Quick Fact: Car Sales
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Car sales in August fell to an annualized rate of 11.47 million units, down 0.6% from July and 19% from August 2009. Typically before the recession, sales were in the 15-17 million unit range, but consumers remain hesitant to purchase big-ticket items with sales still below 12 million. A study also found that drivers aged 21-30 drove 14% of total miles compared to 21% in 1995, indicating Generation Y is driving less than previous generations.
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TB0301Copyright © 2012 Thunderbird School of Global Manage.docx
TB0301
Copyright © 2012 Thunderbird School of Global Management. All rights reserved. This case was prepared by Dmitry Alenuskin
and Andreas Schotter for the purpose of classroom discussion only, and not to indicate either effective or ineffective management.
Dmitry Alenuskin
Andreas Schotter
BMW of North America:
Dream It. Build It. Drive It.
Any customer can have a car painted any color that he wants so long as it is black.
Henry Ford
Introduction
In early January 2012, Joseph Wierda, BMW’s X3 Product Manager, reviewed the latest sales numbers of the
popular X3 Series compact SUV. He was, in particular, interested in the effects of BMW’s customization program
called “Dream It. Build It. Drive It.” on both unit sales and overall profitability. This new integrated sales and
marketing program allowed customers to create a fully customized BMW X3 SUV and have it delivered to their
driveway in only a few weeks. The program scored some important points with the media. For example, Martha
Stewart, a U.S. TV personality, customized her X3 live on her popular show called The Martha Stewart Show.
Just two years earlier, in 2009, the idea of the customization program came at a time when the global
financial crisis had hit consumers hard, and most households were putting large ticket item purchases on hold.
During the same period, fuel prices reached $4 per gallon. Consequently, BMW’s North American overall sales
had plummeted by 30% compared to 2008, and SUV sales were down a staggering 55%.
The new customization program was a departure from the traditional North American car purchasing
model, where consumers were accustomed to buying a car and driving it off the dealership’s lot right away, after
typically receiving some generous discounts or other incentives. Wierda wondered if the program should be
extended across all BMW product lines and, if so, what this meant for the regional and global manufacturing
strategy, sales and distribution strategy, and the overall competitive positioning of BMW in North America. He
needed to make up his mind before the next management meeting at the end of the month where he had to
present the proposal to Ludwig Willisch, the recently appointed CEO of BMW North America. This proposal
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nies (General Motors, Ford Motor Company, and Chrysler) applied for emergency loan ...
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TB0301Copyright © 2012 Thunderbird School of Global Manage.docx
TB0301
Copyright © 2012 Thunderbird School of Global Management. All rights reserved. This case was prepared by Dmitry Alenuskin
and Andreas Schotter for the purpose of classroom discussion only, and not to indicate either effective or ineffective management.
Dmitry Alenuskin
Andreas Schotter
BMW of North America:
Dream It. Build It. Drive It.
Any customer can have a car painted any color that he wants so long as it is black.
Henry Ford
Introduction
In early January 2012, Joseph Wierda, BMW’s X3 Product Manager, reviewed the latest sales numbers of the
popular X3 Series compact SUV. He was, in particular, interested in the effects of BMW’s customization program
called “Dream It. Build It. Drive It.” on both unit sales and overall profitability. This new integrated sales and
marketing program allowed customers to create a fully customized BMW X3 SUV and have it delivered to their
driveway in only a few weeks. The program scored some important points with the media. For example, Martha
Stewart, a U.S. TV personality, customized her X3 live on her popular show called The Martha Stewart Show.
Just two years earlier, in 2009, the idea of the customization program came at a time when the global
financial crisis had hit consumers hard, and most households were putting large ticket item purchases on hold.
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had plummeted by 30% compared to 2008, and SUV sales were down a staggering 55%.
The new customization program was a departure from the traditional North American car purchasing
model, where consumers were accustomed to buying a car and driving it off the dealership’s lot right away, after
typically receiving some generous discounts or other incentives. Wierda wondered if the program should be
extended across all BMW product lines and, if so, what this meant for the regional and global manufacturing
strategy, sales and distribution strategy, and the overall competitive positioning of BMW in North America. He
needed to make up his mind before the next management meeting at the end of the month where he had to
present the proposal to Ludwig Willisch, the recently appointed CEO of BMW North America. This proposal
would have far-reaching internal and external effects.
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BMW of North America Case Write-upIndividual AssignmentPle.docx
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Individual Assignment
Please read the BMW case and address the following questions:
(1) Assuming that most modern cares share very similar characteristics, what do customers really buy—a product or an experience?
a. In your opinion, what drives car-buying decisions?
(2) In the “Dream It. Build It. Drive It.” program a sustainable advantage in the long-term?
a. Do you see any room for further improvement?
(3) Put yourself in Joseph Wierda’s shoes. What would be your decision regarding using video streaming technology for other models such as the X5 or the X1?
a. What makes it easy or difficult?
b. Would you apply a similar program for the X4 launch in 2014?
(4) Do you think customers really need “millions of combinations” for their car?
a. Can they be happy with available standard options?
b. What are the downsides of mass customization?
(5) The “Dream It.” part of the program encourages future buyers to go online and build a relationship with the brand by designing their dream car and also sharing personal information. How else could you grow the online sales channel?
TB0301
Copyright © 2012 Thunderbird School of Global Management. All rights reserved. This case was prepared by Dmitry Alenuskin
and Andreas Schotter for the purpose of classroom discussion only, and not to indicate either effective or ineffective management.
Dmitry Alenuskin
Andreas Schotter
BMW of North America:
Dream It. Build It. Drive It.
Any customer can have a car painted any color that he wants so long as it is black.
Henry Ford
Introduction
In early January 2012, Joseph Wierda, BMW’s X3 Product Manager, reviewed the latest sales numbers of the
popular X3 Series compact SUV. He was, in particular, interested in the effects of BMW’s customization program
called “Dream It. Build It. Drive It.” on both unit sales and overall profitability. This new integrated sales and
marketing program allowed customers to create a fully customized BMW X3 SUV and have it delivered to their
driveway in only a few weeks. The program scored some important points with the media. For example, Martha
Stewart, a U.S. TV personality, customized her X3 live on her popular show called The Martha Stewart Show.
Just two years earlier, in 2009, the idea of the customization program came at a time when the global
financial crisis had hit consumers hard, and most households were putting large ticket item purchases on hold.
During the same period, fuel prices reached $4 per gallon. Consequently, BMW’s North American overall sales
had plummeted by 30% compared to 2008, and SUV sales were down a staggering 55%.
The new customization program was a departure from the traditional North American car purchasing
model, where consumers were accustomed to buying a car and driving it off the dealership’s lot right away, after
typically receiving some generous discounts or other incentives. Wierda wondered if the program should be
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BMW of North America Case Write-upIndividual AssignmentPle.docx
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Individual Assignment
Please read the BMW case and address the following questions:
(1) Assuming that most modern cares share very similar characteristics, what do customers really buy—a product or an experience?
a. In your opinion, what drives car-buying decisions?
(2) In the “Dream It. Build It. Drive It.” program a sustainable advantage in the long-term?
a. Do you see any room for further improvement?
(3) Put yourself in Joseph Wierda’s shoes. What would be your decision regarding using video streaming technology for other models such as the X5 or the X1?
a. What makes it easy or difficult?
b. Would you apply a similar program for the X4 launch in 2014?
(4) Do you think customers really need “millions of combinations” for their car?
a. Can they be happy with available standard options?
b. What are the downsides of mass customization?
(5) The “Dream It.” part of the program encourages future buyers to go online and build a relationship with the brand by designing their dream car and also sharing personal information. How else could you grow the online sales channel?
TB0301
Copyright © 2012 Thunderbird School of Global Management. All rights reserved. This case was prepared by Dmitry Alenuskin
and Andreas Schotter for the purpose of classroom discussion only, and not to indicate either effective or ineffective management.
Dmitry Alenuskin
Andreas Schotter
BMW of North America:
Dream It. Build It. Drive It.
Any customer can have a car painted any color that he wants so long as it is black.
Henry Ford
Introduction
In early January 2012, Joseph Wierda, BMW’s X3 Product Manager, reviewed the latest sales numbers of the
popular X3 Series compact SUV. He was, in particular, interested in the effects of BMW’s customization program
called “Dream It. Build It. Drive It.” on both unit sales and overall profitability. This new integrated sales and
marketing program allowed customers to create a fully customized BMW X3 SUV and have it delivered to their
driveway in only a few weeks. The program scored some important points with the media. For example, Martha
Stewart, a U.S. TV personality, customized her X3 live on her popular show called The Martha Stewart Show.
Just two years earlier, in 2009, the idea of the customization program came at a time when the global
financial crisis had hit consumers hard, and most households were putting large ticket item purchases on hold.
During the same period, fuel prices reached $4 per gallon. Consequently, BMW’s North American overall sales
had plummeted by 30% compared to 2008, and SUV sales were down a staggering 55%.
The new customization program was a departure from the traditional North American car purchasing
model, where consumers were accustomed to buying a car and driving it off the dealership’s lot right away, after
typically receiving some generous discounts or other incentives. Wierda wondered if the program should be
extended across ...
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The US economy added 2.7 million jobs in 2015, bringing total job gains over the past six years to 12.5 million. However, full employment has been reached rather than robust employment, as other labor market metrics like labor force participation remain weak. Auto sales have been strong despite tepid broader economic growth. The Federal Reserve raised interest rates in December 2015 and is expected to continue gradual tightening in 2016. Housing recovery has been uneven and contributed to rising inequality, as homeownership rates decline while rising home values benefit current owners.
Automotive Industry Insights - Summer 2018
The auto industry showed signs of moderate improvement in the beginning of 2018, as global sales and earnings increased. The automotive industry continues to evolve as electrification gains a stronger foothold globally but North American automakers shift towards larger, more profitable vehicles.
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Lending To Automobile Dealers Credit Risk Issues
Lending to automobile dealerships presents several credit risk management issues for lenders. Large dealer groups have greater dollar exposure and complexity due to operating multiple franchises across various regions. Small dealers may offer better returns but also have vulnerabilities due to sole ownership and reliance on local markets. When evaluating loans, lenders must consider factors like a dealership's financial controls, ownership structure, management experience, product mix, and regional economic conditions to determine viability. Close scrutiny is important as the auto industry continues consolidating.
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Since 2002, China has been the fastest growing automotive industry in the world. Numerous international
carmakers collaborate with Chinese counterparts to participate in the atrocious race on performances and
technologies, hoping to secure a larger share in this lucrative market. Facing the growing governmental
restrictions and the shrinking market demand, it is time for carmakers to enter the pit for strategic
adjustments and to get ready for the next race to begin.
As a leading global automotive marketing agency, Havas Worldwide has assisted
many international and Chinese carmakers to grow steadily and rapidly in China. In this report, we have
forecasted the 2015 trend in Chinese automotive industry based on our professional insights from market
and communication in 2014. As the first agency to devise trend forecasts exclusively for the automotive
industry, we wish to assist carmakers to get ready and win the next race.
U.S. sales rise 5.3% as wintry weather takes toll
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WHAT IS THE COX AUTOMOTIVE INSIGHT REPORT?
How will the new and used car markets perform during the rest of this year? What will become the future fuel of choice? What are the barriers as we drive towards Mobility as a Service (MaaS)?
In this first annual Insight Report from Cox Automotive and Grant Thornton, we go beyond the headlines to provide our view on the future of our market, and what it means for us all.
Kantarmedia_AutomotiveMarketing
This document summarizes key findings about automotive advertising spending in the United States from a report by Kantar Media. It finds that total US automotive ad spending hit $16.4 billion in 2013, the highest since 2007. Most of this spending is by car manufacturers, dealers, and dealer associations to sell vehicles. The amount spent per vehicle sold has remained relatively stable at around $1,000-$1,100 over the past decade. Advertising aims to convert the small portion of the population - around 4% - that is already considering buying a new vehicle, rather than create new demand. Growth in ad spending has tracked rising vehicle sales and been stimulated by the increasing number of new car models and redesigns introduced
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This document provides a summary of key developments and announcements from the Beijing International Auto Show, including:
- Chinese automakers showcased self-driving vehicles that drove over 2,000 km to the show without a driver.
- Around 12% of vehicles featured were new energy models, as China aims to have 5 million electric vehicles on the road by 2020.
- International and domestic automakers emphasized new electric and hybrid models to meet China's growing demand for alternative fuel vehicles.
- Concept cars highlighted advanced technologies like internet-connected vehicles and autonomous driving capabilities that companies hope to bring to market.
NPD Aftermarket Perspectives
The document discusses trends in the aftermarket industry in 2011. It notes that while economic conditions mirrored 2008 in some ways, consumer behavior differed as more consumers turned to do-it-for-me repairs out of necessity. The document reviews key economic indicators like GDP, miles driven, unemployment, and consumer credit that are impacting the aftermarket. It indicates that most factors are trending negative which has caused aftermarket sales to be lower than projected. It also discusses how consumers are keeping their vehicles longer, expanding the age range considered the "sweet spot" for aftermarket sales beyond 10 years old.
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Mortgage Delinquencies by State
The states with the highest mortgage delinquency rates in the fourth quarter of 2010 were Mississippi, Nevada, and Georgia. Florida had the highest foreclosure inventory rate, followed by Nevada and New Jersey. Nevada, Arizona and Florida had the highest foreclosure starts rates. The document provides data on foreclosure inventory, serious delinquency rates, foreclosure starts, and new delinquencies by state from the third quarter to the fourth quarter of 2010 and year-over-year changes.
Mortgage Delinquencies
The document summarizes mortgage delinquency and foreclosure statistics from the 4th quarter of 2010. Key points include:
- Mortgage delinquency and foreclosure rates decreased from the prior quarter and year.
- Serious delinquency (90+ days past due or in foreclosure) fell to 8.57% nationally.
- Foreclosure starts and inventory declined across the US from the prior year's high levels.
Inflation Watch: February 17, 2011
Inflation is important for real estate agents because changes in prices can impact interest rate policy set by the Federal Reserve. While fears of deflation emerged during the financial crisis, inflation has now become a concern, with some worried that high unemployment and inflation could result in stagflation, making it difficult for the Fed to address inflation without further hurting the job market. Producer prices are showing signs of inflation and commodity prices remain high, though consumer prices are more subdued, putting upward pressure on prices from a weak dollar and increasing costs of imported goods.
Recovery to Normalcy: Feb 2011
This document summarizes Lawrence Yun's presentation on the recovery of the housing market and job market to normal levels. It finds that while consumer confidence about current conditions is low, confidence about the future is improving. It also notes that jobs growth has added over 1 million jobs in the past year but it could take until 2015 to return to normal 6% unemployment levels. The housing market fundamentals have returned to justifiable levels with home prices stabilizing and sales improving in line with job growth, but mortgage underwriting remains too strict. The outlook predicts moderate GDP growth and over 2 million new jobs added annually over the next two years, with housing sales and values expected to improve gradually as the job market recovers.
Home Price Monitor
Home prices were relatively stable in November and December according to most data sources, with slight declines reported for both the month and year by many measures. However, some measures showed slight price increases and new home prices rose robustly. Rising home sales and shrinking inventories are expected to contribute to ongoing price stability, especially for new homes which have inventories near record lows. Strong job growth and increases in job openings and hires bode well for continued growth in home sales and prices in the coming months.
How Risky is the FHA’s Low Down Payment Program?
The document summarizes concerns about the Federal Housing Administration's (FHA) low down payment mortgage program and its effects. It notes that FHA's capital reserves have fallen dangerously low due to increased defaults. While FHA borrowers' credit has improved since 2007, the agency now insures a much larger share of loans with low down payments, which some argue increases risk. However, data shows that high loan-to-value FHA loans have lower foreclosure rates than other products, and stricter underwriting has boosted credit profiles. Removing FHA's low down payment options could significantly hurt the housing market but also reduce risks to taxpayers.
Metro Area Monthly Mortgage Payments: 2005 vs 2010
The document compares median home prices and estimated monthly mortgage payments in 2010 and 2005 for various metro areas in the United States. It shows that for most metro areas, median home prices and monthly payments decreased between 2005 and 2010, with percentage decreases typically ranging from 5-50%. A few metro areas such as Honolulu saw smaller decreases or even increases over this period.
Metro Area Unemployment
Detroit saw the largest year-over-year decline in unemployment rate from November 2009 to November 2010, though this was partially due to a reduction in the labor force. Las Vegas saw the largest increase in unemployment rate, and Denver, Miami, and New Orleans all experienced increases over 1%. Unemployment rates varied across major metro areas from 4-16% in November 2010.
State by State Employment Trends
The document contains charts from the Bureau of Labor Statistics showing total nonagricultural employment numbers for various states from 2006 to 2010. The charts provide monthly seasonally adjusted employment figures in thousands of workers for states including Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington D.C., Florida, Georgia, Hawaii, and Idaho.
Economic Indicators for the Week of January 18th
This document provides a weekly economic forecast and updates from January 18-21, 2011. It forecasts modest GDP growth of 2.5-2.8% in 2010-2011 and 1.9 million new jobs added in 2011. Mortgage rates are expected to be around 5.3% by mid-2011 while unemployment is forecasted to be 9.2%. Economic updates throughout the week report on housing starts, existing home sales, jobless claims and mortgage rates.
Summary of December 2010 Existing-Home Sales
The document summarizes existing home sales statistics for December 2010. It shows that total existing home sales decreased 3.3% from December 2009 but median home prices rose 1.2% year-over-year. Charts depict trends in annualized sales, median prices, and price changes from 2006-2010. Sales were strongest in the South and West and weakest in the Northeast and Midwest. Most homes sold were priced between $100,000-$250,000, though sales of higher-priced homes rose while lower-priced homes fell.
Inflation Watch for January, 2011
Inflation is important for real estate agents because changes in prices can impact interest rate policy set by the Federal Reserve. During the financial crisis, there were fears of deflation leading to a downward price spiral similar to the Great Depression. While deflation fears have lessened, some worry high inflation in coming years could result in stagflation, with high unemployment and inflation making it hard for central banks to address inflation without further hurting jobs. Commodity and metal prices are rising along with oil, adding inflationary pressure, though the dollar is showing recent strength against these pressures.
Daily Economic Update for January 5, 2011
Mortgage purchase applications fell slightly last week while refinancing increased, and average 30-year mortgage rates rose. An ADP survey found private payrolls rose by 297,000 in December, much higher than predicted and led by gains at medium and small sized businesses in the service sector.
Daily Economic Update for January 04, 2011
Factory orders rose 0.7% between October and November, stronger than expected, led by gains in fabricated metals, computers, and electronics. While industrial machinery and aircraft orders fell, non-durable goods orders rose 1.7% and capital goods orders excluding aircraft rose 1.1%, suggesting businesses are investing again which will support economic expansion and job growth.
Daily Economic Update, January 3, 2011
Construction spending increased by 0.4% in November for the third consecutive month, driven by a 3.3% rise in public non-residential spending, while private residential and non-residential spending declined; the construction market remains weak with excess supply and mostly government office projects. The ISM manufacturing index rose to 57.0 in December, signaling economic expansion, as new orders and production increased substantially.
Summary of NOVEMBER 2010 Pending Home Sales Statistics
The November 2010 pending home sales statistics document contains the following key points:
1) The National Association of Realtors' pending home sales index decreased 5.0% in November 2010 compared to November 2009.
2) By region, pending home sales decreased the most in the West at 17.6% year-over-year, followed by the Midwest at 7.7% and the South at 7.2%.
3) Pending home sales increased 3.5% from October 2010 to November 2010 on a seasonally adjusted basis.
Daily Economic Update: December 30, 2010
Jobless claims fell to their lowest level in over two years at 388,000 for the week, below the 400,000 threshold needed for sustainable job creation. This confirms that the economy is improving as job creation is happening. At the height of the recession, jobless claims peaked at 651,000 in March 2009, showing the progress that has been made in recovering jobs lost during the economic downturn.
Daily Economic Update, December 28, 2010
Home prices for the S&P/Case Shiller 20-city index decreased 1% in October compared to September and 0.8% compared to October 2009, with only 4 cities seeing year-over-year gains. Consumer confidence decreased in December according to the Conference Board's index, driven by a decline in perceptions of the present situation and jobs being difficult to obtain. The graph shows declines in both the home price index and consumer confidence index since mid-2007, demonstrating their link to employment growth and consumer sentiment.
Daily Economic Update, December 27, 2010
Oil prices rose as cold weather hit parts of the US and Europe, increasing $0.26 per barrel to $93.72. Prices last exceeded $100 per barrel in 2008, and may reach that level again in the first half of 2011 due to rising demand during winter. An economic research group reported on current oil price increases and potential future rises.
Economic Indicators for Week of December 20-23, 2010
The Research staff analyzes the week's key data releases and tell you what they mean for you and your business.
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Quick Fact: Car Sales
- 1. Quick Fact: Car Sales continue to be weak September 27, 2010 It is not only home sales that are trying to revive: car sales also have been hammered hard in the past few years. In August total light weight vehicle sales fell to an annualized rate of 11.47 million units. Down 0.6 percent from July and 19 percent from August 2009 when vehicle sales were propped up by the cash for clunkers program. Looking back at the historical trends, before the recent recession, sales typically were in the 15‐17 million unit range. One interesting note, Kiplingers recently had a study that showed drivers 21 to 30 only drove 14 percent of all miles driven compared to 21 percent in 1995. Essentially Generation Y is driving much less than the previous generation despite being larger in numbers. http://www.kiplinger.com/businessresource/forecast/archive/no‐cars‐for‐ generation‐y.html With sales below 12 million, this is further evidence that consumers are hesitant to purchase big ticket items. Produced by NAR Research
- 2. Quick Fact: Car Sales continue to be weak Produced by NAR Research