heycar’s Post

In our last post, we explored how new vehicle prices are slightly declining in 2024, yet sales have been increasing at a faster rate. But what about the used vehicle market? The attached graph shows some compelling trends: while used vehicle prices have been falling consistently throughout the year, sales are showing a remarkable uptick, particularly in the last few months. July stands out with a significant 13% increase in sales despite a 6% drop in prices year-over-year. However, despite a similar pattern of price reductions, the increase in sales for used vehicles has been more gradual compared to new cars. In March the corresponding new sales increase of 10% was more dramatic compared to the used vehicle market's 3% growth in response to similar price cuts of 5%. This raises some important questions: Why aren't used car sales reacting as strongly to price drops as new car sales? Could it be that buyers see more value in new cars right now, or are other factors at play? Let's discuss why the used car market isn't seeing the same sales surge, even with similar price reductions. What do you think is causing this difference? Share your thoughts! Want to see more insights like this? Just follow our page for regular MarketCheck updates! Want custom insights like this delivered right to your email? Visit us at MarketCheck.com/contact to get in touch with a MarketCheck consultant today! #AutomotiveIndustry #UsedCars #MarketTrends #CarSales #VehiclePricing #AutoDealership #DataAnalytics #CarMarket #SalesStrategy #AutoIndustryInsights #MarketData #Automotive

📢 An update from our CEO, Nathan Coe "I wanted to share some exciting updates that are set to drive success for both new and used markets over the next few months. In my update, I’ll share more details, including: 🔶 An exciting new partnership with What Car? and reasons to be optimistic about the new car market. 🔷 Improvements we're making to our omni-channel retailing solution, Deal Builder. 🔶 Plus, does older, cheaper stock perform well on Auto Trader?" https://bit.ly/3MPgwAR #AutoTrader | #NewCars | #UsedCars | #Automotive

🔍 Is Car Shopping Really That Painful? 🚗 According to a recent report by CDK, the average vehicle purchase process now takes two hours or more at dealerships. Shockingly, national statistics reveal that many consumers would prefer to visit the dentist than endure the traditional vehicle shopping experience! Why is this the case? Is it the long wait times, the overwhelming choices, or perhaps the pressure of haggling over prices? 🤔 We want to hear your thoughts! Comment below on what makes car shopping such a daunting task for you, and let’s spark a discussion on how we can make this experience better for everyone! Your insights could lead to transformative change in the automotive retail space! #CarShopping #CustomerExperience #CDKReport #Engagement #VehiclePurchase #maxxleadership

The Car Prices Dashboard Report provides a comprehensive overview of various metrics related to car sales, manufacturing, and other relevant details. Here’s a detailed analysis and data story derived from the dashboard: Overview of Key Metrics; - Vehicles: 44,491 - Brands: 53 - Models: 764 - Sellers: 12,401 - Average MMR: 13,559 - Transmissions: 3 (Automatic, Manual, Sedan) - Average Selling Price (Avg S.P): 13,407 Summary Insights: 1. The peak months for car sales are February and January, with significant drops in May and December. This suggests seasonality in car purchases, possibly influenced by New Year promotions and end-of-financial-year sales. 2. Car manufacturing peaked in 2013 and 2012, indicating a period of high production, possibly due to increased demand or expansion in manufacturing capabilities. 3. The F-150 and Altima have the highest mileage, indicating these models are popular for long-distance driving, likely due to their reliability and fuel efficiency. 4. Ford leads in total selling price, suggesting it has the highest market share or a higher average selling price per vehicle. BMW, despite being a luxury brand, has the lowest total selling price among the listed brands. Data Story: The Car Prices Dashboard reveals several key trends and insights into the automotive market over the analyzed period. The high number of vehicles, brands, and models suggests a diverse market with a wide range of options for consumers. The seasonal trend in car sales, with peaks in early months, indicates that manufacturers and dealers might focus their marketing efforts during these times. The manufacturing data shows a peak in production around 2012-2013, possibly in response to increased demand or improved manufacturing efficiencies. The mileage data indicates consumer preferences for reliable and fuel-efficient models, with the F-150 and Altima standing out. Ford's dominance in total selling price highlights its strong market presence, while the performance of other brands like Chevrolet and Nissan underscores the competitive nature of the market. The availability of various filters such as color, body structure, transmission, and sales year allows for a nuanced analysis of the data, providing deeper insights into consumer preferences and market dynamics. Overall, this dashboard provides a detailed and insightful look into the car market, helping stakeholders make informed decisions based on historical data and trends. #msexcel #advancedmsexcel #businessintelligenceanalysis #cars #pricing #dataanalysis #powerquery #pivottables #exceldashboard #dataanalyst #dataenthusiast

Taking some time to read through the Cars Commerce reports. Kinda like they said about EV's, it's a bit of a "Mixed Bag" of good news and not so good news. I am kind of curious though if that "Top Ten" report is overall searches, or if that's just new vehicles? A Pre-Owned set of data would be pretty interesting. Also really wouldn't mind seeing more in depth information, like not just "Toyota Tundra" is being looked for, but say a 2018 Toyota Tundra SR5 double cab with TRD Off-Road package in grey, red, white, something like that with more specific search data. Which would make it better for Dealers to be able to search for specific vehicles to purchase, then properly market them to people that are specifically looking for them, which in turn should equal more sales. Instead of something like... oh that car looks cool, let's buy it, then it sits forever because no one is actually looking for it or really wants it. I know that's too much to ask, but it would be really cool to see. One thing I really love... is a lot of DATA!

Market research is essential for staying competitive in the auto dealership industry. 🚗📊 Here’s why: 1️⃣ Understand Customer Needs: Gain insights into what buyers are looking for in their next vehicle. 2️⃣ Identify Market Trends: Stay ahead of shifts in demand, like the rise of electric vehicles or the growing popularity of SUVs. 3️⃣ Competitive Advantage: Learn what your competitors are doing and how to differentiate your dealership. 4️⃣ Strategic Decisions: Make data-driven decisions for inventory, pricing, and marketing strategies. With the right market research, your dealership can thrive in today’s fast-changing market. #AutoDealerships #BuyersGuides #dealershiptools #dealerlabels #paperlessdealership #carsofusa #automotiveIndustry #dealerlabelsusa #usaautodealers #usaautosales #UsedCars #VehicleInfoSheets

In today’s competitive automotive market, it’s crucial to have the right tools to optimise used car sales. Working with Velocity Plus and Autofinity offers powerful platforms that helps dealerships and sellers stay ahead by leveraging enhanced OEM data to provide accurate descriptions for each vehicle. This means your listings are not just informative, but precise and tailored to attract the right buyers. One of the standout features of Autofinity’s platform is its integration with third-party data sources, including Auto Trader Connect. By tapping into this data, vehicles are consistently priced to match current market trends, helping sellers maximise profitability while staying competitive. No more guesswork— Autofinity’s platform ensures that pricing is always aligned with real-time market conditions. In addition to pricing, the platform continuously monitors and reviews the performance of third-party marketing channels. This ongoing analysis allows dealers to adjust their strategies in real-time, ensuring marketing spend is optimized and that listings reach the widest, most relevant audience possible. Whether you're looking to streamline your sales process, improve pricing accuracy, or enhance your marketing strategy, Autofinity’s platform is a game-changer in the automotive industry. It’s an all-in-one solution designed to make the complex task of managing used car sales more efficient and profitable." Auto Trader UK MOTORS CarGurus Carwow Motorway #UsedCars #AutomotiveIndustry #DataDriven #PricingStrategy #MarketTrends #DealershipSolutions #UsedCars #CarDealers #CarDealerships #AutomotiveTechnology"

Car dealers are using #predictiveanalytics to understand what customers want. By analyzing buying #trends and inventory, they can #stock the right #cars and offer personalized recommendations, helping them sell more and keep #customers happy. Read more in this interesting article wardsauto: https://lnkd.in/djWTHUHT

The Realities of Vehicle Markdowns in the Auto Industry Early price adjustments help manage inventory more effectively, reducing the number of days vehicles remain unsold and minimizing carryover costs. http://spr.ly/604892YMo #Automotive #AutomotiveTechnology #IndustryNews

The Realities of Vehicle Markdowns in the Auto Industry Early price adjustments help manage inventory more effectively, reducing the number of days vehicles remain unsold and minimizing carryover costs. http://spr.ly/604692YMm #Automotive #AutomotiveTechnology #IndustryNews