New-vehicle sales are expected to increase 9.1 percent year-over-year to a total of 1.24 million units, resulting in an estimated 16.4 million seasonally adjusted annual rate (SAAR), according to Kelley Blue Book. Based on the robust sales pace during the past few months, Kelley Blue Book is adjusting its sales outlook for 2014 from 16.3 million to 16.4 million.
42% of car owners (those with a 2009 model or later, who are also in the market for a new vehicle), have heard of Connected Cars but don’t really know what they do. Additionally, with cyber crimes and data breaches dominating the news, two-thirds (65%) of car owners say they fear owning a Connected Car could compromise their privacy. These are findings from the recently released 2014 Harris Poll AutoTECHCASTSM study, an annual study of consumer awareness and adoption of advanced and emerging automotive technologies.
Nearly three of four (73%) moms consider themselves to be the “sole decision-maker” in the vehicle shopping process, according to a new study by Cars.com. As a growing number of consumers turn to online resources for information and transparency when making major purchases, women with children have emerged as a highly engaged group of shoppers. The study found that 71% of moms agree that shopping online for a new or used vehicle makes the process much easier, but more than half (68%) still prefer to conduct negotiations in person.
Though the auto industry is currently enjoying better times, a new study suggests that car-sharing services, in which drivers rent vehicles commercially or through peer-to-peer networks, are having – and will increasingly have – a greater impact than previously thought on the vehicle market. According to statistics, one car-sharing fleet vehicle displaces approximately 32 vehicles that would have otherwise been purchased. The auto industry should take note and address this growing trend.
Cars and trucks are among the most expensive purchases most consumers will ever make. And, with some consumers holding onto their vehicles for 10 or more years, the last thing they want to do is make a decision they’ll regret. Microsoft has studied the purchase path followed by automotive buyers and summarized their findings in The Consumer Journey: Global Auto-Buyers report. These findings were also presented at the recent Borrell Local Online Advertising conference and emphasize the importance of a commanding digital presence for auto dealers.
Are your local auto dealers doing enough in the digital space? Earlier this week, I highlighted a LotLinx study that explained how dealers could make better use of their online search budgets by using a deep linking strategy. Now, the folks at FordDirect are releasing the Automotive Digital Advertising Survey which shows a strong connection between digital marketing and vehicle sales.
Young consumers are excited about affordable, technology-enabled vehicles – especially hybrid electric cars. More than half (61%) of Gen Y consumers expect to buy or lease a car within the next three years, with almost a quarter (23%) expect to purchase or lease in the next 12 months, according to new data from Deloitte. Young consumers expect their automotive shopping experience to be similar to their retail and technology experiences.
The automotive industry is coming off one of the best years in recent memory. 2014 appears to hold solid sales potential as well. New research, “Digital Influence on Auto Intenders,” from Interactive Advertising Bureau (IAB) and Prosper Insights points to as many as 34 million consumers entering the vehicle-purchase market in the next several months. Increasingly, these consumers are turning to digital resources as they evaluate their options so marketers may want to give their media mix another look.
It might seem like every digital ad you see is coming from a telecommunications enterprise, but other industries spend significantly more on this form of marketing. Retailers, financial services companies and auto makers are the digital advertising leaders. Emarketer research also shows that that businesses in these industries spend most heavily on direct response campaigns.
The U.S. auto industry’s new-vehicle sales in 2014 are expected to hit their highest level since 2006, due largely to pent-up demand as consumers continue to replace aging cars and trucks. A new forecast from Edmunds.com predicts that sales in 2014 will hit 16.4 million, up from an estimated 15.5 million the firm expected in 2013. The 2014 prediction is the highest total since 16.5 million vehicles were sold in 2006.