Cox Automotive releases its first automotive market Insight Report for 2018

How will the new and used car markets perform during the rest of this year? What will become the future fuel of choice? What are the barriers as we drive towards Mobility as a Service (MaaS)?

In this first annual Insight Report from Cox Automotive and Grant Thornton we go beyond the headlines to provide our view on the future of our market, and what it means for us all.

2018 has seen significant changes in our local and global environment, with unprecedented shifts in the social and political landscape with the ongoing impact of Dieselgate and the uncertainty caused by Brexit.

Business success today requires being truly agile: from use of data and insight to drive decision making, right through to a complete market transformation and embracing new and innovative ways of doing business. The need to become customer-centric is crucial. The competitive landscape is already being altered to provide greater ways to connect business with people through the advent of connected, mobile, and data driven technology.

Those at the forefront of this significant trend pave the way to be leaders. Embracing change is the key to maintaining relevancy and success in a world where the customer is firmly in the driving seat. It’s clear that the one driving factor for this shift is wider access to information. Consumers now have more freedom than ever to research, plan and negotiate purchases. The access to information online is richer than ever and undoubtedly affects decision making, and as such, buyers are able to make their own informed decisions. Meanwhile, fuel continues to be a huge dilemma, not just for consumers who face ever increasing taxes and mixed messaging.

Dealers too must think ahead when investing in forecourt stock. The introduction of electric and hybrid models, especially over the past five years, has changed the way buyers think about different forms of fuel. This makes sourcing the right vehicles that will sell, more important than ever, which is where data comes in. Accurate, trusted and holistic data provides the confidence to make smarter decisions that ultimately increases profit across our ecosystem.

That’s not to say everything in wholesale and retail will move online, far from it, but a blend of digital and physical channels will be even more critical in successful future businesses.

The role of physical services such as inspection, collection, reconditioning and logistics has, and will continue to evolve. This combined with online channels, data, and insights helping to make it smarter, better and more profitable for all. In this ever-changing.

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