Alex A Molinaroli knows a thing or two about data. In his role as the CEO of Penske Automotive Group, he has been able to use data to boost business performance and stay ahead of the curve in the automotive industry. In this blog post, we will explore how Alex A Molinaroli uses data analytics to reach their revenue goals–and why it’s so important for businesses today.
Penske Automotive Group is a Fortune 500 company. The group has grown to include more than 100 automotive retailer locations in the United States and London, along with an ever-expanding digital presence that includes online sales channels like CarSoup.com, AutoTraderClassics.com, AutohausAZ.com, Penskesmartstore.com, and ResaleRama.com for customers looking to sell old cars. Penske Automotive Group operates as an automotive retailer with a wide range of new and pre-owned vehicles from more than 20 different manufacturers (e.g., Ford, Lincoln, Honda, Toyota).
Alex A Molinaroli is known throughout the industry as an innovator, and he continues to use data analytics in ways that help his employees better understand customer preferences. This is especially important considering the rapidly evolving new-car sales environment; there are new terms like “connected cars” and “vehicle telematics” that customers are using more frequently, but many new car buyers don’t fully understand these terms yet. If a dealership doesn’t have the right information ready for customers looking to purchase a connected car, they could lose valuable sales.
Penske Automotive Group also has to look out for competitors who are using data to their advantage–including used-car competitors like CarMax and online retailers like Amazon.com. In this ultra-competitive marketplace, Penske has to anticipate future trends and customer demands.
According to the 2018 Penske Automotive Group Investor Presentation, the company’s revenue increased by $2.1 billion in 2017 over 2016 ($12.4 billion vs $10.3 billion), representing a compound annual growth rate (CAGR) of 11% since 2013.
This steady growth is largely attributed to its effective use of data analytics to meet the changing needs of its customers, which Alex A Molinaroli discusses during our interview. Read more: https://www.cnbc.com/2017/06/26/johnson-controls-ceo-is-bullish-on-china-and-india.html