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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.
Although the 2024 market outlook remains positive with an estimated 15.4 million SAAR, per-unit profits have declined 31 percent since February 2023, according to J.D. Ramping up Marketing Dealers are shifting strategies to address these challenges. The secret lies in first impressions.
Trucks, SUVs, and crossovers may dominate the US automotivemarket, but that doesn't mean passenger cars are going down without a fight. Let's take their 2023 performance as an example.
Currently, we are about to witness the end of an era across the American automotivemarket – ICE-powered pony and muscle cars are almost extinct. The Dodge Challenger is wrapping up its stint on planet Earth alongside the Hemi-powered Charger with the 2023 model year 'Last Call' farewell special editions.
Cars Commerce’s latest look at the used-vehicle market is an old story. As in, older cars have become the dominant force driving supply and vehicle values, according to the company’s monthly Industry Insights Report for August. over August 2023, with the vast majority of that increase coming from vehicles more than 7 years old.
The Ford Motor Company had a good year in 2023, especially at home in America, where it retained the title for the F-Series as the most popular nameplate across the automotivemarket and placed third overall behind GM and Toyota with almost 2 million sales. continue reading. )
General Motors is looking to capitalize on a great success during 2023 when it remained the biggest US automaker and overall car company – in terms of sales – across the local automotivemarket. We all know that, together, the Silverado (and Silverado HD) ( continue reading. )
It was good news, bad news for the retail used-carmarket in January. Used-car demand fell over 7% from January 2023, but was up almost 14% from December. These are just some of the trends and data shared in the inaugural monthly Industry Insights Report from Cars Commerce released Thursday. Used-car demand fell 7.6%
Customized by car shop Galpin Auto Sports for the 2023 SEMA Show edition and titled by SEMA to the Tyler Robinson Foundation, this sale will benefit a good cause as the 501(c)(3) organization is fighting against the devastating effects of child cancer. continue reading. )
Last year, the first seven best-selling nameplates across the US automotivemarket were trucks, crossovers, and SUVs. As for passenger cars, there were just five of them in the Top 25 for 2023! As such, it is no wonder that everyone wants a piece of the action. continue reading. )
Let’s explore the factors driving inflation in the automotivemarket and discuss strategies for dealers to support their customers through these difficult economic conditions. cars or roughly two vehicles, according to Money Geek. This means the average household spends over $2,000 per month to own and maintain their cars.
in 2023, down from 35% in the most recent previous survey in 2021. The study’s results are based on a survey conducted in the second half of 2023 of 2,493 vehicle owners — including 182 electric vehicle owners — who had at least one service performed in the previous 12 months, accounting for more than 5,500 service visits.
16, 2023, according to a press release. The industry’s first 20 group dedicated to customer-focused vendor leadership was launched in Las Vegas on Oct. At the inaugural meeting, the group gathered, set a vision, created leadership roles and named its first leadership team.
With higher supply and lower prices, new-vehicle sales in 2024 are expected to gain over 2023, but market growth will be constrained, with an increase of less than 2% expected and the market new-vehicle market reaching sales of 15.6 In 2024, the used-vehicle market is expected to grow by less than 1%.
In today’s automotivemarket, consumers are facing severe affordability challenges when it comes to purchasing and maintaining vehicles. As car prices continue to rise and economic uncertainties persist, dealers must adapt their strategies to meet the evolving needs of their customers. The average age of vehicles on U.S.
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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