Dale Hickman, RCIP

Positive Outlook for Dealerships: Q1 2024 Sales Trends Show Industry Resilience The latest NADA (National Automobile Dealers Association) Market Beat report for Q1 2024 offers some encouraging signs for the automotive industry. Despite a slight dip in the March SAAR (Seasonally Adjusted Annual Rate) compared to February; the overall sales picture is positive: Increased Sales: The new light-vehicle sales SAAR for March 2024 hit 15.5 million units, a 3.8% increase year-over-year. First-quarter results are even stronger, with the SAAR at 15.4 million units, marking a 7% increase compared to Q1 2023. Improved Inventory: Crucially, shoppers now have significantly more vehicles to choose from. New light-vehicle stock on the ground and in-transit totaled 2.58 million units in March 2024, a substantial 40.2% jump compared to March 2023. Key Takeaways for Dealers These figures point towards a few key implications for dealerships: Affordability and Incentives: The combination of rising inventory and OEM incentives has led to a decrease in average transaction prices. While the average vehicle price in March 2024 came in at $44,186 (down 3.6% compared to last year), average incentive spending per unit reached $2,800, marking a significant 66.6% year-over-year increase. Dealerships should be prepared to leverage these incentives to attract buyers. Hybrids on the Rise: The alternative-fuel vehicle segment continues to grow, reaching an 18% share of total new vehicle sales in Q1 2024. Conventional hybrids are leading the charge with an 8.6% share and an increase of 2.4 percentage points year-over-year. This underscores the importance of adapting our inventory to meet growing demand for fuel-efficient options. Steady Growth Expected: While inventory might fluctuate over the next few quarters, the NADA anticipates that it will reach around 2.7 to 2.8 million units going into 2025. This, combined with rising sales figures, results in a positive outlook for the year, with a forecast of 15.9 million units for all of 2024. Adapting to the Market These NADA figures emphasize the importance of being malleable and nimble. By focusing on a diverse inventory that includes in-demand conventional hybrids, leveraging incentives, and anticipating a continued recovery in overall vehicle sales, dealerships can position themselves for success in the evolving automotive landscape. By: Delano Palmer Director of Training and Development Innovation Financial Services

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Attention Auto Dealerships! 🚨 Stay ahead of cyber threats and protect your business. Learn from the recent CDK Global cyber incident and implement robust cybersecurity measures. Your dealership's security is non-negotiable. Stay informed and stay safe. https://lnkd.in/ewP-4ppE  #CyberSecurity #AutoIndustry #CDKIncident #StaySafe #CallSolutionsUSA

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Hey, Dealers! Did you know not all service agreement companies are created equal? When you consider which service agreement company to partner with, it's important to ask whether or not the service agreement company provides same-day coverage, or if there is a 30-day waiting period. At ASC Warranty, we provide your customers with same-day coverage. Offering that kind of peace of mind and convenience can earn you repeat business. Learn more about the benefits of partnering with ASC, today! #ASCWarranty #Auto #Warranty #ASC #CarDealers #DidYouKnow

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Car shoppers research your dealership long before stepping foot into your showroom... So Cal is an aggressive automotive landscape with some of the nation's largest dealers with huge ad budgets competing for the attention of car shoppers. How does a small Ford dealer in the Inland Empire compete against the big boys? By realizing that car shoppers are searching for where to have their vehicle serviced after the purchase as much as where to get a great deal and asking for a review with EVERY repair order that is closed in their service department that's how! With over 8300 reviews, 90% percent being 4 and 5 stars, their autorepair-review site consistently shows up on page one for local Ford dealer search and gives this dealer a strong first impression to potential new car buyers as well as service customers. Want to know more? Lets talk... autorepair-review powered by UpdatePromise

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Almost a year after the FTC Safeguards Rule went into effect, 72% of dealers surveyed in a recent webinar say they're not prepared for the physical and administrative compliance requirements included in the 145 pages of regulations. We understand – and we've got you covered! Download our Ultimate Dealership Compliance Checklist so you can be fully confident you're FTC compliant: https://bit.ly/3UH3gCV

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