5 trends shaping the new normal for the auto industry post coronavirus pandemic

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#1 The new normal for Auto industries post COVID-19. COVID-19 is accelerating trends in the automotive industry that was already on the way but had not been widely adopted. Though we cannot predict the future, here are a few of the shifts in the consumer behavior we've found out for you. - P.S.: Here I post the first one from 'the new normal' series - for the auto industries post the #coronavirus pandemic. Let me know in the comments, which industries you want to see the new normal for.

Business

5 TRENDS
SHAPING THE
NEW NORMAL
FOR THE AUTO
INDUSTRY
ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM

ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM
1
1. People are finding comfort in car
ownership
Item 1
93%
b
7%
93%
of people say they are now using personal vehicles more.
Source: Cars.com, Ride-Sharing Drops, Online Car Shopping Increases in Coronavirus’ Wake, March 30, 2020.

ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM
2
2. People expect to find car deals
9x searches
Search for “is it a good time to buy a car” went up by more than 9X in 3 months.
Source: Google Trends, U.S., Jan. 2020–April 2020.

ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM
3
3. People want the dealer experience close
to home
At-home test drive
Review videos
Online configurator
VR test drive
Digital showroom
Videoconference
New Preferences:

ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM
4
4. People want online car buying and at-home
delivery
b
82%
Item 1
18%
18%
of autoshoppers would buy a vehicle sooner if there was an online purchase
option.
Source: Google Survey

ROHIT SINGH | @TEAMOYEROHIT | 2020
GET EDUCATED AT OYEROHIT.COM/BLOGS
BY WWW.OYEROHIT.COM
4
5. People are tuning in to digital events
Hyundai,unveiled its 2021 Elantra in early March through a live stream.
LIVE
GOT 800,000 COMBINED VIEWS

#4 Search behavior trends for the 'Finance & banking' industry during COVID-19. - P.S.: In this unprecedented time, financial service brands can be there for customers by leveraging their strength and expertise to guide consumers through rough waters. Here I post the fourth one from 'the new normal' series - for the finance & banking industry post #coronavirus pandemic. Let me know in the comments, which industries you want to see the new normal for.

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Connected consumers are driving changes in the automotive industry. They demand constant access to information from multiple sources, including online reviews and social media. Many are open to new purchasing options like buying cars online or using alternatives to ownership. As consumers become more familiar with connected vehicle technologies, their interest is growing in cars that enable services like safety, maintenance and customer care features. OEMs and dealers must adapt to meet the expectations of these always-connected shoppers by providing information across multiple channels and being responsive to their preferences for flexibility and connectivity throughout the car buying and ownership experience.

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Precision Tune Auto Care is seeking a master franchisee to develop the brand in India. The automotive industry in India is growing rapidly as vehicle ownership increases with economic development. There are over 20 million vehicles on the road currently and the market for car maintenance and repair exceeds $8 billion annually and is growing 20-25% per year. Precision Tune is offering exclusive master franchise rights for all of India for $1.5 million, or rights to develop one quarter of India for $500,000.

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General Motors was founded in 1908 in Flint, Michigan. It produces brands like Chevrolet, Cadillac, and Buick. For their digital strategy, they will focus on new media like social networks, mobile apps, and search engine optimization to promote Chevrolet and Cadillac. Chevrolet will target lower and middle class families by emphasizing its economic and environmental value. Cadillac will target wealthy middle-aged businessmen by highlighting its luxury features. Key performance indicators include 5% sales growth for Chevrolet and 7% growth in the Detroit area. Tactics will include search engine optimization on blogs about cars and forming a Facebook group to extend the brand's message.

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