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Despite facing many challenges, the global automotive industry performed well in 2023, according to JATO Dynamics. JATO data and estimations showed that for 151 markets across the world, a total of 78.32 million new passenger cars were sold last year. Every region, except Africa, saw demand for new cars increase.
Cars Commerce’s latest look at the used-vehicle market is an old story. As in, older cars have become the dominant force driving supply and vehicle values, according to the company’s monthly Industry Insights Report for August. from last year, while cars in the $10,000-$19,000 range, averaging 7.3 from August 2022.
Let’s explore the factors driving inflation in the automotivemarket and discuss strategies for dealers to support their customers through these difficult economic conditions. cars or roughly two vehicles, according to Money Geek. This means the average household spends over $2,000 per month to own and maintain their cars.
In the face of uncertainty in the automotivemarket, the American economy in general and the nation’s political future, the outlook of car dealers remains remarkably steady, according to the latest Cox Automotive Dealer Sentiment Index. Of course, that’s not necessarily a good thing.
Running throughout the five themes is a welcome return to normalcy after four years of everything but normal, with nothing in the data suggesting surges in any direction, as the industry witnessed in 2021 and 2022. Limited production between 2020 and 2022 has led to a scarcity of prime, available CPO products despite strong demand.
In December, I wrote about how to make wise cuts to your marketing as the market retracted, and that was the right move then. Now, car sales have surpassed pre-COVID levels, and marketing budgets are surging as many dealers have realized the bottom is already behind us. Forecasts are pointing to a rapid climb into 2025.
He says they have been in the automotivemarket for nearly 10 years. Significant Trends in Marketplace Cavan said Vehlo has tracked product usage trends through their products, including AROs created, revenue generated, car count, and other metrics. He has worked with a lot of shop management systems out there.
The automotivemarket has seen incredible change within the last few years, with pricing and inventory levels in flux, EVs becoming more mainstream, and more paths to purchase — especially online — available for shoppers,” CarGurus director of product marketing Alison Ciummei said in a news release.
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