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
On today’s edition of CBT Live, Ashley Shea, Director of Corporate Affairs at AutoNation, joins us to discuss DRV PNK (Drive Pink), the company’s year-round commitment to drive out cancer....
Dealers and managers are describing the market very differently right now, with some saying things are pretty good and others calling it iffy at best. Either way, sales teams that...
Dealers weighing how far to take artificial intelligence are also asking what it means for their people and their customers. The answer starts with good data, clear measurement, and a...
For years, dealerships have built their digital marketing strategies around one goal: showing up when car shoppers search online.
That goal hasn't changed. The way people search has.
AI is reshaping how...
Add us as a preferred source on Google