Topic: auto industry news
There may be some good news for auto dealers who’ve had to stop selling cars due to COVID-19. Last Friday April 17, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency updated their essential workforce guidelines to include vehicle leasing and sales:
“Workers critical to the manufacturing, distribution, sales, rental, leasing, repair, and maintenance of vehicles and other transportation equipment (including electric vehicle charging stations) and the supply chains that enable these operations to facilitate continuity of travel-related operations for essential workers.”
As new-car margins become more difficult, dealers are looking to used vehicles to fill the gap. With this comes an acquisition challenge that both small and large dealerships are facing. Jeremy Sacco, senior strategist at CarGurus, recently shared with WardsAuto dealers’ outlook for 2020 from the inaugural CarGurus One Voice Report.
Read the full article on WardsAuto: Car Dealers Cite Need to Price Right From the Get-Go
Third-party automotive listing sites might be on the verge of a shakeup. Experts say that simply providing leads won’t be enough—third-party sites need to help consumers actually buy the car they’re interesting in. In this article, Automotive News explores how some sites are dipping their toes in transactions, and how CarGurus has completely changed the third-party marketplace segment.
Vehicle listings players transform again – Automotive News
It’s the most expensive 30-second advertising spot on television. For Hyundai’s luxury vehicle brand, Genesis, the cost was well worth it. CarGurus’ Director of Automotive Industry and Economic Analysis, George Augustaitis, spoke to Adweek about Genesis’ brand lift on CarGurus immediately after their commercial aired during the big game. Check out the full Adweek article to read more.
Millennials aren’t “just kids” anymore. They have true buying power and are quickly becoming a large percentage of the total car-buyer audience. Millennials are expected to represent 40% of all new-vehicle purchases next year. Ali Chapman, customer insights analyst at CarGurus, recently spoke with WardsAuto about the latest data on Millennial car buyers from our 2019 Buyer Insights Report.
Read the full article on WardsAuto: A Generation That Allegedly Hated Vehicles Now Buys Them Aplenty
As you may have heard, sales growth in the new-car market is slowing. There’s a general consensus in the industry that new-car sales will plateau this year or next.
A number of factors are to blame.
First, the recession severely depressed the auto market. Sales surged in the last few years as consumers began buying again, but now things are returning to normalcy.
Second, people are keeping their cars longer – a side effect of improved build quality.
And while today’s drivers continue to replace their cars, fewer young people are getting their licenses. Plus, the Millennial generation is burdened with billions of dollars of student loan debt. Millennials are delaying big purchases like homes and cars as a result.
As the new car market softens, how can you take advantage and even grow your sales in a challenging market environment?
Today’s low gas prices have led households to enjoy a “tax cut” of about $1,000 per year, researchers at IHS have found. In other words, the typical household now spends $1,000 less on fuel than it did between 2011 and 2015.
But does cheap gas affect people’s vehicle preferences? We took a look into our lead-volume and pricing data for pickup trucks, some of the least fuel-efficient vehicles on the road, to find out.