When I speak with dealers, CFOs, CEOs and legal counsel for major dealer groups, these are the questions that arise most frequently:
- Do you have the visibility of where your data is going?
- Are you indemnified from your third-party solution providers?
- Do you have any form of cyber-liability protection from your providers?
- Are your vendors being charged to have access to your data? If so, do you know how much?
- Can you activate and de-activate your data feeds?
- Do you have granular control of your data?
- Do you have an audit trail of the exact data being sent?
When thinking about your data strategy, it is critically important for dealerships to know the answers to these questions and set strategic plans for the management of their dealership’s data accordingly.
It is a widespread industry belief that ownership of DMS data belongs to dealerships; therefore, dealers need to have the ability to move that data to their providers. They also need to be able to do so in a secure and protected manner.
The importance of maintaining data regulation can be clearly illustrated in a recent conversation I had with an automotive dealer… [Read more…]