Top Headlines We Are Reading At Foundation
UPCOMING: Cox Automotive Q3 2024 Industry Insights and Sales Forecast Call
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- Register in the link above as Sept. 25 COX Automotive will provide industry updates in a webinar. Top takeaways will be provided here a few days after the event.
Google Automotive: Beyond the Ballot: Finding Engaged Video Audiences During an Election Cycle
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- 52% of consumers agree that auto brands offer the same thing. How are you differentiating your brand/dealership from the rest?
- Majority of political spend will be on TV, creating noise and pushing other brands out of the way.
- Platforms such as YouTube offer automotive shopping audiences that can reach more for less and get your brand in front of people in-market for vehicles. Are you activating to create demand on YouTube with a continuing brand building message in the market?
Haig Report Q2 2024 released (Aug. 2024)
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- New Vehicle Sales forecast for 2024 revised from 15.7M vehicle to 15.9M a 2.4% YoY increase.
- Days of Supply of new vehicles across the industry drops 10% QoQ from 76 to 68.
- Dealership Gross Profit per Vehicle drops 23% for New Vehicles and 14% for Used year-over-year.
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2024 Cox Automotive Car Buyer Journey Study
- Foundation’s Quick hit Takeaways:
- Slide 5 – Shoppers continue to visit 2 dealerships on average
- Slide 6 – Importance of Dealership websites rebounds since COVID with the highest mark ever of 63% of auto shoppers saying they visited a dealership website, #2 behind third-parties (careful of this data point as this is a third-party website owned study).
- Slide 11-14 – Overall improvement of for trends of dealership experience and satisfaction.
- Slide 18 – Auto shoppers spend nearly 7 hours shopping online — more than 2x than they do at purchasing dealership.
- Foundation’s Quick hit Takeaways:
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