Well, we’re almost a week into the month of March and according to Wells Fargo Economist, Sam Bullard and how well auto sales do each month is an early indicator of consumer spending and a healthy economy.
Right now, consumer spending is up. While some economists give credit to low gas prices, low interest-credit and higher wages Forbes.com says president’s day promotions is what helped February auto sales reach a 15-year high for the month.
In fact, spending on promotions averaged an estimated $2,975 dollars per vehicle in February, up 11% from a year ago. Stacey Doyle, True-Car’s Senior Industry Analyst says, “We see some brands sweetening the deal during the year’s first big promotional push.”
Despite gloom and doom talk regarding the economy (mostly from presidential candidates), Forbes says auto sales indicate the economy was regaining momentum in the month of February.
And while auto sales continue to show that the consumer remains the bright spot in the economy, Bullard says “They are confident enough in their own personal economic situation and the outlook…to be able to purchase a car.”
More from Sales & Marketing
For years, automotive marketing has operated a clear structural hierarchy.
Enterprise brands and large agencies controlled advanced buying infrastructure, including centralized programmatic platforms, identity resolution systems, cross-channel optimization tools, and...
In today’s competitive landscape, a seamless, data-informed sales cycle is essential for dealerships navigating rising affordability pressures, shifting fuel type demands, and tighter profit margins.
Advanced analytics give dealers a clear advantage by revealing where...
Ian Mathews, co-founder of AutoGrowl, traced his journey from college greeter to automotive marketing leader, emphasizing discipline, video storytelling, and leadership as keys to business success.
On today’s episode of Training...
On the Dash:
TikTok now supports the entire car-buying journey, from discovery to shortlist.
Buyers rely on the platform for research, comparisons and confidence building.
Dealers who show up early...