Feb 4, 2025 | Data Mining, Service Drive
In 2024, the average amount customers paid for service was $515. However, the frustration point at which customers decided to trade their cars for something newer was slightly higher at $518. This indicates that service customers have made multiple high-dollar visits...
Jan 31, 2025 | Data Mining, Equity Mining, Marketing
The Trade-In Timing Trend Recent data indicates that consumers who purchased a vehicle are increasingly looking to trade it in approximately 24 months after their purchase. They casually re-enter the market after making their 18th payment. It takes them up to 6 months...
Jan 29, 2025 | Data Mining
Improving Customer Loyalty in Car Sales In the competitive landscape of car sales, customer loyalty is a crucial metric that can significantly impact a dealer’s success. Currently, car dealers are experiencing a loyalty rate of only 23% from customers who either...
Jan 20, 2025 | Data Mining
I had the best Used Car Manager when I first started selling cars. Mike Jobson was his name and his way of stating the cold truths of the car business have stuck with me for three decades. When a fresh up was on the lot, but nobody had gotten to them, Mike would yell...
Jan 14, 2025 | Data Mining, Equity Mining
Vehicle Equity Trends: 2023 vs. 2024 Notably, while the average vehicle equity has seen a decline, there has been a significant increase in the percentage of customers who have fully paid off their vehicles. In 2024, the average vehicle equity was recorded at $8,724,...
Jan 2, 2025 | Data Mining, Service Drive
Current Trends in Service Costs and Vehicle Age Recent data indicates that dealership service customers are now paying an average of $521 for service work on their vehicles. This figure reflects the increasing costs associated with vehicle maintenance and repairs as...
