Inside Automotive
Predicting the 2024 electric vehicle market — Joe McCabe | AutoForecast Solutions
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Joe McCabe, president and CEO of AutoForecast Solutions. For years, McCabe has helped the retail automotive sector navigate the economic landscape with accurate predictions and critical insights, allowing dealers to stay up to date on the trends impacting their business. Now, he takes a look back at the 2023 electric vehicle market and shares his expectations for 2024. Watch the full segment here.
Top stories
Ford has adjusted prices on the upcoming 2024 F-150 Lightning battery-powered pickups in response to shifting demand in the electric vehicle segment. The move comes just weeks after the Detroit automaker adjusted production targets for the vehicle, citing slower-than-expected sales. Moving forward, select trims of the 2024 F-150 Lightning will cost $2,000 to $10,000 more than in 2023. Read More
For the third consecutive year, Hyundai sold a record number of vehicles in the U.S. in 2023 and expects the momentum to continue throughout 2024. On January 3, Hyundai and its affiliate Kia sold a total of 7.3 million units, falling slightly short of their combined target of 7.52 million vehicles. As a result, the duo fell short of their combined target by approximately 3%. Read More
Used vehicle prices dropped again across November and December as trends within the retail automotive sector continued to normalize in the post-pandemic economy. According to auctioning platform ADESA, wholesale used vehicle prices averaged $14,012 in November, a year-over-year decline of 4.6%. The drop coincided with an industry-wide seasonal slowdown in demand, although sales appeared to have recovered slightly in December. Read More
During this holiday season, several children from the Boys and Girls Club, Habitat for Humanity, Women in Distress, Broward County public schools, and other local charitable organizations, churches, and schools in South Florida and the Atlanta metro area received a special gift from “Santa’s helpers.” On December 21, the Rick Case Bikes for Kids initiative collected upwards of 100,000 bikes from the local communities to ensure no child feels left out. Read More
For Dealers
Harnessing big data for dealerships: analysis, techniques and tools
Data has become the driving force behind informed decision-making in retail and marketing. And this is especially so in the automotive industry. MarketWatch states, “The Global Big Data Analytics in the Automotive market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2030.“ Read More
