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Data, Connectivity, Safety Now Integral in Automotive Technology


News provided by

NetworkNewsWire

29 Mar, 2019, 12:30 GMT

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NetworkNewsWire Editorial Coverage

NEW YORK, March 29, 2019 /PRNewswire/ -- Technology is transforming the automotive industry.

  • Data is changing vehicle manufacturing and the way customers buy.
  • Connectivity is transforming the relationships between customers and their vehicles.
  • New technology such as blockchain provides alternative approaches to existing issues.
  • The change affects entire value chain, from manufacturing to maintenance and sales.

Some of the innovation feeds off ideas from other industries, such as the vehicle repair app created by SinglePoint Inc. (OTC:SING) (SING Profile). Innovation is also focused on marketing solutions, as with Bitauto Holdings Limited (NYSE:BITA), and sales. PowerBand Solutions Inc. (OTC: PWWBF) (TSX-V:PBX) is providing the automotive industry with an effective, innovative alternative to physical auctions as a method to buy and sell vehicles. A leading provider of connected-car and location-based services, Telenav Inc. (NASDAQ:TNAV) just announced that it is integrating Amazon Alexa into its automotive navigation system offering. And Autoliv Inc. (NYSE:ALV) has dedicated itself to the mission of saving lives through advancements in technology.

To view an infographic of this editorial, click here.

Technology Brings Disruption to Auto Industry

The automotive industry is facing a sea change of innovation. The rise of self-driving cars, the move from gas towards electric power and the ongoing drive to produce safer, more efficient vehicles are all creating challenges for established companies. Incomers are adding to the mix, as new companies with new tools and specialist interests enter the market.

The changes aren't all just about car design and production, they are also about the way the public interacts with automobiles. From measuring usage and controlling traffic to buying and selling, technology is transforming consumer relationships with their automobiles. By tapping into the latest trends such as connectivity, big data analysis and blockchain storage solutions, technological advances are disrupting the entire ecosystem around driving.

Data and Drivers

Data gathering, collation and interpretation are integral to modern business. From the data-driven, opinion-forming companies of social media to the manufacturers using six sigma techniques to optimize their assembly lines, today's world is increasingly data dependent. That dependency is something that companies such as SinglePoint Inc. (OTCQB:SING) are using to carve out niches for themselves within the automotive industry.

SinglePoint might not seem like an obvious company to make a move into the automotive industry. A diversified tech company that emerged from the mobile technology market, SinglePoint doesn't currently have an established presence in the auto sector but intends to carve out a position through its technology disrupting the automotive repair and maintenance industry.

Data gets used in a lot of different ways within the auto sector. For manufacturers, it's a way of improving their vehicles and production processes. Data from traffic accidents can be used to improve safety features. Data on customer behavior and attitudes shapes design decisions. Data on delays and inefficiencies in the process are used to change work on the factory floor.

Improved data is also shaping the ways that customers interact with cars. Take buying a new vehicle, for example. More and more sources offer sales information, including aggregators such as price comparison sites. Information on the safety, efficiency and performance of cars is also widely available. And it's not just about sales. Apps help drivers plan routes and navigate, as well as find gas stations and charging points.

Movement has arguably been slower on the repair and maintenance side, and this is where SinglePoint is seizing an opportunity through its subsidiary ShieldSaver. ShieldSaver uses proprietary license-plate recognition (LPR) technology to gather data on both cars and consumers, compling data that no other company is currently able to collect. ShieldSaver possesses unique permissions—through contracts with multiple companies—to enter locations that are typically off limits, such as airport parking lots (the company is currently operating at the Sacramento International Airport), and obtain critical vehicle data at those locations.

ShieldSaver also collects large quantities of important new automotive and consumer data that can then be used for multiple purposes. One of the most obvious purposes is to identify when repairs are needed so that car owners can be contacted about getting the work done. But the data also has value to other stakeholders, such as insurance companies, parking-lot owners, parts suppliers and people buying cars.  Efficient repair and maintenance work can have valuable knock-on effects. Benefits also accrue to financers and installers while creating an indelible automotive history unique to each vehicle.

Connectivity and Blockchain

Connectivity and blockchain are the big buzzwords of the moment. In terms of automobiles, SinglePoint's new ShieldSaver app allows people to connect to ShieldSaver's services directly from their phones, so that they can source and schedule windshield repairs quickly and at reduced cost. By providing a connected, easy-to-use option, SinglePoint aims to disrupt the $12 billion automotive glass industry, using technology to change the way the industry works.

SinglePoint plans to expand upon this connectivity through the use of blockchain to support its app. Though blockchain is primarily known as the technology behind cryptocurrencies, the technology's fundamental function is to store data. It allows information to be kept on a shared distributed ledger, meaning that data can retrieved by those who need it in the most secure and efficient manner possible. This ability helps with record keeping across the array of companies that SinglePoint is working with on ShieldSaver, allowing those companies instant access to important information and thus supporting swift responses to potential consumers.

Blockchain can also be used to provide extra security in record keeping. Without specific electronic keys, nobody can access or alter blockchain data, and any tampering appears as part of the data's permanent, unchangeable record. Blockchain would provide customers with extra security around their data and confidence that their data is in safe hands.

Attracting Attention to Automotive Glass

ShieldSaver has developed strategic partnerships with some big names within the sector, including Mygrant Glass, Wally Park, LAZ Parking and others. "With the new application SinglePoint led in developing over the past year, we have started to grab a lot of attention," said Dan Shikiar, founder of ShieldSaver. "Opportunities have started to pile up after our first showcase — people who see the ShieldSaver platform absolutely love it.  We feel this market is underserved and is ripe for new technologies to streamline for customers and providers."

SinglePoint isn't the only company paying attention to the movement in automotive technology. Companies and investors have seen how the space is transforming, and they're zeroing in on its opportunities.

Bitauto Holdings Limited (NYSE: BITA) is a leading provider of internet content, marketing services and transaction services for China's fast-growing automotive industry. Bitauto's business consists of three segments: advertising and subscription business, transaction services business and digital marketing solutions business. The website and mobile apps provide consumers with up-to-date automobile pricing and promotional information, specifications, reviews and consumer feedback. The company's digital marketing solutions business provides automakers with one-stop digital marketing solutions, including website creation and maintenance, online public relations, online marketing campaigns, advertising agent services, big-data applications and digital image creation.

PowerBand Solutions Inc. (OTCQB: PWWBF) (TSX.V:PBX) is a technology provider that is developing solutions for automotive and other industries that drive efficiency and transparency in the marketplace. PowerBand has developed and commercialized a leading-edge online auction platform that increases revenues and profit margins for its automotive dealership, OEMs, and commercial fleet and rental company customers. PowerBand's remarketing platform, the PowerBand Exchange, incorporates the industry's latest auction technologies, inventory management, market intelligence, and appraisal processes.

Telenav Inc.'s (NASDAQ: TNAV) integration of Amazon's Alexa into its automotive navigation system offering creates a customized turnkey solution that combines Telenav's deep automotive experience and world-class navigation system with the cloud-based voice service from Amazon, expanding users' touch points beyond home and smartphone to connected vehicles. The collaboration will result in a tailored, voice-forward experience, where the touch user experience and Alexa are seamlessly integrated, providing a superior in-car experience.

The world's largest automotive safety supplier, Autoliv Inc. (NYSE:ALV) is at the forefront of automotive safety technology. The company develops, manufactures and markets airbags, seatbelts and steering wheels, and its products are sold to all leading car manufacturers worldwide.

Using data connectivity, technology is transforming the automotive industry. Upstart companies are now able to create new automotive markets utilizing data to create value. Savvy investors are already paying attention to the potential.

For more information about Singlepoint, please visit SinglePoint Inc. (OTCQB:SING).

About NetworkNewsWire

NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge. For more information, please visit https://www.NetworkNewsWire.com.

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their readers or subscribers. NNW and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.

NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.  The forward-looking statements in this release are made as of the date hereof and NNW and FNM undertake no obligation to update such statements.

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