Introducing the DEETs!

Record Number of electric vehicles sold in 2023

What can we expect from the EV market in 2024?

No Sign of Demand Faltering for EV

There have been many recent headlines about how demand for electric vehicles is faltering, but when we look closely at the data this doesn’t seem to be the case.

A record 1.2 million electric vehicles were sold in the USA last year, according to estimates from Kelley Blue Book. In total, 1,189,051 new electric vehicles were put into service in 2023.?

These sales numbers mark a slow but steady shift towards electric cars. The total share of the market for EVs has increased from 5.9% in 2022 to 7.6% in 2023. The Cox Automotive Economic and Industry Insights team is predicting that the EV share of the U.S. market will reach 10% in 2024.

Will EVs Become More Affordable?

Electric vehicles remain quite an expensive choice. According to Kelley Blue Book stats, the average price paid for a new electric vehicle was $50,789. Lack of affordability seems to be keeping many people out of the market.?

The good news is that technology will continue to improve, which will allow manufacturers to offer lower prices on a larger number of EV models.?

Also, there will be shifts in tax incentives in the coming year, but they will have both positive and prohibitive impacts. The ability for dealers to apply any tax credits at the point of sale will help, but fewer vehicles will now qualify.?

Electric Vehicles in 2024: More, More, More.?

The EV market will expand even further in 2024. There will be more models available, more charging options and more and better technologies. This will result in more customer choice and ultimately, more affordability.?

Almost all automakers are predicted to see their share of electric vehicle sales increase in the year ahead, and those who are not currently in the game will jump in.?

It’s clear that the future of transportation is electric - and it’s never been more important to slash our carbon emissions.?

Here’s hoping that electric vehicles are like cell phones in the 90s - about to get a million times better!

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Interesting Stats at a Glance

• It costs an average of $12,182 per year ($1,015 per month) to own and operate a new car, according to research from AAA. This includes the costs of fuel, maintenance, insurance and depreciation. (source)
• Residents of Wyoming are most likely to own three or more vehicles (33.5%), followed by residents of Utah. (32.3%) (source)
• Only 1 in 3 potential car buyers know the exact vehicle they want to purchase before they start shopping. (source)
• Those shopping for a new vehicle prefer browsing the websites of automakers who offer a wider selection of electric vehicles, according to the latest J.D. Power Manufacturer Website study. (source)
• The price of charging an electric vehicle in the US is still, on average, equivalent to a gasoline price of $1.41 per gallon. This is less than half of the current gasoline price of $3.09 as of January 5th, 2024. (source)

Customers Know You Collect Their Data

- How You Handle It’s What They Care About

These days - unless your customers have been living in a pillow-fort with no W-Fi, they’ll be aware that you’re clocking an abundance of real-time data about them, including their interactions, website behavior and social media engagement.?

That’s just the times we live in, right??

Most savvy customers, however, are particular about how you handle their data throughout the customer journey. (And rightly so!)

Some of the major concerns your customers have?

• Data Collection: A lot of people are concerned about car companies collecting their personal data, including sensitive information such as location, driving habits, and medical information.
• Data Sharing: Many customers are uncomfortable with the idea of their personal data being shared with third-party companies, service data brokers, and other businesses they know little or nothing about.
• Data Security: There are concerns about the security of the data collected by car companies, as it can be transmitted to carmakers and stored in databases that may be vulnerable to cyberattacks.
• Lack of Control: Customers often feel they have little control over their personal data, as most car companies do not provide clear options for opting out of data collection or sharing.

We’re aware that customers are concerned about how their data is being handled - which is why we created ContactVia.?

It gives consumers complete visibility on which information is shared with other service providers and full control over how they hear from your dealership.?

Snippets

What’s happening in the heavy-duty automotive aftermarket? This 5 minute overview episode of the Schwartz Advisors report from aftermarketNews gives a quick overview of consolidation trends.

Top tip: Treat the walkaround inspection as an opportunity to connect with the customer, recommends A.J. Holst in Automotive News.?

Forgot your keys? Continental will soon be using the same face-recognition technology your phone uses to unlock your screen, to unlock (and even start) your car.?

A million shades of gray: According to the stats, grayscale-coloured vehicles (white, black, gray or silver) account for 78.5% of all cars on the road. 9.5% of cars are blue, 8.6% are red, while only 0.1% are yellow.?

Handy free resource: Want to keep an eye on your competitors? GMBSpy is a free browser extension that allows you to take a peek at any Google My Business website and see why they might be outranking you for key search terms.??

According to Consumer Reports, These Are The Cars People Regret Buying

Every year, Consumer Reports puts out a member survey to gauge vehicle customer satisfaction. The owner satisfaction score is based on whether owners said they would buy the same car again if they were given the choice.?

They’ve reported on the 10 cars most likely to give consumers a case of Buyer’s Remorse. Here are the top stinkers, in order of least to most regretful:

Although the Infiniti QX50 might look cool, it gets the award for being the most disappointing car in the USA. Only 1 in 4 buyers said that they would buy it again, which is definitely not a glowing review.?

According to an assessment by Car & Driver, this model lets drivers down when it comes to fuel economy and the transmission and engine are annoyingly loud.?

Around The Web

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Sometimes, all you need when you’re stuck in a snowy ditch is a little extra horse-power.?

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Ever wonder what a hyacinth macaw would listen to if it had the choice??

Daft Punk, apparently, according to the folks at the San Diego Zoo Safari who built a custom bird-operated boombox.?

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Ford has abandoned an eyebrow-raising patent idea that would allow a car to repossess itself.?

If the buyer failed to make payments, the car would disable it’s own radio or climate control, or literally drive itself back to the loan provider - or the scrap heap.

(If this technology was used, it’d be only a matter of time until there’s a country song where some guy’s truck leaves him.)

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Count the bicyclists, click to rotate the wheel, then count them again. Where did the 13th bicyclist go??

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Brush up on your vocabulary for a good cause. With every correct answer, you’ll donate rice to the United Nations World Food Programme.?

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