Auto Demand Has Accelerated - Get into the Fast Lane with Audio!
As the auto industry looks to turn the corner after a couple years of turbulence, we looked at changes in auto purchasing and where new customers are landing compared to a year ago.
Auto brands can put themselves in the driver’s seat by leveraging some of these key new growth opportunities:
- More drivers are on the road again. The number of people who put more than 50 miles a week on their vehicles has grown 11% nationally with the Northeast, West, and South outpacing this growth. Nationally, median weekly vehicle mileage grew 18%.1 So, don’t miss out on this wave of vehicle demand.
- Auto intenders are booming. People planning to buy new or lease a vehicle expanded 9% and 12% YoY, respectively. In the South and Northeast, leasing buyers grew 25% and 17%, and in the West and Midwest, new buyers grew 22% and 3%.1 Engage them now to find your newest customers.
- Electric cars and vans are the hottest new vehicle markets. New hybrid/EV buyers have rocketed skyward with massive growth across the Northeast (82%), West (66%), Midwest (40%), and South (33%). New van buyers also delivered tremendous growth in the Midwest (79%), West (73%), and South and Northeast (35%)1 Capture the attention of the newest auto buyers on the block.
- Auto high-spenders are surging. Car buyers spending at least $45,000 on their next new vehicle grew 34% nationally, with the West (62%) and South (41%) leading the way.1 With the right approach, you can help them get to that place that they really wanna go – in their new all-the-frills vehicle.
For auto advertisers, this should be music to your ears. Here’s how we can help you capture the hearts, minds, and wallets of your next customers.
- Use total Audio to reach more new car buyers on more touchpoints. Sure, you can just advertise on Radio alone – and reach 85% of new car buyers. But add in podcasts and streaming Radio, and suddenly you’re talking to 92% of those new car buyers. By adding more Audio channels to your plan, you also layer in higher message frequency to engage your next customers more deeply.1
- Digital Audio and OTA together yield higher conversions. When you combine digital Audio with OTA, sales conversions are 55% stronger.2
- Influence auto buyers with Audio ads. Podcasts, online Radio, and Radio ads drive high quality, trust, trial, and customer service for new car buyers.3
Want to talk more about reaching your target audience?Let´s Talk
1. Scarborough Research Market/Release: Scarborough USA+ 2022 Release 1 Total (Dec 2020 – Apr 2022) Base: Total Adults 18+, 2022 H1 / 2021 H1
2. Audacy Audio Attribution Channel Study, 2021
3. Nielsen Commspoint Influence, US 2022 MRI Simmons, Likely to buy a new vehicle next 12mos