NEW YORK (TheStreet) -- Symphony Teleca and Intel (INTC) have been working together to make connected car technology that may boost profits for automakers and dealers and put money in drivers' pockets, too.
The two companies envision a scenario where a late model car is driving down the road sending out a steady stream of data to the car manufacturer, the dealership where the car was purchased, and to the driver. This information would include basic maintenance reminders like when it's time for the vehicle's oil change, or more specific alerts for when a particular part is failing and the car needs to be brought in for repair.
Must Read: 10 Stocks George Soros Is Buying
While this data is certainly useful to keep a car operating properly, if used effectively, it also can be monetized by the dealer, save the owner money, and pass along vital details to the manufacturer, said Dean Miles, senior VP of privately-held Mountain View, Calif.-based Symphony Teleca's automotive division.
With Symphony Teleca's software product development services and big data integration and analytics, Intel In-Vehicle Solutions has developed an in-car telematics platform that will inform the companies exactly when a vehicle requires a specific type of service or whether the car is not operating at its optimal level, Miles said in a recent interview with TheStreet.com.
With this information in hand, a service department can make proactive sales calls to the customer encouraging them to bring in his car. While being able to bring in additional business is a boon to the dealership, the data also offers a possible financial benefit to the car owner. The news that their car needs work could be sent not only to the dealership where the car was purchased, but to all service shops in the area allowing them to bid on the job, saving the consumer money.
And the real-time vehicle performance data that identifies problems as specific as a failing part helps automakers make immediate updates to their production lines. This type of information currently takes about six months to filter down to the manufacturer. So, not only can car makers fix performance and safety problems sooner, it can avoid customer service issues down the line.