FROM AUTOMOTIVE NEWS: With Few Cars to Sell, Where Do Ad Dollars Go?
Whether dealers are cutting budget or doubling down, the average marketing spend per dealership is up 13% from 2020, and the average marketing cost per sold vehicle still exceeds $500.
FROM WARDSAUTO: Retailer Lithia Motors Sees New-Vehicle Shortage Ending
The major auto group started July with an average 23-day inventory supply across its 216 locations, but claims to have an additional 20-day supply in transit from its manufacturers.
FROM THE WALL STREET JOURNAL: Electric-Vehicle Sales Growth Outpaces Broader Auto Industry
Plug-in hybrid and electric vehicle sales nearly doubled in the first half of the year, while total vehicle sales only increased 29%. The largest impact on this growth was Tesla’s major sales jump in June.
FROM FORBES: Is “Netflix vs. Blockbuster” Happening to the Auto Industry?
Technological advancements, data, and a renewed focus on the consumer experience helped usher in the modern era of media consumption. Now, could the same be true for automotive retail?