Stuck at the side of the road. Waylaid in your garage. One of the biggest nightmares for any driver is breaking down. Of course, this happens at the most inopportune times—when we’re trying to get somewhere. That’s because most times, we don’t know about a serious problem until it happens.
- Healthy tires are essential for safety
- Predictive technology can prevent an issue before it happens
- The collaboration sets up both companies for future success, while benefiting customers
Although current technology alerts us when something goes wrong, it’s oftentimes too little too late. When one of those warning lights flashes brightly on my dashboard, it strikes fear into my heart. Seriously.
But what if our cars could foresee a serious issue before it happens, and let us know? In this age of advanced digital technology, they will, they are. It’s called predictive maintenance. Preventive medicine for vehicles, if you will. And, Goodyear in collaboration with Borrow, an EV subscription company, is putting the solution to the test with a fleet of vehicles.
Operating out of West Hollywood, California and offering short term subscriptions of electric vehicles, Borrow currently has a fleet of 80 electric cars on the road. By the end of 2019, the company projects 750 cars with its three, six and nine-month lease term options.
Innovating for the future
As mobility shifts to electric solutions, Goodyear intends to be a leader in innovation, with a focus on fleets and electric. It even has a dedicated innovation lab in San Francisco. Check out this wild tire for flying cars. Goodyear actually reached out to the small startup to implement the program, which is a huge coup for Borrow.
“We are excited to partner with such an iconic American and forward thinking brand like Goodyear,” said Rodrigo de Guzman, Borrow’s founder and CEO. “We feel Borrow’s relationship with Goodyear is a big validation for our company and gives proof in the eyes of our customers we’re doing something right.”
Tires might not be top of mind for maintenance, but tread wears down, causing safety issues. Borrow wants to provide as hassle-free of an experience as possible with its customers. In partnering with Goodyear, it puts an important piece into place.
Using its proprietary algorithms and cloud-based platform, Borrow collects continuous information about the tires and sends it over to Goodyear to analyze. When a tire needs to be retired (accidental, but apropos pun!), the system automatically schedules servicing.
“Our relationship with Goodyear is based around predictive digital services, which dovetails nicely into what we’re doing at Borrow,” explained de Guzman. “With Borrow, we’re using all of our data -from battery life to vehicle telemetry and everything in between – to build an overall predictive residual value of the fleet via our proprietary AI-based modeling.”
Improving customer experience and protecting data
While predictive maintenance will make our lives safer and more convenient, it could also open up a can of privacy issues. As an asset, I would argue personal data is more valuable than money to marketers because knowledge is the ultimate power. With access to information they can manipulate our purchasing choices as well as make decisions about our lives, such as if we’re going to be approved for insurance or not. Borrow is aware of the importance of gaining customer trust by ensuring personal information won’t be misused.
“Though we’re pulling data off the vehicle, we’re keenly aware that data privacy is a big issue – so we’re practicing differential privacy,” de Guzman assured. “It’s really important for us to separate the vehicle data from the user data.”
The Goodyear collaboration with Borrow scores a trifecta win. Both Goodyear and Borrow can field test a model that will set up the foundation for its businesses to grow into future, while at the same time improving customer experience with electric vehicles that will accelerate adoption.