The automotive industry, like so many other industries in the US, was deeply affected when COVID-19 and its accompanying shutdowns arose earlier this year. Stay at home orders, dealerships closing during the lockdowns, and car manufactures converting their plants to build ventilators all played a role in the decline. During March, at the height of COVID-19 restrictions, vehicle sales tumbled 37.7% for the month in comparison to year ago.
However, as regulations started to ease and dealerships opened their doors again, a “boom” occurred in car sales, primarily in the used car market. With many people looking for a personal transportation option, or for a way to temporarily escape urban areas, the used car market has exploded.
In June alone, franchised car dealers sold 1.2 million used cars and trucks, up 22% from a year earlier! Additionally, in a report this week from TrueCar, Inc., the used car sales forecast is up YOY in October for the fifth consecutive month. And as that economics class we may (or may not have) paid attention to in college taught us, the limited supply and increased demand created a situation for the used car market to soar, illustrated by the Manheim Used Vehicle Value Index below.
(Wholesale used-vehicle prices based on millions of transactions per year).
So, at this point, you may be thinking that’s great news for auto dealers that the demand and prices are rising for used cars, but where does OOH play a part in all of this? Why, by being a perfect format to reach these auto-intenders, of course! According to a recent Simmons 12-month study, 3 out of 4 auto-intenders say they have noticed an OOH ad in the last 30 days, and they are 9% more likely to notice OOH than the total population! When it comes to the used car market, 76% of those that report “a used car is just as good as a new car” have noticed OOH in the last 30 day (Index 109).
With that said, let’s “shift gears” and show dealers how OOH can reach their target audience more efficiently!
Using Geopath Insights to reach Auto-intenders
While this data helps to showcase how OOH is a great medium to reach those looking to purchase a vehicle, how can you determine the best OOH inventory, markets, or formats to reach these shoppers? Well, Geopath can help. Whether you are an agency, operator, or advertiser, Geopath’s database of audited inventory can help you identify the best units for reaching these customers.
Geopath has a large array of automotive-related audiences, spanning from specific brands all the way to pricing segments. If you’re looking to target the used auto market, we have audiences for that too, with 7.6 billion weekly impressions for those that plan to purchase any used vehicle in the next 12 months. We also have data available to target specific price segments as well, with 39 million weekly impressions being generated for those who plan to buy a used vehicle in the $10k-$14k price range in the next 12 months, and 2 million weekly impressions for those looking to purchase a used car under $10k in the next 12 months!
These segments are just a sample, as there are many, many more relating to vehicle ownership and purchasing within Geopath Insights. Want to check some audiences out for yourself? Just log in with your current Geopath Credentials and explore tons of different research content!