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Despite a dip in September sales, Canada’s automarket maintains a robust year-to-date growth, driven by strong performances from key brands. Canada’s automotivemarket experienced a slight setback in September, with sales of new vehicles dropping 3.6 per cent compared to the same month last year.
In today’s economic climate, consumers are grappling with extreme inflationary pressures affecting vehicle ownership. Auto dealers are particularly impacted, facing challenges in vehicle availability and profitability. According to AAA, the average annual cost has surged by $1,454 to $12,182 per vehicle.
Whether it’s personalized customer service, unique vehicle offerings, or community involvement, carve out a niche that sets you apart from the more prominent players. Leveraging Niche Markets Identify niche customer segments and tailor your marketing efforts accordingly. Monitoring and Adapting The automotivemarket is dynamic.
automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. Powered by the best data and keenest insights, Cox Automotive developed five themes that offer a collective vision and valuable perspective on the road ahead for the U.S. auto industry.
Data analysts from the company develop the report, which delves into a range of macro and micro automarket trends through analysis of supply, demand, pricing and consumer behavior across the various Cars Commerce platforms. Average used-vehicle listing prices in January, were down 1.6% Average days on market is up 10.1%
As dealers bid farewell to the seller’s market after four years of anything but normal, balance is expected to return to the U.S. automarket 1. 1 Given this shift and the variables that exist in today’s retail automotivemarket, one truth remains: a dealer’s bottom line.
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. Overall, dealer sentiment is likely worse than actual market conditions,” Smoke said.
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