Experian Automotive 20143 Market Report
Experian Automotive, a credit reporting business that collects information and provides analytical tools, recently released a 2013 market report that shows significant trends in the automotive marketplace. One of the trends shows that the overall automotive market decreased slightly, with approximately 900,000 vehicles taken off the road from a year ago. In addition, the report shows that there were 98 million vehicles within the aftermarket “sweet spot” (vehicles between model years 2002-2008). This means a good number of vehicles out of warranty are available for aftermarket companies. However, with a shortage of model year 2009 vehicles due to low sales volumes, the report suggests this number to decrease next year.
Findings from the report also showed that total vehicle sales were up in 2013, increasing by nearly three percent from a year ago. Furthermore, new vehicles sales continued to increase its share of total sales, reaching 28 percent of vehicles registered in 2013, up six percent from last year.
From a regional perspective, while all regions saw an increase in vehicles sales compared to last year, the Western region experienced the strongest growth, improving by more than four percent. Both the Southern and Northeast regions saw a 2.6 percent growth rate in sales, while the Midwest saw a 2.3 percent improvement.
Additionally, General Motors emerged as the manufacturer of choice when it came to new vehicle purchases in the Midwest and Southern regions, while Toyota was the top manufacturer in the Western and Northeast areas.
Other findings from the report include the average age of vehicles on the road in 2013 was 10.4 years, remaining flat from the previous year. In addition, General Motors had the highest market share in 2013 at 17.9 percent, followed by Ford (15.6 percent) and Toyota (14.4 percent). The Midwest was the only region to have domestic brands make up a larger percentage of its new vehicle registrations (62 percent); South (48 percent); Northeast (39.5 percent); West (38.4 percent).