The auto industry continues to thrive with annual new car and light truck sales breaking unit barriers every year. As we head into the summer months of 2017, however, I understand that all dealers view this industry and the state of it much differently.
Some say opportunities are plentiful, while others say sales volumes of this magnitude are not sustainable. I find it interesting that despite all the data and information available in the digital world, dealers have not come to a consensus about what the market holds in store for them in 2017: will it be feast or famine?
The truth is, the reality of our current market lies somewhere in the middle. Data trends suggest that while sales are flattening out, the statistics around vehicles in operation – where 1/4 of vehicles change status each year – combined with the 3 million vehicles coming off lease in 2017, show that opportunities still exist. Knowing this information, the looming question should be: where should dealers start in their quest to grow market share in 2017?
For starters, finding an objective viewpoint on the industry is key for 2017. Once dealers realize where the opportunities in the currently crowded market place exist, taking advantage of them gets much easier. By leveraging modern analytic offerings tailored specifically for the digital space, dealers can approach these opportunities with laser-like focus!
I look forward to sharing these insights and more in my session “Using Complex Data, and Advanced Analytics to Create Simple and Easy-to-Use Solutions” at Digital Dealer 22 this April 11th-13th in Tampa!
Author: Erik Hjermstad
Erik Hjermstad, Data Research and Automotive Analytics Manager for Experian Automotive, is responsible for the development of customized market research, analytic solutions, and data-driven insights. Hjermstad’s team integrates multiple data sources from credit, vehicle and marketing databases to understand developments in the automotive industry. With more than 10 years of experience at Experian, Hjermstad is a recognized market research and analytic expert in the automotive information industry, having been quoted in many publications and spoken at several national conferences and industry events. Hjermstad has a deep understanding of analytics, customer segmentation, predictive analytics and modeling, product development, database marketing, CRM, and customer acquisition strategies.