Although used-car sales were down slightly in 2023 (35.9 million) from 2022 (36.2 million), the year ended with used-car sales surpassing the initial forecast. Looking into 2024, predictions are set for around 36.2 million overall used-car sales, which is an increase in sales from 2023, despite lingering supply challenges.
As we dive into the second half of 2023, let's take a look at how vehicle sales and trends shaped up in the first half. Consumer preferences in the automotive industry have undergone a significant transformation towards used vehicles and electric vehicles (EVs). Factors such as economic uncertainties, technological advancements, and growing environmental concerns have all contributed to reshaping the overall landscape of the automotive market.
In general, the used car industry has been experiencing a period of growth and change over the past several years. Some of the key trends that have taken place recently in the industry include shortage of inventory, rising prices, and growth of electric vehicles. Even with these obstacles, used vehicle sales have continued to thrive.
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.
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 vehicle brand ads consuming over 60% of commercial air space in the USA, it’s easy to assume the new car market is on the rise. The truth, however, is that the used car market is now nearly twice the size of its shinier counterpart—with no sign of slowing down.