Executive Dealer Reporting

Top Headlines We Are Reading At Foundation

UPCOMING: Cox Automotive Q3 2024 Industry Insights and Sales Forecast Call

• • 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

• • 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)

• • 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.

• 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.