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Even with the looming threat of an autoworkers strike, rising interest rates and a shaky economy that might or might not be on the verge of a recession, car dealers should come out OK the rest of this year. Experts are split on whether there will be a significant economic downturn, but, Chesbrough said.
In today’s evolving automarket, one thing remains crucial: focusing on volume and exceptional customer service will naturally drive gross. In today’s market of compressed margins, dealerships are too fixated on protecting gross. This approach is costing deals — and, ultimately, gross profit. Let’s get out there and crush it!
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%
automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. auto industry. automarket being steered by five key themes. Meanwhile, the used EV market is expected to be the fastest-growing segment of the wholesale/used-vehicle market.
There aren’t any new models available under $20,000 in the for American car buyers anymore, but emerging automarkets like India have plenty of cheap cars to go around. One of these budget cars just proved that you don’t have to spend a lot of money to be safe. Read more.
America’s cars are going gray — and not just because they’re getting older. The latest study of car colors from iSeeCars shows gray rising in popularity, passing silver for third in market share behind perennial favorites white and black. of the market to 19.2%. automarket, representing 78.9%
As a car buyer looking for value and reliability, you might have turned your gaze towards Hyundai, a brand known for its diverse range of vehicles that cater to nearly every segment of the automarket. They play a pivotal role in ensuring that every Hyundai owner receives the assistance and care needed to maintain their vehicle.
The Renault 5 E-Tech Electric is bringingstyle and fun back to the European automarket with a retro design that looks just as good in 2024 as it did in 1972, when the original Renault 5 came out. The 5, also known as the R5 and Le Car , was a huge success for Renault , spawning myriad models and versions across two… Read more.
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Wholesale vehicle prices last month were down double-digit-percentages from March 2023, but whether the close of the first quarter represented a strong spring market is up for some debate. Still, a common theme of “normalcy” certainly has emerged in the used-carmarket. It may depend on which industry index you’re observing.
Modern repair shop challenges If not effectively addressed, the challenges caused by trends in the automotive industry can hinder auto technicians and repair shops from delivering high-quality service to their customers. But auto techs must constantly stay current with upgrades and modifications for various components.
Modern repair shop challenges If not effectively addressed, the challenges caused by trends in the automotive industry can hinder auto technicians and repair shops from delivering high-quality service to their customers. But auto techs must constantly stay current with upgrades and modifications for various components.
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. Consumers are holding onto their cars longer, reducing the availability of used vehicles for sale. for used car loans. for used car loans, according to Car and Driver.
The automarket has fallen out of love with sedans , choosing to opt for taller and bigger crossovers. Because of that, many automakers have left the sedan market altogether , but there are still a few that soldier on.
Leveraging Niche Markets Identify niche customer segments and tailor your marketing efforts accordingly. Whether green and eco-friendly vehicles or vintage and specialty cars, catering to specific demographics can create a dedicated customer base. Monitoring and Adapting The automotive market is dynamic.
So in this article, we will explore how AI tools can help used-car dealers stay ahead of the trends with advanced sales data analyses, in addition to investigating real-world examples of AI as it has been applied to provide dynamic, more effective prices.
The car-buying public has a message for the used-car industry, and it’s this: We don’t want to pay too much for a vehicle. That message was clearly conveyed in CarGurus’ latest Quarterly Review, which found sales of lower-priced used cars rising and high-end vehicle sales falling. “As days on market) and 2-3 year-old (58.5
The latest survey, conducted immediately following the national election in early November, indicates that, while current market conditions are still viewed as weak, dealers are increasingly optimistic about the future. This significant increase suggests that more dealers believe the automarket will be stronger in the next three months.
automarket fills in another piece with the arrival of the 2025 Hyundai Sonata. Hyundai View the 20 images of this gallery on the original article The puzzle of the 2025 U.S. Product planners returned a new SE trim to the bottom of the lineup after the affordable grade took a break in 2024.
The steady growth in digital documentation processes reflects a mature understanding of the long-term benefits, positioning digital transformation as a critical pillar for the auto industrys future. Todays Rebounding AutoMarket The positive trends in the reported digital adoption coincide with a continued rebound in the U.S.
automarket in 2024 , auto dealers face many new challenges: tighter margins, new technology, and a shift to a more electrified future. Satisfaction with Car Buying Improves After Two Years of Decline As U.S. In 2023, 69% of consumers were highly satisfied with the car buying process compared to 61% in the 2022 study.
In the face of uncertainty in the automotive market, 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. While franchises rated the overall market at 49 – just below threshold – independents gave it a 40.
With this new technology, car manufacturers and dealers must also ask the question, “What happens if these technologies stop working or need to be repaired?” Automotive Technology on Display at CES 2024 Automakers have been incorporating AI into cars for over 10 years. 7 electric vehicles. Why the increase?
’ Many dealers and consumers believe the election outcome will impact the economy and the automarket in some way – either good or bad – and that expectation of change is causing paralysis in the market and hurting sentiment.” 3 on the list of top 10 factors affecting business.
automarket is very different than it was just two years ago.” ” While the current market index, and many of the factors driving it, remains weak, the market outlook index improved significantly in Q1, jumping from 41 last quarter to 51 in Q1.
Those tariffs, CarGurus director of economic and market intelligence Kevin Roberts said, could present another major problem for a U.S. automarket that is already struggling to keep cars affordable for its customers.
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