Data & Insight
November and Beyond
U.S. market and automotive dealership outlook for November.
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- The US economy grew faster than expected in the first nine months of 2023.
- Consumer spending drove growth, but the savings rate declined to 3.4%.
- The manufacturing sector faces a short, shallow recession; the services economy is expected to slow.
- Inflation's decline stalled; wage inflation remains high.
- Federal Reserve likely finished with rate tightening.
- Equity markets experienced a 10% correction; modest positive growth is expected.
Automotive Dealership Outlook:
- Dealerships are adapting to post-pandemic challenges, like supply disruptions.
- Shift to MSRP pricing as used car values drop; OEM incentives return.
- Customer power increases with higher inventory and lower prices.
- Digital retailing evolves; dealers focus on efficient, effective sales processes.
- EV market grows, driven by policy initiatives and investments.
- Importance of first-party data in marketing as third-party cookies phase out.
The U.S. market shows resilience with growth in 2023, though challenges like inflation persist. Automotive dealerships face a transforming landscape with new opportunities and hurdles, including pricing strategies, customer dynamics, digitalization, and the burgeoning EV sector.