Data & Insight

November and Beyond

U.S. market and automotive dealership outlook for November.
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November and Beyond

Economic Highlights:

  • 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.

Market Trends:

  • 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.

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