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As we step into 2025, the automotiveretail industry is ready to take its next step in modernizing its operations, where artificial intelligence (AI) and machine learning (ML) are poised to reimagine dealership operations. Used car day supply is expected to remain tight and steady. For more information, visit www.lotlinx.com.
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%
As the world gradually emerges from the shadows of COVID-19, a significant shift in the carretail landscape is becoming increasingly apparent, particularly in the electric vehicle sector. Dealerships that embrace this change are poised to thrive in the new era of automotiveretailing.
As we step into 2025, the automotiveretail industry is ready to take its next step in modernizing its operations, where artificial intelligence (AI) and machine learning (ML) are poised to reimagine dealership operations. Used car day supply is expected to remain tight and steady.
Meanwhile, manufacturer incentive spending continues to rise, as does competition between retailers to attract buyers to showrooms. Ramping up Marketing Dealers are shifting strategies to address these challenges. If a car shopper shows up on your lot and is not greeted by anyone, that person probably won’t stay long.
This first-ever live-streamed event will explore the urgent challenges impacting the industry, from evolving customer expectations to the digital transformation of automotiveretail, and the increase in DTC models. I’m excited for the insights our panelists will share and the conversations this event will spark.”
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. That trend has also driven down retail prices, which have dropped 4.9% years old, rose 16.8%.
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
Furthermore, Cox Automotive will award a $10,000 scholarship to Brooke Englehardt, a junior at Northwood University, home to the nation’s leading automotivemarketing and management program. Fox Motors stands out as a retailautomotive leader recognized for innovation and growth.
Introduction In the fast-paced world of automotiveretail, independent dealerships often face stiff competition from larger counterparts. While it may seem like a David vs. Goliath scenario, there are strategic approaches that indie dealerships can employ not only to survive but thrive in the market.
As we review the vehicle inventory, carryover, and markdown trends from the Lotlinx Q4 2024 AutomotiveMarket Report , the automotivemarket has revealed several important insights into the ongoing challenges and opportunities for dealerships and OEMs. The used vehicle market also saw growth in hybrid and EV sales.
This strategic investment will support CarNow’s continued market expansion and accelerated product development that will enhance the car buying and selling experience. With Runway’s support, we’re poised to accelerate our growth, enhance our product offerings and continue to disrupt the automotiveretail industry.
The Stakeholder – Marketer Disconnect If you’re reading this, you’ve likely been in the business for years, probably decades. You know the business, and you’ve seen your share of good and bad solutions to help you attract customers and sell cars. My stronger endorsement would be for small automotive conferences.
They agreed to leverage the Dealer 20 Group model to create a vendor version that could improve support of retailautomotive customers. Over the next five months, they contacted several trusted industry leaders to become founding members of V20.
“By leveraging our new Vincensus quarterly and monthly reports and staying informed on the trends shaping inventory, pricing and markdowns, auto retailers can swiftly adapt and make informed decisions.
Among the myriad of industries, car dealerships stand out for their keen adoption of innovative financial practices to sustain profitability. The Cost-Saving Potential For car dealerships, where transactions are typically high-value, the cost savings from adopting these strategies can be substantial.
As we continue to navigate the shifting landscape in auto retail, one thing has become crystal clear: the days of cost-cutting have ended. In December, I wrote about how to make wise cuts to your marketing as the market retracted, and that was the right move then. Forecasts are pointing to a rapid climb into 2025. The result?
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.
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%. auto market in 2024.
Here’s more evidence the used-carmarket is a complex place nowadays. By leveraging advanced analytics, dealers can anticipate market shifts, optimize their inventory mix, and implement dynamic pricing strategies that respond to real-time market conditions.”
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. “As
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