This week’s auto advancements are moving right along. Read about the rapid rise of wholesale vehicle prices, the industry-wide push toward EVs, and which brands are dominating customer retention.
FROM AUTO REMARKETING: Wholesale Vehicle Prices Start July on Another Record Pace
Early July wholesale prices are up 11% year over year and 4.4% from June. However, analysts are uncertain how this trend will shake out come fall due to the perfect storm of COVID, credit, and consumer demand.
FROM THE WALL STREET JOURNAL: Auto Makers Charge Ahead With Electric-Vehicle Plans
With the rapid growth of Tesla and other fully-electric brands, major OEMs are pushing through COVID-related production setbacks to roll out competing models and meet investor demand.
FROM J.D. Power: Brand Loyalty Increasing Among New-Vehicle Buyers, J.D. Power Finds
Subaru and Lexus have dominated the loyalty study for a second consecutive year, while efforts to boost customer retention have proven successful for other top brands like Mercedes-Benz, Toyota, and Honda.
FROM CBT NEWS: Why Video Marketing Should Be in Your Dealership Marketing Strategy
Analysts report that 85% of businesses currently use video marketing. Dealerships can take advantage of this emerging trend to increase revenue growth, expand exposure on Google and YouTube, and appeal to today’s visual consumers.