Dealer News – March 2024

Did you know that customers spend an average of 14 hours online doing vehicle research? That means before they even call you, they have been shopping around. Therefore, you are going to want to nail your first phone call with the customer!

High loan rates of late have scared off some would-be car buyers. A MarketWatch study foresees interest rates finally coming down. That’s good news in general but especially for the auto world, one of the most credit-driven industries.

Average wholesale auction prices enter 2024 in an ongoing, downward trend, but that trend could flatten out over time, according to the December Manheim Used Vehicle Value Index.

Not surprisingly, user-generated content (UGC) has become a powerful tool for businesses to connect with their audience. Dealerships, in particular, can benefit significantly from harnessing UGC to build trust, enhance brand awareness, and drive sales. In case you aren’t convinced though, consider these stats.