Thursday, August 18, 2022
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data

How data is driving the next era in automotive retail

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Exiting a year of unprecedented highs and lows, the automotive industry entered 2021 with a mix of challenges and opportunities. New supply interruptions and inventory shortages came at the same time as a reduced federal interest rate and the largest stimulus program in history, with signs pointing to industry recovery alongside a vaccine rollout.  This complex combination of factors […]
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EV

Are auto dealers and consumers ready for an EV future?

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Last week, in the German newspaper Frankfurter Allgemeine Zeitung, Audi CEO Markus Duesmann said there are no new internal-combustion engines in development at Audi. With Audi and, seemingly, every other automaker moving towards government-mandated production of only electric vehicles, is there really a wide and deep market ready for that influx? Or will the electric market only […]
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dealer

Most are ready to buy within three weeks of first dealer...

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A study released Thursday shows that the majority of car shoppers are deeper into the sales funnel than dealers often think. The Automotive Buyer Study 2021 by Marchex titled “Trust, Transparency & the Transaction” discovered that 75% of car shoppers are prepared to make their car purchase within three weeks of making first contact with a dealership. High on the list of […]
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auto

Preparing to thrive in auto retail in 2021

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2020 has brought about massive change to the automotive industry and especially for dealers. With less traffic due to widespread digitalization and mobility, COVID has caused further distance between the dealership and the consumer. Thankfully, many dealers have implemented concierge programs to keep fixed ops running, but what about selling vehicles?  Has this year caused a complete […]
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innovation

Five factors that drive innovation in auto retail

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Dealership gross profits have declined from 3.3% to 2.4% between 2015 and 2018. Over that same time frame, an average dealership’s operating profits saw an even more drastic decline – from 8.9% to just 1.7%. The decline in profitability coincides with a growing dissatisfaction among consumers regarding the traditional vehicle purchasing method. According to global […]
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online

Online consumer engagement showing indications of industry rebound

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Car shoppers are continuing a slow but steady push back to normal purchasing practices, according to analysis of marketing data by Comscore in a press release issued Tuesday, and used car shopping is where the greatest interest growth has occurred. How customers are shopping, however, has changed dramatically from in-person to online, helping retailers and […]
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brand

Report Shows the Consumer Connection Goes Beyond Cars to Include Brand

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It seems that car owners have always developed an emotional bond with their vehicle. Research by Road & Travel Magazine from back in December 2007 found that 60 percent of vehicle owners hold conversations with the cars and 27 percent have a special name for their vehicle. A recent Brand Intimacy Study by MBLM discovered […]
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Vehicles

CarGurus Report: 70 Percent of Consumers Are Actively Searching for Vehicles

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According to the Wall Street Journal, most automakers reported declines in sales during this year’s second quarter. The numbers may look bleak, and these sales decreases may be the norm for the rest of 2020. Nevertheless, these numbers don’t tell the whole story about what is happening with potential car buyers. While some may not […]
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consumer

Deloitte Survey Identifies Consumer Confidence Growing in US

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Since April 19th, Deloitte has conducted the State of the Consumer Survey bi-weekly to analyze how the public perceives the effect of the global health crisis on their lives. Initially, the April survey identified that most areas of the world had increasing anxiety, save for Netherlands, South Korea, and Germany. China was virtually neutral. Over […]
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Trade-Ins in 2020

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We all know what a critical role pre-owned sales plays in your profitability. Dealers all agree that we collectively need to do a better...