For the third year in a row, the automotive industry is projected to see a modest decline–about 1.3%–in new vehicle retail sales, with a light vehicle sales forecast of 17MM.*
But let’s put that into perspective for a moment. That decrease amounts to about 1-2 units on average per dealer a month in sales across the country. Some larger dealerships may see a slightly larger per sale decline, and some smaller ones may do better. With the right advertising partner by your side, though, your dealership can (and will) come out on top. The key is how you grow your share.
Let’s look at how to get ahead and stay ahead in 2019 and beyond.
1. Create a Digital Ecosystem
The #1 complaint consumers have is that it takes too long to purchase a vehicle.** While the majority of vehicle purchases still happen at the dealership, most buyers want to start the process online in order to speed up the process.
The dealership of the future will be a customer-centric, data-enabled business using technology and AI to provide personalized services to customers. Dealers are no longer just selling vehicles; they’re selling a digital ecosystem, a seamless buying process that takes the customer through their entire journey online to offline.
2. Retain and Attract the Right Customers
Generation Z is the next big opportunity for our industry. This generation is open-minded, optimistic, and eager to explore their options. They seek genuine content and place high value on a positive customer experience. And the best place to reach them? A multiscreen campaign anchored in TV.
3. Look at the Facts, Not the Hype
Let’s set the record straight on the cord-cutting hysteria. TV remains the most-watched, most-engaging, most-effective media platform available. 53% of auto buyers were prompted to look for more information on OEM websites from a TV ad.*** And when you add in advanced multiscreen solutions, you’re arming your business with a marketing mix that’s hard to beat.
Cord loyalists, who have Pay TV with no plan to change services, make up the biggest group of the cord evolution sample, at 61%. 6% of consumers fell into the category of cord-stackers, reducing their pay TV package while also subscribing to streaming video. 8% of those surveyed are actual cord-cutters, those that have canceled Pay TV.****
4. Use Audience Data to Target Effectively and Reduce Waste
Our advanced advertising products take the guesswork out of advertising, backed by Spectrum’s first-party viewership data and third-party data from I.H.S. Markit.
Use our groundbreaking Audience App to build an optimized TV schedule that gets your message in front of the right customers. Reach those same customers online with our Addressible Online solution. And get more eyes on your auto inventory with the Spectrum Reach Automotive Performance Package.
We built a better (and smarter) way to advertise. And we built it for you. Learn more.