Edmunds

As a digital advertising solutions provider for dealers and automakers, Edmunds helps our partners meet car shoppers wherever they are online. Great work Alison Steinlauf Anziska and the entire Edmunds team!

🏈🚙 Hey football fans, it’s game time! On the heels of our new “Name of the Game” ad campaign, Edmunds is thrilled to announce a partnership with the legendary Chicago Bears. To kick off the collab, we’re launching an epic sweepstakes for all fans in the Chicagoland area! 🎟️🙌 🏆 Now open at edmunds.com/bears, Chicago-area fans can enter to win over 100 prizes 😮💨, including game tickets, parking passes, and exclusive on-field, pre-game experiences for the showdown against the New England Patriots on November 10. Plus, they’ll have the chance to score a FREE vehicle appraisal through the sweepstakes entry page! 🚗💨 Fans who complete the appraisal process can receive a real, no-obligation cash offer from one or more dealers in as little as two minutes! ⏰💵 Our “Name of the Game” ads feature a roster of pro athletes with the last name Edmunds, including Bears team captain and starting linebacker Tremaine Edmunds. 💪🏽 “As Bears fans know, Tremaine is a leader on and off the field, and the heartbeat of the Bears defense. It’s exciting to uplift our shared name and offer incredible prizes for Bears fans at the November 10 home game,” said Alison Steinlauf Anziska, Edmunds' senior vice president of marketing. The campaign highlights Edmunds as the name consumers can trust for all their car buying and selling needs, including helpful resources like Edmunds’ free, online vehicle appraisal tool. The sweepstakes runs from September 25 through October 15. 🗓️ On October 17, we’ll announce the lucky winners! 🎊 Fans in the Chicago area can head to edmunds.com/bears for their chance at Bears tickets, parking, and on-field experience giveaways today! 🚀🏈 Help us spread the word: it’s time to praise the Bears and appraise some rides! 🙌🎉

✂️A Cut in the Right Direction 📉 Today, the Federal Reserve made a pivotal decision to cut interest rates for the first time in four years—a move that could bring much-needed relief to car shoppers in an increasingly unaffordable market. According to Edmunds data: 📈The cost of borrowing has skyrocketed over the past few years. In August, both new and used vehicle loans commanded near-record interest rates of 7.1% and 11.3%, respectively. For context: just three years ago, the average APR for new was 4.3% and 7.4% for used.  🤑This has resulted in consumers paying significantly more over the life of their loans, particularly in the used car segment. Edmunds data reveals that the average interest paid for all financed used vehicle purchases in August 2024 was $10,299 compared to $8,991 for new. This is a 56% increase for new vehicle loans compared to five years ago, and a 77% increase for used loans.  ⛔ A majority of car shoppers (62%) in an August 2024 consumer sentiment survey said they were holding off on purchasing their next vehicle because of high interest rates. 64% of all car shoppers in the same survey said a Fed rate cut would affect the timing of their next car purchase. Unlike many consumer goods, personal transportation is often non-negotiable. Most vehicle owners can only delay a purchase for so long before necessity takes over—in fact, Edmunds survey data reveals that more than half (53%) of in-market shoppers blame repair costs on their current vehicle as a contributing factor in buying a replacement car. This rate cut should provide a glimmer of hope, especially for price-sensitive consumers who typically gravitate toward the used market and have been grappling with exorbitant auto loan rates. And yet, while this rate cut is a positive development, it’s essential to keep expectations in check. This isn't a silver bullet and shoppers aren’t going to be flooding showrooms right away. Although vehicle prices have cooled from their record highs, they remain significantly elevated when viewed through a historical lens. While we may see an uptick in vehicle buying intent as rates decrease, the first couple of hurdles remain: securing loan approval and realistic budget expectations. Consumers must not only qualify for financing but also manage monthly payments to keep their vehicles. Looking ahead, the Fed's next meeting is scheduled for the day after the presidential election. This timing adds complexity to the next decision when consumers and retailers alike will be watching closely and likely hoping for a continued downward trajectory in rates. However, Chairman Powell emphasized multiple times today that the Fed will approach decisions on a meeting-by-meeting basis, and future rate decreases are not guaranteed. #EdmundsInsights #FedRateCut #Automotive

🚘 The Name of the Game is Edmunds! 🏈⚽ Today, I’m thrilled to announce the kick off of one of the most exciting and ambitious brand campaigns in #Edmunds’ history — “Name of the Game”! We’ve teamed up with pro athletes who share our name -the NFL’s Tremaine, Terrell, and Trey Edmunds, and National Women’s Soccer League champion Kristen Edmonds- to drive the connection between #Edmunds and #cars in the minds of consumers and to raise awareness of Edmunds.com as the place to go if you are buying or selling a car. The ads—produced in-house by the #Edmunds creative team, directed by SuperJoy and developed with strategic input from Supernatural AI—will kick off on #Facebook, #Instagram, #YouTube, #TikTok and streaming TV today through Q4! #Edmunds has made it a best practice to help our #automaker and #dealer partners meet car shoppers wherever they are online. With our own brand marketing, we put our money where our mouth is and tap into the same effective #b2c strategy. Catching the excitement of the football season, we are strategically inserting Edmunds into the sports zeitgeist. And just as in football, where every play is driven by preparation and precision, we’re positioning #Edmunds as a trusted partner in empowering consumers to navigate the car-buying and selling with confidence and clarity. Handing out a few “game balls” to the entire #Edmunds #Marketing team for bringing this vision from the practice field to game day. We’re excited to put these spots under the lights! Sneak peek: Stay tuned to the Edmunds LinkedIn handle soon for an announcement of a Chicago-based extension of the “Name of the Game” campaign! #EdmundsProud #NameOfTheGame #WeDriveItLikeItIs #BrandCampaign #CarShopping #Marketing #TeamEdmunds 'Team Edmunds' https://lnkd.in/ggnMqt5K 'Postgame Brothers' https://lnkd.in/gihDVMSM 'Postgame Kristen' https://lnkd.in/g86Kay43

New and used car prices may have leveled off from record-breaking highs thanks to improved inventory and an uptick in incentives over the last year, but affordability concerns are nonetheless weighing heavy on the minds of American car shoppers. This week Edmunds rolled out its latest ‘Car Shopper Expectations vs. Market Realities’ report, digging into why returning car shoppers are likely experiencing whiplash as they come back to the market with skewed perceptions of affordability based on their last vehicle purchase (based on the average trade-in age of six years for new vehicles, we can surmise that many of those consumers last purchased a car in 2018). A few notable data points: 🛑 73% of consumers report they’ve already held off purchasing their next vehicle because of elevated prices; more than 62% due to high interest rates. 💲48% of new car shoppers said they’d like to spend $35,000 or less on their next vehicle, and 14% said they’d like to spend $20,000 or less. However, Edmunds data reveals the average transaction price for a new vehicle was $47,716 in July 2024, and there were nearly zero new vehicle transactions under the $20,000 mark. 🏦3 out of 4 used car shoppers are targeting an interest rate between 0 - 5%, but 6 out of 10 car buyers who financed a used vehicle purchase in July agreed to an interest rate between 6 and 11%. ⌛More than half of car shoppers noted they were planning on putting off other expenditures in order to afford a vehicle, with 29% saying they were deferring a vacation, 15% basic monthly needs, and 5% medical procedures. 💰54% of consumers said they plan on working more hours or taking on a new job to afford their next vehicle purchase. TL;DR: Even as the new and used vehicle markets continue to normalize, car shoppers are still facing historically harsh purchasing conditions and those returning to showrooms for the first time in years are likely going to experience major sticker shock. In response, consumers are likely being forced into making some tough decisions, which in turn will probably change up some of their typical shopping habits. Moving forward, it’s going to be critical for automakers and dealers to know the perception gap exists in order to offer a level of compassion for customers. After all, these are people making real sacrifices in order to afford a vehicle, which is making the car shopping process more stressful than ever. #EdmundsInsights Check out the full report here: https://edmu.in/3zg8m14 

Q2 used car data is in the books, with somewhat predictable results, but also heavy implications for the market going forward, or at least some subsets of the market. New data from Edmunds reveals that the overall used vehicle market has been performing in a more predictable fashion lately thanks to shifts in new-car market trends. As inventory has steadily recovered in the new-vehicle sector over the past year, discounts and incentives on aging new car inventory are now beginning to be reflected in the used market. With new-car prices trending downward, values of newer used vehicles have correspondingly declined: Used vehicle values fell by 6.8% year-over-year from $29,742 in Q2 2023 to $27,472 in Q2 2024. But even as the overall market normalizes, there’s one subset of the market that is wreaking havoc on owners seeking to trade in their vehicles as well as dealers aiming to forecast an accurate selling price. Spoiler alert: we’re talking about secondhand EVs.  Here’s a quick rundown of what’s going on 👇 💲 Automakers have been utilizing virtually every incentive under the sun to move stale new-EV inventory.  Whether via cash incentives, MSRP reductions or heavily subsidized leases that also allow the use of the Inflation Reduction Act tax credit, the trickle-down effect on the used vehicle market has been pronounced. 📉 Used EV values have undergone a major course correction, falling 20.5% year over year from Q2 of 2023 and 38.5% from Q2 2022. 🎇 This downward trend in EV values marks an abrupt turn in the trajectory of the used EV market, which had a runup in prices with the introduction of competitive products. We seem to have reached a point where used EVs values are succumbing to more mainstream market forces. ❗ This trend has some heavy implications for EV owners: In a recent Edmunds analysis of negative equity trends in the automotive industry, the data showed that EV owners with negative equity owe more money on their loans than owners of internal combustion engine (ICE) vehicles. The not-so-great news: Even though automakers are reducing production and coming to terms with EVs commanding less of a price premium than previously thought, the debut of new, lower-priced EVs over the next few years will unfortunately only exacerbate the EV value  conundrum since these cheaper market entrants will compete with similarly priced used EVs. The good news: Consumers who are prepared for all the lifestyle considerations that come with an EV could get a killer bargain on used electric transportation. For more details, check out the Q2 2024 Used Vehicle Report here: https://edmu.in/46NNta7 #EdmundsInsights

Tesla quarterly earnings reports have historically been the subject of heavy scrutiny as a barometer of the health of the overall EV market. Today’s call comes at a particularly interesting moment in time when widespread EV adoption is threatened by a number of headwinds and EVs are supercharging political debates among Americans in an historic and unprecedented presidential race. According to Edmunds survey data from earlier this year: 🔵Democrats have an overwhelmingly more favorable opinion of EVs, with only 5% claiming to dislike EVs, compared to 39% of 🔴Republicans. As America’s partisan divides widen, Elon Musk's very public support of former President Donald Trump has the potential to alienate Democratic-leaning consumers who are more likely to be EV potential buyers/owners, and could therefore pose a threat to Tesla’s bottom line. The road ahead for Tesla is already laden with obstacles amid increasing global competition and an aging product lineup — and price cuts simply aren’t as effective as they once were in driving sales for the company. Giving prospective EV buyers any sort of political reason to avoid purchasing a Tesla is probably not what the company needs right now — especially since Edmunds data reveals that a growing share of Tesla owners are more likely to trade their Tesla in for an EV over an ICE vehicle when buying their next vehicle. TL;DR: Tesla does theoretically have the advantage of keeping such a large consumer base in the fold (as all brands do), but Musk's outspoken political leanings could give other automakers an opening to crack into Tesla's early and expansive EV buyer base. 

Consumers who purchased a car during the height of the pandemic and are feeling some buyer’s remorse might want to think twice before trading in for a new ride. And those who bought an EV might want to think a third time.  Over the last few years, inflated vehicle trade-in values kept shoppers somewhat shielded from falling underwater on their car loans, but as the market continues to correct itself, this protection is falling away. According to Edmunds data: 🙃Nearly 1 in 4 Americans (23.9%) who financed a new vehicle purchase with a trade-in during Q2 2024 were upside down on their car loan—marking the highest level Edmunds has recorded since Q1 2021 (31.9%). 💰Vehicle owners who are underwater on their car loans owe more than ever before— a record $6,255 in Q2 2024. 📈The average age for vehicle trade-ins with negative equity is on the climb: In Q2 2024 that figure increased to 3.7 years old compared to 3.4 years old in Q2 2023 and 3.2 years old in Q2 2022. But here’s the real kicker: 🔌Edmunds Q2 2024 data also shows that EV owners underwater on their car loans owe significantly more on average ($10,326) compared to owners of ICE vehicles ($6,018). A contributing factor to this higher dollar amount is the fact that the average trade-in age for EVs (2.1 years) is significantly lower than ICE vehicles (3.7 years). It’s not surprising that EV owners are feeling the brunt of accelerated levels of depreciation — this is a fairly standard occurrence for vehicles laden with emerging technology. And incentives on new EVs are only adding to the problem by further depressing used EV values. But this is not great news for the fledgling EV market, which is already struggling to gain consumer buy-in. Consumers are still trying to work out if EVs can actually fit into their lifestyle given charging and infrastructure issues, and adding financial risk to the equation will likely give pause to even the most enthusiastic EV intenders. TL;DR: I wouldn’t go so far as to say this is detrimental for the new EV market, but we’re probably going to see some interesting shifts in EV purchase decisions moving forward. That might look like even more consumers opting to lease EVs or purchasing used to avoid getting trapped in the accelerated EV depreciation curve. More information can be found here: https://edmu.in/4eUpXMb

Rounding out Pride Month, we’re excited to share that Edmunds has been recognized on the Top Most Loved Workplace List for LGBTQ+ Inclusion by Most Loved Workplaces®! Throughout Pride Month, we’ve been especially active to support our employees and our community through initiatives, including:  * an LGBTQ+ family building virtual AMA with Dr. Juan Alvarez from Kindbody * an LGBTQ+ financial planning Q&A in collaboration with Charles Schwab * participation in the West Hollywood Pride Parade, led by the Edmunds PRIDE ERG * and a company lunch at our Edmunds headquarters catered by Socalo, a local LGBTQ+-owned restaurant We’ve also held several lunch & learns with the Los Angeles LGBT Center on various topics throughout the year, from supporting trans youth to supportive allyship. Edmunds’ culture is rooted in the belief that we can only thrive if we are able to trust and empower one another, including the comfort in bringing our whole, true selves to our workplace. We look forward to building on this value in the years ahead. https://lnkd.in/dbcwmKPc

Car shopping is evolving faster than ever: According to a new consumer survey by Edmunds, here are the platforms with the biggest impact on car purchase decisions: 1. Car shopping websites                      29% 2. YouTube                                            18% 3. Auto enthusiast publications              17% 4. Social media and dealer websites     14% (tied) 5. Manufacturer websites                       10% Shopping hubs (like Edmunds) play a major role — delivering vehicle listings, reviews and tools. But social/content platforms like YouTube, IG and TikTok are gaining steam (32% combined!). Smart dealers are using *both* to target shoppers at different points of their car buying journey. Learn more about Edmunds here: https://edmu.in/3wW3cGw (Data via CDG partner: Edmunds #edmundspartner)