S4E18 - Consumer Buying Trends Dealers Need To Know
About this episode
Insights from Mark Bland of S&P Global highlight the importance of understanding diverse consumer demographics in the automotive industry. The discussion emphasizes the need for dealers to engage with various communities and adapt their strategies to cater to a changing market. Key points include the significance of women in car buying decisions, the impact of generational shifts, and the necessity for consistent outreach to growth audiences. The episode also touches on the role of technology in enhancing customer interactions while maintaining the essential human touch.
Marc Bland, Head of New Business and Growth Audiences for S&P Global, breaks down the trends he’s seeing across customer bases, the segment OEMs are overlooking, how to engage more buyers and his opinion on TikTok car sales.
For more information about our guest, visit their LinkedIn.
Episode Breakdown
0:00 - Marc's insight on OEM sales and consumers
3:33 - What’s important for dealers to pay attention to
7:14 - Who is driving buyer growth?
9:09 - How dealers can engage fast growing buyer populations
12:51 - Ways dealers can hit gross margins
17:10 - Generational buying trends
21:23 - Is there a segment OEMs are overlooking?
26:20 - Best Bets: TikTok car sales, small EV buyers adoption
Liked this episode? Find our full episode library here.
Toyota
"...when you start thinking about that, Toyota, Honda, General Motors has an army..."
Toyota is a car company from Japan that makes many types of vehicles, known for being dependable and economical.
Toyota is a Japanese automotive manufacturer known for its reliable and fuel-efficient vehicles, including popular models like the Camry and Corolla.
Honda
"...when you start thinking about that, Toyota, Honda, General Motors has an army..."
Honda is a Japanese car manufacturer famous for making reliable cars like the Civic and Accord.
Honda is another major Japanese automaker, recognized for its innovative engineering and popular models such as the Civic and Accord.
General Motors
"...when you start thinking about that, Toyota, Honda, General Motors has an army..."
General Motors is a large American car company that makes many different brands of vehicles, like Chevrolet and Cadillac.
General Motors (GM) is an American multinational corporation that designs, manufactures, and sells vehicles under various brands, including Chevrolet, GMC, and Cadillac.
alternative powertrain
"...when you think about alternative powertrain. So that is not just EVs, which are most talked about, but steadily growing, but also hybrids. You can't forget about hybrids."
An alternative powertrain is a way to power a car that isn't just using gasoline. It includes electric cars and hybrids, which use both gas and electricity to run better and pollute less.
An alternative powertrain refers to any vehicle propulsion system that differs from traditional internal combustion engines (ICE). This includes electric vehicles (EVs) and hybrid vehicles, which combine an internal combustion engine with an electric motor for improved efficiency and reduced emissions.
hybrids
"...but steadily growing, but also hybrids. You can't forget about hybrids."
Hybrids are cars that use both a regular gas engine and an electric motor. This helps them save fuel and produce less pollution than cars that only use gas.
Hybrids are vehicles that use two or more types of power sources, typically combining an internal combustion engine with an electric motor. This combination allows for better fuel efficiency and lower emissions compared to traditional gasoline-only vehicles.
mechanical device
"The second piece is we don't care what we do. At some point, a car is a mechanical device. Highly technical these days, right, but it's still a mechanical device."
A mechanical device is something made of parts that work together to do a job. In cars, this means all the different pieces that help the car run, which need to be taken care of to keep the car working well.
A mechanical device refers to any machine or tool that operates using physical components and mechanisms. In the context of cars, this includes everything from the engine to the transmission, which all require maintenance to function properly.
CUV
"...this thing called a CUV, we like it. It meets all of our needs. Car, small car handling, but SUV capability with the hatch in the back, etc."
A CUV is a vehicle that is like a mix between a car and an SUV. It has the comfort and handling of a car but the space and height of an SUV.
A CUV, or Crossover Utility Vehicle, is a type of vehicle that combines features of cars and SUVs. It typically offers a higher driving position and more cargo space than a standard car, while maintaining car-like handling and efficiency.
EVs
"...And then once we start to answer their questions"
EVs are cars that run on electricity instead of gas. They are better for the environment and can save you money on fuel.
EVs, or Electric Vehicles, are cars that are powered entirely by electricity rather than gasoline or diesel. They are known for being more environmentally friendly and often have lower operating costs.
Request an Explanation
Heard something you'd like explained? We'll add it to this episode.
Sign in to request explanations for terms you heard.
Want to learn more?
Browse our glossary for plain-English explanations of automotive terms, jargon, and concepts.
Help improve this episode
See something that's not quite right? Our annotations are AI-generated and can sometimes miss the mark. Click the flag icon on any annotation to suggest a correction.