Operators in motorbike hire purchase are being urged to adopt technology in order to attract young buyers and stay competitive in the new market landscape, or risk being eaten up by those using innovative business models.
Mr Somkiat says most operators in motorbike hire purchase run their systems manually.
"The parade of startups with new business models in the sharing economy may affect motorcycle leasing business in the next few years, unless the dealers adopt new technology and in particular artificial intelligence and mobile applications," said Somkiat Ungaree, managing director of Senior Com Co, a developer of automotive software.
The proliferation of mobile apps has driven changes in consumer behaviour as motorbike buyers turn to online channels instead of walking into shops.
The challenge is for operators to transform themselves in a way that will attract younger buyers while retaining existing customers.
Motorcycle shops nationwide number roughly 2,000, of which 400 are Senior Com dealers.
"Each of them has about 5,000 customers with leasing payments, and this is huge money," Mr Somkiat said.
Most dealers run their leasing systems manually without software or partnerships with banks, he said, leaving them open to risk of bad debts.
Mr Somkiat said Senior Com spent 4-5 million baht to enhance its software, H-Meter 25, with artificial intelligence and business intelligence that will give motorbike dealers and leasing businesses the ability to design packages to fit customers.
"We are in discussion with mobile operators that can provide e-wallet functions, letting users pay via smartphone, which this fits the new digital lifestyle of people," he said.
Senior Com will also offer additional new services at its new website, Motodeal.net, to be introduced in 2018.
Motodeal will be an online platform that brings together motorbike buyers and sellers based on user profiles.
Furthermore, Senior Com is preparing to use blockchain technology for refinancing services and matching requirements.
