Tag: automotive trends

Without data, anticipating buyer behavior in the months ahead can be challenging. While some OEMs had record sales¹ this spring, it remains critical to identify who’s in the market—whether to purchase or service their vehicle. With tax refund season in the rearview mirror and summer promotions approaching, consumers may be weighing their next move. Some could have “one foot in the showroom door” while others are waiting to see which dealer delivers the most compelling offer. Meanwhile, 41% of drivers choosing to keep their vehicles longer² are likely focused on maintaining them. So how can you best position yourself?  Explore These 3 Strategic Moves to Navigate This Summer:  Firm up your Service Marketing Plan: With summer road trips on the horizon, your customers may be in the market for services like A/C repair, wheel alignment, tire rotation, engine cooling, oil changes, multi-point inspections, and more. Discover who’s most likely to need service in the next 30–60 days with Experian Automotive’s AutoAudiences. Understand Customers’ Communication Preference: To effectively target your audience, start by understanding how they would prefer to communicate. As Car Dealership Guy puts it, “The shift in consumer preferences is undeniable and generational.”³ Experian Automotive’s Product Management Director, Kirsten Von Busch echoes this, adding, “Understanding generational differences is crucial to developing effective marketing strategies that resonate with each group’s unique preferences”. Experian’s Automotive Consumer Insights support this approach with data-driven messaging and communication channel recommendations.  Focus on Growing Market Share with Mid-Year Auto Trends: Two purchase types that are trending in the beginning half of the year include Leasing⁴ and Trade-In. Whether you have EVs or AWD vehicles on your lot, consider (A)ll (W)eather (D)eals that can (1) Supersede those in your backyard as part of your Conquest strategy and (2) Build upon your “Why Buy” dealer loyalty.  Experian Marketing Engine powers automotive marketing by helping automotive marketers identify the right audience, uncover the most appropriate communication channels, develop messages that resonate and measure the effectiveness of their marketing activities. Timing is everything, so start Targeting and Conquesting in your Market today!  Sources:  http://www.autonews.com/retail/sales/an-april-us-sales-2025-0501/  https://news.dealershipguy.com/p/3-real-time-shifts-in-car-buying-behavior-post-tariff-announcements-2025-05-01  https://news.dealershipguy.com/p/dealers-are-saving-thousands-in-labor-in-fixed-ops-2025-05-30 https://www.experian.com/blogs/insights/auto-the-current-state-of-ev-financing-why-more-consumers-are-choosing-leasing/

With wider model availability and technology continuing to develop, the electric vehicle (EV) market experienced shifting in 2023, most notably among the top five newly registered models. According to Experian’s Electric Vehicles 2023 Year in Review, Tesla only made up two of the top five newly registered models in 2023, compared to four of the top five a year prior. The Tesla Model Y made up 36.8% of new retail EV registrations in 2023, followed by the Tesla Model 3 (19.6%), Volkswagen ID.4 (3.4%), Ford Mustang Mach-E (2.9%) and Chevrolet Bolt EUV (2.8%). The Volkswagen ID.4 and Chevrolet Bolt EUV were the newest entrants to the top five, replacing the Tesla Model X and Tesla Model S. EV registrations grow We’re also witnessing shoppers gravitate toward EVs more often than in years past. For instance, of the 11.8 million new retail registrations in 2023, more than 8% were EVs. Comparatively, of the 12.3 million new retail registrations in 2022, just over 6% were EVs. It’s notable that EVs continue to be most popular on the West Coast—particularly in California and Washington. According to the data, 33% of new retail EV registrations were in California—Los Angeles (170,000+), San Francisco (90,000+) and San Diego (30,000+) were among the top five DMAs for new retail EV registrations, along with Seattle, Washington (35,000+). While California exhibits robust EV registration growth, other states show the potential to expand, something automotive professionals should keep in mind. For instance, El Paso, Texas, was the fastest growing DMA for new retail EV registrations—with an 89.5% five year, year-over-year growth average, Savannah, Georgia, came in second at 81.8%, followed by Peoria-Bloomington, Illinois (76.7%), and Waco, Texas (73.7%). EV buyer insight Beyond the “what” and “where” of the EV market, the “who” is perhaps most important. Which customers have the highest propensity to buy an EV? According to the data, Gen Xers accounted for 32.0% of new retail registrations in 2023, however they accounted for 37.7% of new EV retail registrations over the same period. Similarly, millennials accounted for 24.5% of new retail registrations, yet made up 30.6% of new EV retail registrations in 2023; the only two generational demographics to over index on EV purchases. As professionals in the automotive industry find ways to stay ahead of the evolving EV landscape, leveraging data will enable them to understand and identify emerging opportunities to tailor their marketing strategies to a consumer’s needs. To learn more about EV trends, view the full Electric Vehicles 2023 Year in Review.

Experian’s Q4 2020 Market Trends Review takes a closer look at aftermarket trends, including the growing sweet spot.