Amid high interest rates, union strikes and economic concerns, 2023 was a year full of adjusting and pivoting for the automotive industry. As you plan for this new year, we gathered and analyzed the data from more than 1,700 dealerships nationwide to help dealers like you understand the trends and prepare your business for the upcoming months.
The insights below compare performance from 2023 against 2022 and showcase data from 2019 – the last normalized year in our industry before COVID and major inventory shortages affected the supply chain – and contain the top trends that heavily impacted the industry. Even in a shifting market, there are plenty of opportunities to elevate your business in the year ahead. Let’s dive into the results.