ZeroSum’s eBook highlights the keys to automotive retail success in the coming year.

Automotive retailers will need to turn to technology, including local market data, artificial intelligence, machine learning and automated advertising solutions to thrive in 2024. The findings are part of ZeroSum’s “2024 Automotive Marketing Strategies + Retrospective of the 2023 Market” eBook, which reviews complexities the automotive industry dealt with in 2023 and provides a roadmap for dealers ready to adopt new strategies in 2024.

“2023 brought unexpected change within the auto industry,” said David Cox, COO at ZeroSum, “Market dynamics such as declining household incomes, high interest rates and high vehicle prices created a drag on sales. Moving forward, it is critical for dealers to leverage live local market data to understand customer demographics, vehicle preferences and demand. There are still millions of in-market customers looking for vehicles and dealers need to work a little harder to find them.”

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The report reviews the arduous year of record-high prices on new vehicles and a surge in new vehicle inventory which led to static movement on dealer lots. Dealers experienced further setbacks including the strike against Detroit’s top three automakers and the impacts of aggressive EV targets, which will require more than half of all new cars to be electric vehicles (EVs) by 2030. As dealers have ramped up EV inventories, customer demand has not followed suit. This has led to a glut of EVs sitting on dealer lots.

For 2024, ZeroSum’s eBook will point dealers to four key directives:

• Leverage data-driven marketing for targeted campaigns
• Embrace AI-driven tools, with human oversight
• Optimize inventory management for efficiency
• Recognize the enduring value of personal interactions to increase sales

“2024 is a year for dealers to show strength in their local market,” said Cox, “Inventory is growing, and the industry will continue to be extremely competitive. Now is not the time to be quiet, a dealer needs to leverage the best market intelligence to be proactive and move more cars than their competitors.”

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