Automotive update: Predictions for automotive retailers in 2023
It’s that time of year when I stick my neck out and predict the key themes in automotive retail for 2023.
- The Goldilocks scenario (where the market is neither too hot nor too cold, but just right) continues for 6 months.
- More dealers will cease trading on a Sunday.
- The market share of electric vehicle sales will flatten out.
- 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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