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In a time where finding good news can often feel like looking for a needle in a haystack, the stock market is basically throwing a haystack made of needles at us right now. But like, in a pleasant way.
The trading floor hit an all-time high last week, encapsulating a year-to-date increase of over 6% and a staggering 24% increase since October. The surge was fueled by a series of corporate earnings that not only met but exceeded expectations.
Tax season is underway but off to a slow start. As of February 16th, 25% fewer refunds have been issued at the same time last year. But, taxpayers who have filed are receiving an average refund of $3,207, up 2% from a year ago.
January's inflation numbers are still well below the June 2022 peak of 9%, but it still saw a 3.1% increase in consumer prices compared to the same month last year. Despite this, U.S. consumer sentiment ticked up slightly in February to 79.6, marking its highest point since July 2021.
After a lengthy streak of increases, used-car prices are finally in retreat, and as of February, they have fallen at least 10% in all but two categories (cars and luxury cars).
Except for hybrids & EVs, it’s the first time any of these categories have dropped more than 10% in the last 12 months.
Since their pricing peak last May. we’re seeing the biggest slumps from:
February new-vehicle sales are expected a bounce back from a sluggish January. Forecasters predict sales volume to hit 1.22Munits, marking a 6.3% rise from February 2023.
With a valuation of $825B in 2023, the auto repair market is on the fast-track to increase 10.2% from 2024 to 2032. This sharp growth is being fueled by the longevity of vehicles, the rising cost of materials, and a shift toward digital solutions for maintenance needs.
As the repair sector evolves with these trends, dealerships can offer comprehensive, tech-savvy repair and maintenance services to boost customer trust and retention and capture a larger share of this expanding market.
The digital era has fundamentally reshaped the way people scout for their next vehicle, and those online searches can provide a treasure trove of helpful data on brand preferences and regional trends.
According to MarketWatch studies, Toyota and Tesla have emerged as the leaders in the race for online visibility, commanding the highest number of searches in the U.S. It's clear that interest in sustainable driving options is also surging, with California and Washington leading the charge in EV searches per capita.
Super Bowl commercials, known for their high stakes and high costs, have once again highlighted a significant trend in the auto industry – EVs outshining their gas-powered rivals in the advertising field.
Despite lower overall ad extravagance compared to previous years, electric models from Volkswagen, Kia, BMW, and Toyota managed to grab the spotlight this year simply by showing up. OEMs like the Big Three were decidedly absent from the Big Game, likely due to financial strains caused by the UAW strike last year.
The decision to spend millions on 30-second ad spots really underscores these company’s desire to entice customers toward an electric future.
Whether it will ultimately be effective is still TBD.
