and cost-effective manner, bridging the gap between businesses that advertise and their video-first customers.
By Phyron CEO Johan Sundstrand
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