An Update on Our Journey
By Arun Rajagopalan | Co-Founder & CEO
November 17, 2020
This post has been a long time coming. I am incredibly proud of what our team has accomplished over the last many months, and we have made significant progress towards our mission. So this felt like a good time to share what we are up to, and where we go from here.
Motorq’s mission has always been to solve pain points and enhance the customer experience across the lifecycle of vehicles. Pain points exist right from when a vehicle is manufactured, as it goes through the supply chain to the dealer, at the dealer lot, to its first life as a commercial or retail lease, back into the remarketing process, and to its subsequent owners.
Legacy solutions have existed for some of these pain points for decades – e.g., fleet telematics or dealer lot management, but those solutions had to rely on hardware and expensive monolithic pieces of software.
But now, there is a new and different world of connected-cars – OEMs are now making cars that are connected at the factory, and have great software-enabled capabilities. Roughly 75% of new vehicles sold in the US today have such capabilities. Soon, there will be more than 550 million “supercomputers on wheels” rolling around the world, creating massive amounts of structured and unstructured data, representing a large opportunity to solve the aforementioned pain points, and capture value across the lifecycle of the vehicle.
But just because a car generates data does not mean that value is captured. There are two challenges: First, these half-billion vehicles “speak” hundreds of different languages, and second, the data has to be analyzed and insights delivered in an easy manner to customers, to actually make it useful. That’s the infrastructure and tooling that we have been building, and it has been a significant undertaking.
We’ve made incredible progress. As of today, we are working with 7 of the top 10 global OEMs, representing 20 different brands and collectively 32 million vehicles. In addition, we count many of the largest global fleet management companies and dealer services companies as customers. This direct access to vehicle data feeds means we can offer unprecedented information and insights to our customers – especially those with mixed fleets. And the most exciting part – all of the car data can be enabled using a software switch.
We are helping customers increase efficiency and reduce costs across their enterprise. For some this means streamlining delivery of vehicles from the factory floor. For others, it means uncovering fuel fraud. Or managing $6M of unsold inventory on their dealer lot. Or enhancing trip optimization, predicting battery failure and even influencing driver behavior. We’ve just scratched the surface of what’s possible. And I thank our early customers and OEM partners for being part of our journey.
In the coming weeks we’ll have additional announcements on partners, consent and privacy, tech milestones and other developments – and I can’t wait to share the news.
Until the next time…