With the automotive industry recovering from the recession years, potential car buyers are faced with an increased choice of addressing their mobility needs – from buying new or used cars, to leasing cars or joining urban car-share models. The challenge for automotive manufacturers is to protect or increase their market share, maintain profit margins by maximising revenue per customer and maintain customer loyalty.
- Service and value-added products such as finance, insurance and warranties are becoming more important as an additional revenue stream.
- E-commerce is changing consumer behaviours (90% of customers research their vehicle online) and companies must embrace customer engagement across multiple channels.
- Globalisation is reducing production costs - as companies forge partnerships, and car/component design and manufacture is rationalised and outsourced.
- Environmental and financial concerns are powering the popularity of smaller, high-efficiency, alternative-energy-source vehicles.