Edmunds

Rounding out Pride Month, we’re excited to share that Edmunds has been recognized on the Top Most Loved Workplace List for LGBTQ+ Inclusion by Most Loved Workplaces®! Throughout Pride Month, we’ve been especially active to support our employees and our community through initiatives, including:  * an LGBTQ+ family building virtual AMA with Dr. Juan Alvarez from Kindbody * an LGBTQ+ financial planning Q&A in collaboration with Charles Schwab * participation in the West Hollywood Pride Parade, led by the Edmunds PRIDE ERG * and a company lunch at our Edmunds headquarters catered by Socalo, a local LGBTQ+-owned restaurant We’ve also held several lunch & learns with the Los Angeles LGBT Center on various topics throughout the year, from supporting trans youth to supportive allyship. Edmunds’ culture is rooted in the belief that we can only thrive if we are able to trust and empower one another, including the comfort in bringing our whole, true selves to our workplace. We look forward to building on this value in the years ahead. https://lnkd.in/dbcwmKPc

Car shopping is evolving faster than ever: According to a new consumer survey by Edmunds, here are the platforms with the biggest impact on car purchase decisions: 1. Car shopping websites                      29% 2. YouTube                                            18% 3. Auto enthusiast publications              17% 4. Social media and dealer websites     14% (tied) 5. Manufacturer websites                       10% Shopping hubs (like Edmunds) play a major role — delivering vehicle listings, reviews and tools. But social/content platforms like YouTube, IG and TikTok are gaining steam (32% combined!). Smart dealers are using *both* to target shoppers at different points of their car buying journey. Learn more about Edmunds here: https://edmu.in/3wW3cGw (Data via CDG partner: Edmunds #edmundspartner)

Consumers are complex — and so is the #EV market. Listen in as Jessica Caldwell, AVP and Head of Insights, Edmunds, breaks down consumer perceptions and behavior, as well as the effect of interest rates, affordability, and inventory. It’s an interesting conversation on what consumers really want — and what it will take to turn the tide on EV adoption. https://sae.to/4bVn633 #SAETomorrowToday

Why The Car Biz is Starting to Look a Lot Like 2008: • 0% for 60 months becoming a unicorn • Payment shock hits car buyers • Selling cars on TikTok Live and much more! Watch the 3rd episode of The Car Dealership Guy Market Update—Brought to you by Edmunds: Stream it now: Spotify: https://lnkd.in/g6xc2cib YouTube: https://lnkd.in/gkYrdgB4 Apple Podcasts: https://lnkd.in/gsDTFHM4

Shoppers looking for deals on new vehicles haven’t had much luck in the past few years due to supply chain disruptions limiting new car inventory. But as the market continues to normalize post pandemic, we’re seeing some encouraging trends make a comeback — in this case I’m referring to summer discounts on New Old Stock (NOS). According to Edmunds data from May, the share of new car inventory that is 2023MY vehicles on dealer lots nationwide climbed to 6.8%. That might not seem like much at first glance, but it does represent an increase from May 2022, when 2021MY vehicles held a 3.7% share, and is on par with what we saw pre-pandemic in May of 2019, where the share of 2018MY vehicles was 6.7%. How does this translate into savings? Edmunds data shows that 2023MY vehicles are being listed by dealers $4,147 below MSRP on average. And when financed by qualified shoppers, 2023MY vehicles are obtaining lower interest rates — more than 1 in 4 purchases of 2023MY vehicles financed at dealerships had an average APR of 1.99% or less, compared to just 4.1% of financed 2024MY vehicle purchases. But the real deals for shoppers can be found at the brand level—we took a deeper look at the share of 2023MY vehicle listings on Edmunds in May by brand and found that domestics with the greatest buildup of outgoing model year vehicles are listing some of the greatest average discounts: Dodge, Chrysler and Buick topped the list of makes with the highest concentration of 2023MY vehicle listings nationwide at 52.6%, 38.4% and 17.6%, respectively.  These brands listed an average discount of $6,753, $6,252 and $4,256, respectively, for their 2023MY vehicles. Of course, consumers can’t expect these deals to be everywhere and research remains a critical piece in finding some of the best discounts. On top of that, purchasing an outgoing model year vehicle might not be the best investment for less committed car owners due to the major depreciation curve that hits these vehicles when driven off the lot compared to current model year vehicles. TL;DR there are likely more decent deals to be discovered this holiday weekend and summer than there have been in years past thanks to a surplus of outgoing model year vehicles. But YMMV, so research is key. 😎 https://lnkd.in/g9KADNj2 ]

Car shoppers who sat out the last few years made a dramatic return to both the new and used markets in Q1 2024 thanks to an enticing combination of increased new vehicle supply and cooling prices. How do we know this? The average trade-in ages for new and used vehicle purchases are on the rise. According to Edmunds data, in Q1 2024, the average trade-in age for new vehicles climbed to 6.1 years and 9.4 years for used vehicles, compared to 5.3 years for new and 7.9 years for used in Q1 2022. This trend has major implications for the overall industry, but most notably:  📈The used market is getting a boost from older, more affordable vehicles   🚀 Used vehicles are flying off dealer lots at record rates   ❗Transactions with trade-ins are bringing more money to the table for dealers and automakers More Q1 2024 used vehicle market analysis can be found on Edmunds here: https://lnkd.in/gCMqRQVq

Can Leasing Save The Car Business?: • Negative equity crushing new car sales • $25,000 Teslas • R.I.P brand loyalty and much more! Watch the second episode of The Car Dealership Guy Market Update—Brought to you by Edmunds. Stream it now: Spotify: https://lnkd.in/gEzcYTCH Apple: https://lnkd.in/g3d7_ANV YouTube: https://lnkd.in/gQAGBjuZ

The consumer review. Ubiquitous in modern society, shopper feedback plays a critical role in the customer decision-making process for anything from a Friday night date spot to running shoes to wearable tech and, yes, even car purchases. As a barometer for consumer sentiment in car shopping, Edmunds receives hundreds of vehicle and dealer reviews on a daily basis. And each post requires careful vetting and verification before it can be added to the site. All that screening takes considerable time and manual effort that could be utilized on more essential tasks. So tapping into our test-and-learn ethos, the Service Engineering team at Edmunds sought to streamline our process via the support of a GenAI model that could automate parsing and analysis of the daily flow of hundreds of reviews we receive. With the help of Databricks Data Intelligence Platform, here’s how we streamlined our dealer review moderation process: 🤔 The challenge - remove the manual moderation bottleneck: Previously, manually sifting through and moderating hundreds of daily reviews took days, delaying publication and frustrating customers. 💪 Generative AI to the rescue: Edmunds implemented generative AI models to automate review analysis and publishing. These models can process reviews in minutes, significantly speeding up the process. 🔑 Key benefits: This frees up moderator staff time for more valuable tasks like investigating complex reviews or addressing user concerns. Faster review and publication keeps customers informed and engaged in the car buying journey. 📈 Scalability with Databricks: Model serving facilitates experimentation with different AI models. This allows Edmunds to easily compare models and select the one that delivers the best results for their specific needs. 🔨 Expanding AI usage: The success of this project has us excited about the possibility of leveraging generative AI for all our reviews, further enhancing the customer experience. Check out the full story below for a closer look at how Edmunds is using GenAI to match the highest quality dealers with the right shoppers, facilitating smarter purchasing decisions each and every time: 

Pandemic-era car buys are backfiring on owners: A record number of consumers owe more on their auto loans than what their vehicles are actually worth. Percentage of new car deals with an “upside down” trade-in: Q4 2021: 14.9% Q4 2022: 17.7% Q4 2023: 20.4% (!) How did this happen? Soaring new car supply has been driving down new car prices, leading to rapidly declining prices for comparable used car models that are 1 to 3 years old. And car dealers aren’t immune either… Dealers loaded up with used inventory are focusing on moving those cars faster, as depreciation trends accelerate. Here are my takeaways - 1) The next 12 months will test the American consumer’s resilience as vehicle supply rises and the decline in values accelerates. 2) The “fundamentals” of operating a dealership are back in vogue again after a 3-year hiatus. 3) Dealers that embrace technology to help move/sell their inventory faster will win in an increasingly volatile car market. Data via CDG Partner: Edmunds For more insights and helpful tools to get your inventory in front of more car shoppers: https://edmu.in/3TOn2ek #edmundspartner

Affordability has become a serious challenge in the car market. Edmunds’ head of insights Jessica Caldwell breaks down just how much of a crunch we’re dealing with on the low end of the new-car market: https://edmu.in/3TAFnuY