Despite a chaotic automotive market, radio continues to reach a broad range of consumers who are in the market for either a new or used vehicle. And when radio is combined with digital, the results are even more impactful. This week’s roundup focuses on automotive marketing industry insights, and how to create a winning strategy to reach more consumers.
Radio Broadly Reaches Vehicle Buyers, Even in a Chaotic Market. - Inside Radio
Recent analysis of five representative fall 2021 consumer/market surveys reveals the strength of radio to penetrate multiple vehicle-buying consumers.
Adults 18+ who plan to buy a new car, truck, van, SUV or crossover and are heavily exposed to radio (180+ minutes during an average day) are older, on average, than those planning to buy similar used vehicles, or 42 and 36 years of age, respectively. Similarly, adults planning to buy a new vehicle and heavily exposed to radio have significantly larger average household incomes at $86,900, compared to $58,300 for those planning to buy a used vehicle.
Whatever target audiences, by age and income, intend to buy a new or used vehicle, radio is the reach medium more likely to direct them to new and used vehicle dealers. <<<Read More>>>
Demand for Used Cars Drops from a Year Ago but High Prices Aren’t Budging – CNBC
Used-car prices appear to be stuck in high gear, despite slowing consumer demand. Consumers are taking their time buying a used car. The average time spent looking for one has jumped 93% to 171 days from 89 days in from March 2021, resulting in dealer inventories of 1-year to 3-year-old cars returning to pre-pandemic levels.
However, prices are not dropping because dealers continue to face low supplies of new cars and many would-be new-car shoppers could end up with a used vehicle instead. <<<Read More>>>
Weekly Roundup: What Happens When the Forces of Auto, Radio, and Digital Combine? - Bonneville Bay Area
US auto's digital ad spend is on the mend and forecasted to grow to $19 billion by 2023. Radio remains a prime advertising medium for auto dealers to build brand awareness regardless of what vehicle adult heavy radio listeners are planning to buy. And digital marketing has a massive ROI, even more so when combined with radio as part of an overall marketing strategy. Shift your auto marketing strategy into high gear by combining radio and digital. <<<Read More>>>
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