Topic: industry news

Dealer Marketing Magazine: Why dealerships should experiment with internet lead processes

Posted by Sarah Pekala on May 19, 2020

More than ever, dealerships are being forced to adapt to constant changes. In a recent Dealer Marketing Magazine article, Ashley Karr, CarGurus’ VP of Global Dealer Marketing, interviewed Joseph Davis, the E-commerce Director at Ewing Automotive Group. They spoke about his process for handling internet sales leads and his actionable advice for sales and marketing leaders at other dealerships.

Check out the full article:

“Adapt or Die” Why Dealerships Need to Experiment with their Internet Sales Lead Processes

 

 

Read more
Topics: CarGurus news, industry news

Industry Pulse: Could forgiveness of student loans lead to a new peak in new and CPO vehicle sales?

Posted by George Augustaitis on July 29, 2019

Our Director of Automotive Industry and Economic Analysis, George Augustaitis, provides insight into how forgiveness of student loans could impact vehicle sales in the US.

Debt continues to increase while wages lag, and many Americans struggle to purchase a new car. In fact, affordability represents the most severe headwind causing the decline in vehicle sales, which are down 2.0% calendar year to date (CYTD) 2019.

A recent survey from Bankrate finds that 58% of Millennials and 56% of all Americans lose sleep over money troubles. Today, 40% of Millennials earn at least half their income from a side hustle. Millennials are the largest living adult generation as of 2019, and they represent a key demographic in the success of the new and certified pre-owned (CPO) vehicle market. However, an increasing number of Millennials indicate that cost pushes them away from purchasing a new vehicle. Knowing this, increasing Millennial disposable income would lead to a rise in the new-vehicle market.

For Millennials, student loans represent the primary reason for their low disposable income. An estimated 44.7 million people in the US have student debt, which amounts to 1 in 4 Americans. With the estimated student debt at $1.49 trillion and the average monthly payment at $393, the increasing amount of student debt shapes affordability significantly more than wages, housing costs, and the rising price of vehicles.

Read more
Topics: analysis, industry insights, industry news, trends

Automotive News on the impact of the dearth of recession-era vehicles

Posted by Meg Bernazzani on June 26, 2019

Because of the new-vehicle sales slowdown during the Great Recession, finding affordable used-vehicle inventory has been a challenge for today’s dealers. Automotive News dug into CarGurus analysis to offer insight into the impact on the current car-buying market. Check out the full article:

Read more
Topics: CarGurus news, industry news, trends

Consumers still don’t know how to protect their data in connected cars

Posted by Meg Bernazzani on June 10, 2019

For many drivers, getting in the car follows a routine: use a key fob to unlock the car door, get into the driver’s seat, connect a smartphone to the car’s infotainment system, and then drive off. Yet, when tested on their knowledge of connected vehicle security, consumers were wrong on half the answers, scoring a failing average of 49%.

Read more
Topics: CarGurus data, industry news, trends

Industry Pulse: it’s more than just tax cuts impacting the used vehicle market

Posted by George Augustaitis on June 3, 2019

At CarGurus, we’re always looking for ways to share more industry insights with our valued dealers. Today, our Director of Automotive Industry and Economic Analysis, George Augustaitis, takes a look at how tax cuts and dwindling inventory are affecting the used car market.

The IRS started to release information on tax returns in the first week of February. As the data from the IRS changed over time, the media released weekly headlines, whipping back and forth between negative and positive:

Tax Refunds down 8.7%…”

Here’s why the average tax refund check is down 16% from last year

After a slow start, tax refunds are ticking up…”

Tax refunds are up from last year…”

About 8 million individuals who received a refund last year may owe this time

To date, the IRS has reported filings through the week ending May 10, 2019, and at first glance, the average refund is down 1.7%.

While the key metrics—total number of refunds, amount of money issued, and average refund—show a negative story, refunds alone aren’t the factor driving change in used car sales in the US.

Read more
Topics: CarGurus data, industry news, industry pulse, trends

Consumer excitement about self-driving cars is growing, according to CarGurus survey

Posted by Meg Bernazzani on April 26, 2019

For the second year in a row, CarGurus surveyed consumers to get a pulse on their feelings toward self-driving cars. While most aren’t ready for them to be the status quo, the survey found that consumer sentiment is changing fast, with enthusiasm rapidly replacing skepticism. Overall, the survey found:

Read more
Topics: CarGurus data, industry news, trends