ZeroSum, a leader in the software, marketing, and data industries, has recently launched its newest eBook, “2024 Automotive Marketing Strategies + Retrospective of the 2023 Market”. This extensive report provides insight into the crucial factors that will drive success in the automotive retail sector in the upcoming year.
The eBook examines the transformative role that technology, such as local market data, artificial intelligence, machine learning, and automated advertising solutions, will play in shaping the future of automotive retail in 2024. It offers a comprehensive review of the challenges and complexities faced by the automotive industry in 2023, providing a roadmap for dealers who are eager to embrace new strategies and navigate the evolving market landscape.
David Cox, the Chief Operating Officer at ZeroSum, highlighted the unprecedented changes that unfolded within the auto industry in 2023. Factors such as declining household incomes, high interest rates, and soaring vehicle prices exerted a significant impact on sales, creating a challenging environment for dealers. Looking ahead, Cox emphasised the critical importance of harnessing live local market data to gain insights into customer demographics, vehicle preferences, and demand, noting that there is still a substantial pool of potential customers actively seeking vehicles.
The eBook also offers a retrospective analysis of the record-high prices of new vehicles and the surplus of new vehicle inventory, which resulted in stagnant movement on dealer lots. Dealers also faced setbacks including the strike against Detroit’s top three automakers and the implications of ambitious EV targets, which mandate that more than half of all new cars be electric vehicles (EVs) by 2030. Despite dealers’ efforts to ramp up EV inventories, consumer demand has not kept pace, leading to an overabundance of unsold EVs on dealer lots.
ZeroSum’s eBook outlines four key directives for dealers to thrive in 2024, including leveraging data-driven marketing for targeted campaigns, embracing AI-driven tools with human oversight, optimising inventory management for efficiency, and recognising the enduring value of personal interactions to boost sales.
According to Cox, 2024 presents an opportunity for dealers to demonstrate their strength in the local market, particularly in light of growing inventory and intensifying competition. It is imperative for dealers to proactively leverage the best market intelligence available to gain a competitive edge and enhance sales performance.
ZeroSum’s MarketAI platform, underpinning the eBook, is at the forefront of simplifying and modernising automotive marketing by harnessing the power of artificial intelligence, data, and scaling ability to acquire new customers. The company is the first and only one to match consumer demand with automotive data in real-time, enabling elite dealer marketing efficiency.
For more information about ZeroSum and its pioneering solutions, please visit www.zerosum.ai.
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Source: ZeroSum
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