Automotive update: Predictions for automotive retailers in 2023

Harry Bott

Written by Harry Bott

Category: Data and analytics Sector: Automotive

It’s that time of year when I stick my neck out and predict the key themes in automotive retail for 2023.

  1. The Goldilocks scenario (where the market is neither too hot nor too cold, but just right) continues for 6 months.
  2. More dealers will cease trading on a Sunday.
  3. The market share of electric vehicle sales will flatten out.
  4. The implementation of the agency model for manufacturers. Will this be a success or a failure?

Find out more about each of my predictions on LinkedIn, join in the conversation, and share with others in the industry.

Automotive brief

The market continues to remain tight and in this Goldilocks scenario – long may it continue.

With your customers either holding onto cars for longer – or opting for a cheaper second-hand vehicle – customer experience remains the most important aspect to focus on to improve brand loyalty. Here’s a six-step action plan to build a customer experience strategy that’s tailored to your dealership.

Headline Autotrader figures

  • 2022 stock MoM 18.2% increase, YoY 22.5% increase
  • 2021 stock, MoM 7.4% increase, YoY 21.4% increase
  • 2020 stock MoM 9.9% increase, YoY 27.9% decrease
  • Total market MoM 1.5% decrease, YoY 2.3% increase

Top 5 brands by market share of 2021 stock

  • Ford 9.6%
  • BMW 8.8%
  • Toyota 8.7%
  • VW 8.0%
  • Audi 7.8%

Have a great January and cracking start to the New Year and good luck to those who have a January sale this month.

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Harry Bott

Written by

Harry Bott

Director

Harry has over 20 years of experience helping marketers generate a better response from their marketing. He enables businesses to improve their conversion rates through his consultative approach and deep understanding across various sectors, including automotive and care homes.

See all posts from Harry Bott