Kelley Blue Book has reported that a majority of U.S. shoppers were interested in pickup trucks in the final quarter of 2022. The Ford F-150 continued to be American consumers’ most considered vehicle, followed closely by the Chevy Silverado 1500. The Honda CR-V was last year’s third most wanted vehicle. Shopping consideration for General Motors also rose to an all time high, making it the fifth most sought after non-luxury brand for the first time in its history. Read More
According to a new Manheim report, last month was a mixed bag for used car dealers. Wholesale used vehicle prices increased 2.5% in January, while sales climbed 16% from December. In comparison to last year, the Manheim Used Vehicle Value Index dropped 12.8%, while sales were up 5%. Dealers ended the month with enough supply for an average of 44 days, down roughly 21% from December and 12% from 2022. Consumer confidence has fallen 1.7%, although drivers are the most positive on buying conditions since mid-2021. Read More
The Honda Accord is getting an advanced hybrid version in 2023, which the Japanese automaker hopes will drive sales back up after a difficult year. In 2022, sales of the Accord dropped 24%, as SUVs and trucks consumed more market share. However, as the hybrid Accord comes equipped with various improvements over prior models, it could help achieve Honda’s goal of increasing American sales by 20-25%. The new vehicle, already available for purchase, ranges in price from $27,295 to $37,890 minus the destination fee. Read More
After several years of competition, the Bronco is inching closer to Ford’s dream of outselling the Jeep Wrangler. Sales of the SUV climbed 24% in 2022, just 3,583 away from its competitor’s 34,253. The Bronco has continued to sell in 2023, hitting 10,170 deliveries in January, up 25.5% from last year, and only three units behind the Wrangler, whose sales saw a near unprecedented 30% drop. As Ford continues to improve its production output, it is possible 2023 will be the year it unseats Jeep in the off-road SUV market. Read More
Marketing in uncertainty: Best practices for car dealerships
Since 2020, uncertainty has become a running theme for the automotive industry. From material shortages to factory shutdowns, the pandemic became a significant disruption. While some issues have begun to stabilize, looming problems like vehicle affordability, inflation, and lingering semiconductor shortages add to the current automotive industry uncertainty. Read More
3 obstacles to EV adoption in 2023 that dealers should know about
Electric vehicles (EVs) have grown in popularity over the last couple of years. Whether it’s the Chevrolet Bolt or the Hyundai Ioniq, it’s almost impossible to visit an automotive website and not see an ad mentioning a new electric model. However, while electric car sales have increased, widespread EV adoption still has obstacles. Read More
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