Consumer Data Trends to Watch with Tyson Jominy of J.D. Power
Even in an industry that relies heavily on interpersonal connection and intuition, retail automotive depends on data and analysis now more than ever before. When it comes to consumer knowledge, J.D. Power has set a high standard. On this episode of The Walk Around, Nick Funsch and Danny Vendrell are joined by Tyson Jominy, Vice President of Data and Analytics at J.D. Power.
An automotive veteran, Tyson Jominy has been with J.D. Power since 2009 and the Ford Motor Company before that. Working with OEMs on pricing and incentives, Tyson’s impact on our industry has been felt both at J.D. Power and at dealerships across North America. He shares his thoughts on some of the most telling consumer insights from J.D. Power’s extensive research from the past year.
Besides the imbalance of vehicle supply and consumer demand, 2020’s impact has been felt on the sales floor in big ways. Baby Boomers have been replaced by millennials as the number one buying group, opening a door for new ways of sourcing and serving customers. Higher-end vehicle sales increased since last year, with sales above $80,000 doubling while sales below $20,000 dipped 30%.
Tyson breaks down even more insights from J.D. Power’s vault of consumer data and research, answering questions that include:
What are the current trends and how long will current trends last?
How have millennials impacted automotive retail?
Which direction do we see the EV trend moving towards?
How can dealers prepare for the inevitable shift in vehicle supply?
What does current data predict for the rest of 2021?
Tyson also reminds us that despite low inventory, profits are still high. Dealers should stay the course and invest profits in tools to meet the needs of a new wave of customers.