Top 10 Trends Impacting the Automotive Industry Today
Shifting Consumer Preferences
Monday November 6, 2017
Video Highlights
- Consumer preferences are shifting and most of the growth has been in the truck, SUV and crossover segments. The luxury segment is following in a similar pattern.
- What caused the rise in crossovers? Thanks to today's modern fuel efficiency standards, consumers are now able to get the conveniences of an SUV/CUV (more ride height, more capacity, the ability to own an AWD vehicle, etc.) without necessarily seeing the trade-off of higher gas expenses.
- This preference is not reflected in wholesale market volumes, which makes sense since cars were the segment market leader until recently and explains the weaker price trend on cars that we are seeing now.
Did the crossover kill the mid-size car? There is no question that consumer vehicle preferences are shifting, and in this video, Jonathan Smoke, Chief Economist at Cox Automotive, provides insights into and implications for shifting consumer preference and what that means for wholesale vehicle volumes and your inventory mix.
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