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Despite facing many challenges, the global automotive industry performed well in 2023, according to JATO Dynamics. JATO data and estimations showed that for 151 markets across the world, a total of 78.32 million new passenger cars were sold last year. Every region, except Africa, saw demand for new cars increase.
The automotive industry faces unique challenges in the digital age, where the car-buying process has significantly evolved. Over-the-TOP (OTT) Hyper-Targeted marketing offers a compelling solution, enabling dealerships to engage potential buyers effectively by leveraging streaming media.
That includes a “normal seasonal trend” when it comes to depreciation in the wholesale vehicle market, along with “modest growth trajectory” in the new-car segment, Black Book said in a report Monday. This is likely to change the age distribution of used-car supply. On the new-car side, Black Book is anticipating roughly 15.8
in 2023, down from 35% in the most recent previous survey in 2021. Dealerships were preferred by 31% of the respondents, down from 35% in 2021. The report from Cox Automotive said vehicle owners are driving more and holding onto their vehicles longer because of high vehicle prices and interest rates. in 2021 but down from 2.8
In the face of uncertainty in the automotivemarket, the American economy in general and the nation’s political future, the outlook of car dealers remains remarkably steady, according to the latest Cox Automotive Dealer Sentiment Index. Of course, that’s not necessarily a good thing.
Running throughout the five themes is a welcome return to normalcy after four years of everything but normal, with nothing in the data suggesting surges in any direction, as the industry witnessed in 2021 and 2022. Meanwhile, the used EV market is expected to be the fastest-growing segment of the wholesale/used-vehicle market.
He says they have been in the automotivemarket for nearly 10 years. Significant Trends in Marketplace Cavan said Vehlo has tracked product usage trends through their products, including AROs created, revenue generated, car count, and other metrics. He says they have seen an increase in ARO by about 20 percent since 2021.
The automotivemarket has seen incredible change within the last few years, with pricing and inventory levels in flux, EVs becoming more mainstream, and more paths to purchase — especially online — available for shoppers,” CarGurus director of product marketing Alison Ciummei said in a news release.
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