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2 May 2024

Car Market Review

Sustainable Growth     

The latest research shows plenty of positives for the car market as the pressures of supply, Brexit, COVID and the fallout all ease. It’s a clear opportunity to accelerate your business’s growth and make up for lost time.  

Changing Behaviour 

Estimates show 10.5m cars on the road in 2023 were 12 years old or older, this is equivalent to almost 30% of the UK’s total car parc and continues to grow steadily.* Unfortunately, this indicates people are holding onto their cars longer and buying less frequently. It’s critical your advertising moves people and gets them out of their old cars and into a shiny new model. 

Strike While The Iron Is Hot 

After a difficult period for the car market during and immediately after the pandemic, the car sector’s short and medium-term prospects are positive. Demand for both new and used cars is set to strengthen this year with notable growth in the new car market as the impact of recent pressures facing buyers recede. If the frequency of buying is down, the key is pushing your sales while the market is on the up.  

A Perfect Match 

Radio advertising and the motor industry; it just makes sense. There isn’t a better way to advertise to your customers than when they’re in their cars. Show them what they’re missing and why their old model just doesn’t cut it anymore. 

Don’t let opportunity pass you by 

*CAR REVIEW – UK – 2024 – MINTEL 

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