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Last year, the Japanese automaker Toyota emerged as the runner-up behind the eternal General Motors leader of the American automotivemarket. So, what needs to change to claim the throne? GM delivered around 2.6 million vehicles while the Japanese carmaker fared a little over 2.24 million – not because of lack of trying.
The key to unlocking true marketing potential lies in identifying and pursuing the most active buyers, rather than simply chasing after any lead that comes their way. It’s also important for dealerships to recognize that the definition of an “active buyer” may vary depending on the type of vehicle and the target demographic.
I think we have officially started our roller coaster ride, said Cox Automotive Chief Economist Jonathan Smoke. That just might be the best way Ive heard to describe what weve seen in the market recently and what is to come. Its definitely something for dealers to keep an eye on. Estimated U.S. Theyre reading headlines.
The Cox Automotive Dealer Sentiment Index for the fourth quarter of 2023 showed a sharp drop from Q3, which Cox analysts attributed to the ongoing adverse effects of high interest rates and a weakening economy on the automotivemarket, the two factors cited most by dealers as holding back their business.
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