CDK Automotive Industry Trends Report

From supply chain issues and volatile interest rates to staffing woes and inflation, 2023 was a year rife with perpetual heartburn for most of the auto industry. CDK reached out to dealers for their take on the year while they were right in the thick of sales and service in 2024.

This year’s Automotive Retail Industry Trend Report (formerly known as the Trendsetter’s Guide to Automotive Retail) dives into interest rate drivers, Trendsetters’ responses to challenges that surfaced in 2023, strategic impacts on dealer operations across the vehicle market as well as how and what dealers are putting in place for 2024.

Some of the same challenges and fears persist for dealers who must decide if the status quo or thinking outside the traditional automotive box will boost their sales and operations.

There are also clear results when it comes to the financial and operational impact of the changes made and how equipped dealers are to tackle the challenges ahead throughout the automotive sector.

Key Findings

Another Year of Dealer Resilience

Dealers can’t control high interest rates and tightening credit but it’s reassuring to see they’re prepared to meet these challenges in the year ahead in order to rev up vehicle sales.

It Can Hurt Not To Try

Splitting the Trendsetters and Status Quo responses in half showed that taking the initiative and implementing new strategies pays off: Trendsetting dealers saw outsized operational and financial benefits.

Meeting Customers Where They Are

Dealers reported significant impact from adding flexibility when it came to dealing with customers, like home pickup and drop-off, and these added layers to the dealership customer experience will increasingly become the norm.

About This Study

CDK is focused on connecting dealers with the broader auto industry economic environment to arm them with insights to better serve their customers. This study breaks down the biggest challenges facing dealers today from both inside and outside the doors to their showroom and Service department.

Download the full 2024 Automotive Retail Industry Trend Report