It’s nearly impossible to keep track of everything dealerships need to be concerned about in 2022. Between supply chain issues and chips shortages, skyrocketing gas prices, the rise of electric vehicles, online vehicle shopping, and soaring prices across the board, nothing seems to be going quotes as planned. 

Navigating your dealership through all of this chaos is nearly unthinkable — unless you’re staying informed about the latest industry trends and forecasts.

In this article, we’ll explore what’s been happening nationwide with used car prices, share expert predictions for what’s next, and demonstrate how targeted vehicle data can help you navigate these price changes. 

Hybrid and all-electric vehicles are unquestionably the future of the auto industry. Electric vehicles (EVs) are more sustainable and more cost-effective than their gasoline-dependent predecessors. As the climate changes and gas prices spike, EVs are looking more and more like the ideal buy for drivers and the inventory must-have for dealerships.

2022 is set to be a rollercoaster year for the automotive industry. Coming out of the pandemic, people are ready to drive again — but we’re also facing massive supply chain issues, restricted buyer budgets, and higher-than-ever gas prices.

Accounting for all these factors will require skilled, specialized auto marketing. That’s why we’ve compiled the top eight automotive industry trends in 2022 so that you can create informed, savvy digital marketing campaigns for your dealership.

When working in digital marketing for car dealerships or specialized auto marketing, it’s imperative to know that every dollar you spend on advertising is producing a worthwhile ROI. 

Take a look at the facts: in 2021, the US spent $13.29 billion on automotive digital marketing with an average of $205 spent per lead. That’s an outlandish price point, especially considering that the average buyer conversion rate in the auto industry is a measly 2.0%.

With the rise of social media and an ever-increasing global interconnectedness, competition for buyers’ attention is steeper than it’s ever been. Suddenly your business is forced to reckon with the desires of unpredictable and ever-shifting demographics, and compete with companies you never knew existed. 

If you want to be successful in this new climate, your dealership needs to do more than simply sit back and sell cars. You need to dive headfirst into these new waters and follow the current to understand what the people really want. 

In Part 1 of this blog series, we spoke about the used vehicle market and the  evolution of Carvana in the overall market. In this series, we'll share an inside look at the used vehicle sales data from big states with a heavy Carvana presence and how the dealerships within those states are stacking up. 

Whether traditional retailers are fans or foes of the Carvana business model, consumers are gravitating towards this buying experience and other players are jumping on the bandwagon. In 2018, Carvana was reported as the fastest growing used car dealer in the United States. Since then they have increasingly continued their growth across the country with used car sales soaring. If Carvana continues to perform as they have, they will surpass all other used car retailers like Off Lease Only and CarMax, and start cutting into the traditional retailers used car market share and most importantly - profitability. 

As with many industries across the United States, the automotive industry has been rocked by COVID. We’re still adapting to all of the changes, but we learn more with each day.