Will the Auto Industry Ever Return to Normal?

Special Guest - Jonathan Smoke

A common theme echoing this year in the automotive industry is constant change. Predicting where we will be in terms of affordability, inventory and sales? Tough. But thankfully, the economists specializing in this industry keep us informed with an understanding of what the data means and where the industry could land in the future. In this podcast episode, we talk to a top automotive economist about questions dealers and dealership staff may have, what dealers can do to address economic concerns for consumers and more.

In this episode you’ll hear:

What is going on in the car industry right now
Whether the industry will ever return to normal
How consumer spending has changed and what that means for dealers
What savvy dealers can do to address affordability concerns for their customers

Episode Breakdown

0:00 - Introduction
2:00 - Welcome Jonathan!
2:43 - What's trending in auto
3:54 - What is going on in the used car market?
7:12 - Understanding today’s auto trends
10:43 - Changes in consumer spending
13:01 - Will the industry normalize?
15:49 - From housing to automotive
19:59 - Home and vehicle transaction similarities
22:43 - Rapid fire segment on the industry
28:33 - What are savvy dealers doing?
30:55 - Is this a Schor Thing?
32:29 - Why is inventory still challenging?

Jonathan Smoke, Chief Economist for Cox Automotive, leads the economic industry insights team and helps track the economy, new and used vehicle sales, supply, prices, retail and fleet demand, consumer credit and auto financing, and dealer sentiment. With over 28 years of experience in the automotive retail and real estate industries, Jonathan helps translate important data into understandable and relevant material.

He has also served as chief economist at Realtor.com and Hanley Wood. You might have heard Jonathan speak at major auto industry conferences such as the NADA and NIADA conventions, Automotive News World Congress and Used Car Week. As a thought leader and expert, Jonathan’s often featured in industry and national news outlets such as Automotive News, Auto Remarketing, The Wall Street Journal, USA Today, Bloomberg and CNBC.

For more about Jonathan, visit his LinkedIn.