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Challenge
Prepare a leader in the auto finance industry to accelerate their digital retailing capabilities in response to an increase in demand from consumers for a seamless, online, “shop-to-buy” experience for new cars as a result of COVID-19.
Result
Pariveda performed a bottom-up assessment and gap analysis of our client’s product delivery and management capabilities along with discovery work for private label opportunities they should pursue.
Impact
Our client secured additional funding to grow their headcount to address critical role gaps, which allowed them to deliver on their digital retailing capabilities roadmap at an accelerated pace.
As one of the largest auto finance providers in the world helping millions of customers worldwide, CarCo* needed to adapt to the new online shopping demands brought on by COVID-19.
The Challenge
COVID-19 dramatically intensified the need for the auto industry to advance its digital retailing capabilities. Consumers had previously been able to buy used cars online, but when it came to new cars, they could only browse. Now, consumers were demanding a seamless “shop-to-buy” experience for new cars that they could complete from the comfort and safety of their own homes. With a “shop” solution already underway, and partly deployed in some of its own dealerships, CarCo needed an assessment of their current readiness to launch and scale their finance and insurance solution, a recommended monetization business approach for expansion to partnerships, a corresponding business case, and a comprehensive implementation roadmap.
The Result
How we aligned leadership to approach, monetize, and manage future partnerships:
- We performed a bottom-up assessment and gap analysis of our client’s product delivery and management capabilities along with in-depth discovery work for private label opportunities they should pursue.
- We guided them through a design-thinking based partner-journey-mapping workshop. Simultaneously, we stood up a program management role which provided comprehensive strategic support for one of the partnership opportunities, including capacity planning and the creation of a “Pillars of Partnership” agreement that would serve as a blueprint for partnerships going forward.
- Our analyses revealed resource gaps in key areas causing strain on CarCo’s teams, which was delaying the roadmap milestones that were necessary to reach even the first phases of their expansion goals.
The Impact
In collaboration with CarCo, we developed a business case that described the additional resources required to optimize their current state, emphasized the financial and market opportunities that partnerships could provide, and highlighted the large opportunity costs of not investing in them.
By combining the various facets of our analysis, CarCo was able to secure additional funding to help them grow their headcount so that they could address their critical role gaps — allowing them to deliver an accelerated roadmap. As a result, a strategic approach for white-label and private label partnerships was carefully designed and prepped for implementation. We continue to support CarCo today, performing essential roles to operationalize partner development, onboarding, and retention.
In partnership with Pariveda, CarCo obtained the necessary funding needed to accelerate their roadmap for improving their digital retailing capabilities.
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