David Boice, Co-Founder and CEO of Team Velocity, Driving the Future of Automotive Retail Industry

David Boice’s path in the automotive sector is quite extraordinary. He started his first business, AutoMark, at the age of 22 and has spent more than three decades working to transform automotive retail with innovative technology. During the dotcom era of the 1990s, Boice and his associates pioneered some of the first websites for auto dealers by first bringing dealer inventory online, paving the way for the many technological developments that would follow.

As the internet transformed the industry, it became increasingly fragmented, with dozens of compartmentalized solutions fighting for their market share. Car dealers had found themselves navigating a cluttered system of overlapping technologies and working across multiple providers, resulting in inconsistent messaging and a disconnected client experience. Understanding this challenge, Boice and his team at Team Velocity created Apollo, an artificial intelligence-powered customer experience platform. Apollo creates and manages everything from the dealer’s website and digital advertising to sales and service retention, and everything in between, integrating all major retailing needs into a single system. With over 20 OEM certifications and nearly 2000 dealerships across the US using the Apollo, Team Velocity is among the fastest-growing website providers in the industry, serving as proof that an integrated approach is a smart approach.

Apollo: A New Era in Automotive Tech

After selling AutoMark and facing a non-compete clause, Boice co-founded Team Velocity with a vision to integrate fragmented technologies in the automotive industry. Drawing inspiration from tech giants like Amazon and Apple, Team Velocity created a singular platform to enhance the customer experience and help dealers grow their businesses. This vision culminated in the creation of Apollo, a platform that combines predictive analytics with marketing automation to deliver expertly personalized shopping experiences.

When asked how Boice would essentially sell his services to Warren Buffett if given a chance, Boice highlighted the convenience and personalization that Apollo brings to the car-buying process. “You have an Amazon Prime account, right? If you’re like me, you probably love how easy it is to shop and buy things quickly. Amazon knows your purchase history and makes personalized recommendations that show me what I’m most likely to need at this moment in time. My company brings this level of convenience and personalization to the car buying and servicing experience.”

Drawing a parallel to Amazon Prime, Boice stresses how Apollo makes the purchasing and servicing process as simple and personalized as shopping online with the tech giant. This creative yet straightforward solution is evidence of Team Velocity’s dedication to improving the overall customer experience.

Overcoming Challenges and Driving Growth

With an 81% increase in website adoption in 2023, Team Velocity’s explosive growth highlights its capacity for successful scalability. Boice said the company is constantly investing in itself to maintain a solid operational model that can continue supporting expansion goals. The recent opening of a bilingual support center in El Paso, Texas, shows Team Velocity’s dedication to providing its dealers with outstanding service.

Another major obstacle in the tech sector is data security. Emphasizing the need for solid security policies, Boice remembers the recent CDK Global cyber assault that shook the automotive world. Team Velocity’s proactive approach ensures that clients’ data stays safe by integrating regular data backups and an extensive external assessment of its platform on a regular basis.

Embracing the Digital Transformation

New consumer expectations have been shaped by the growing number of online businesses in numerous industries. Google reports that 95% of consumers turn to digital channels for information, with twice as many starting off their research online rather than physically at a dealership, making a robust online presence essential for dealers. Boice cites the success of online auto retailers such as Carvana to indicate that internet vehicle commerce is here to stay.

Leveraging this trend, Team Velocity is funding new development initiatives that simplify online sales transactions. With a strong product roadmap, the company is ready to satisfy rising consumer needs and apply artificial intelligence to improve car-buying and vehicle ownership processes holistically.

Vision for the Future

For the remainder of the year, Boice aims to keep the company’s growth trajectory intact and continue to earn big partnership deals that will significantly benefit their dealer clientele.

“Service is an integral component of Team Velocity’s core values,” says Boice. He and his team are dedicated to continually serving their dealers with the most current technologies and tools. For Boice, success is measured by the success of their dealers.

Reflecting on his entrepreneurial journey, Boice remarks how his automotive sector work started unexpectedly. After several disappointments, he worked at a car dealership and fell in love with the fast-paced, charged environment. The experience inspired him to transform how aftermarket products were marketed and sold. Over time, this passion drove the development of some of the earliest dealership websites, laying the groundwork for his future ventures.

Celebrating Milestones and Looking Ahead

One of Boice’s favorite memories is working with Team Velocity’s first client, a Hyundai dealership in Baltimore, which set a national sales record in its first month. This early success was a harbinger of the company’s future achievements. In 2023, Team Velocity announced a strategic partnership with FordDirect, marking a significant milestone in the company’s history. The launch of Platform Solutions, the first OEM-certified platform program, showcases Apollo’s integration capabilities and overall impact on the automotive industry.

Looking ahead, Team Velocity aims to expand into new markets, including Canada and adjacent verticals like RV, marine, and power sports. With a projected revenue of $250 million in 2024 and a growth rate of over 35%, the company is arguably well-positioned for continued success. Innovation remains at the core of Team Velocity’s mission, focusing on developing new AI-driven solutions and enhancing its CRM capabilities.

David Boice’s leadership and vision have put Team Velocity on the map, positioning them at the forefront of automotive retailing technology. With Team Velocity’s continuing upward trajectory, its commitment to empowering dealerships and shaping the future of automotive retail remains steadfast.

Source: CEO Weekly