2018 GNYADA Membership Directory

TOP TEN TRENDS TO HAVE THE GREATEST IMPACT ON YOUR BUSINESS

Here are the top 10 trends that Cox Automotive believes will have the greatest impact on automotive businesses in the near-term and longterm. Cox will continue to monitor these trends closely as they shape the future of the automotive industry. Millennials As Millennials age into the largest car-buying cohort – which they will be by 2020 – dealers need to understand the shopping and buying preferences of this generation to more effectively market and sell to them. Affordability While consumer expenses are finally seeing some relief, it does not necessarily mean more money for a car – especially as interest rates are expected to continue to rise. Autonomous Vehicles While we are definitely headed into a future that is different from today, it’s one that offers more opportunity than threat. That being said, dealers need to be preparing now for a world where possibly fewer consumers buy and own vehicles but one where fleets take on a more dominant role in the auto ecosystem. Used Car Prices Strong retail demand for used cars is largely being driven by affordability. Dealers need to be aware of a consumer trend towards lower price points and used cars and should consider using stocking tools to align their inventory mix accordingly. Digital Retailing According to the 2017 Cox Automotive Digital Retailing Study, nearly all consumers (98%) want the ability to do at least some piece of the car shopping/buying process online. Dealers need to deliver the kind of online experience that consumers have grown to expect from other industries. Digital Retailing meets consumer expectations while allowing dealers to maintain control of the deal. Shifting Consumer Preferences Consumer preferences are shifting and most of the growth has been in the truck, SUV, and crossover segments. The luxury segment is following in a similar pattern. Thanks to today’s modern fuel efficiency standards, consumers are now able to get the conveniences of an SUV/CUV without necessarily seeing the trade-off of higher gas expenses. 1 2 3 4 5 6

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