It’s hard to beat spring! The snow is gone (for the most part) and inventory has never looked so good. Car buyers celebrated last month by purchasing 1.45 million vehicles, a nearly five percent jump in car sales from last year. All signs are pointing to a profitable year for the automotive industry!
But this isn’t really news. For the past five years car sales have steadily increased.
Car sales are inherently tied to buyer confidence (i.e., jobs and the economy). Before purchasing a new car, consumers [for the most part] need to feel secure in their job and the state of the economy.
A great way to monitor consumer confidence is through social media platforms such as Twitter and Facebook. People share details about everything from their job (some have lost their job as a result, unfortunately) to the cost of transportation and even “dream” cars and homes they would like to invest in sometime in the future.
Mustafa Mohatarem, GM’s chief economist, told Fortune Magazine he is “confident” about the U.S. auto industry “for the next year or two.” He asserts young buyers who had previously been staying away from showrooms now seem to be in the market for a vehicle.
“I never believed the young weren’t interested in cars,” he said. “They simply couldn’t find jobs, and the cost of ownership for them was too high.”
Through tools such as ChatterUP, dealerships can monitor and engage in conversations with local consumers who have real concerns and excitement over their job status and economic standing. The young people who previously could not afford a car are now gushing over their newfound financial independence. Many have climbed the ladder to better paying jobs, have paid off student loans, and have even gotten married (increasing their household income significantly).
ChatterUP offers dealers the visibility into who is possibly in the market for a new vehicle within their geographical region and the ability to engage with buyers in a meaningful way, increasing conversions and boosting car sales.