Keeping up to date on marketing trends, insights and forecasts is a key component in executing a successful marketing strategy, especially for the automotive segment. Borrell recently released its 2017 Outlook Report for Automotive Dealerships. The findings point to a digitally focused outlook, keenly targeted to intenders.
Interesting Insights Include:
Overall auto forecasting shows that sales are expected to decline -4% from last year. That trend is expected to continue into 2018.
Pricing for new vehicles is expected to increase +1.2% in 2017, while used car prices are expected to decline -6.1% YoY.
In the U.S., franchised dealers will spend $5.6B on digital advertising for new vehicles; that makes digital the #1 media, making up 62% of total advertising.
The top type of digital advertising for auto dealers is targeted display (39% share), followed by video advertising (21% share).
Targeted display is also forecasted to have the most growth in the upcoming years, reaching nearly $9B by 2022.
Check out more of Borrell’s insights into this segment by exploring the rest of their report here.
Contact Michigan.com today to learn how we can help you make sure your dealership is ready for marketing to the digital-first auto buyer.
Submitted by Blair Munro, Michigan.com Client Strategy Manager, Advertising.