Loyalty And Confidence Declines From Dealerships To The Housing Market, McLaren Tries On Sneakers

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Tuesday is all about loyalty as we talk about the continued decline of both brand and Dealership loyalty, the lack of confidence in Auto brands, Dealerships, and the housing market. We also talk about premium brand McLaren getting into the sneaker game.

  • New research shows loyalty to brands and dealerships continues to slide
    • Research firm Growth from Knowledge (GFK) AutoMobility shows loyalty toward brands and dealerships is continuing to decline as MSRP and more is the norm
    • 80% of car buyers paid at or above the sticker price in May and June
    • 31% of buyers who did said they would tell others not to go to the dealership they used, and 27 percent said they wouldn’t return to the dealership for service
    • 27% of respondents said they would not buy from the same brand if charged over MSRP, and 23 percent said it negatively impacted their opinion of the brand
    • Julie Kenar, senior vice president at GFK AutoMobility said, "It's not that brands aren't doing anything; a lot of brands have communicated with their dealers that 'You're potentially damaging the equity that you've built up in your dealership and we've built up in our brand,'  "But from a legal perspective, there's not a whole lot that brands can do. We're hoping that with releasing this research, this will provide brands and dealers with some data points to say that this is not anecdotal."
    • Take away: Whether you are charging over MSRP or not, it’s time to be proactive about over-delivering on experience
  • Consumer confidence in the housing market drops to 10 year low
    • Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic
    • Just 17% of those surveyed in July said now is a good time to buy a home, down from 20% in June, according to a monthly survey by Fannie Mae
    • the share of sellers who think it’s a good time to list their homes dropped to 67% in July from 76% two months prior
    • The index consists of six components: buying conditions, selling conditions, home price outlook, mortgage rate outlook, job loss concern and change in household income
    • Currently at 62%, down 13% from last year, down from 93.7% in 2019
    • Prices aren’t dropping yet, however both supply and time-on-market are going up
    • Take away: People are feeling uncertain about houses and cars, therefore providing even small amounts of certainty, peace of mind, and a smile can go a long way
  • Mclaren has gotten into the sneaker game (sort of)
    • Through a collab with APL (Athletic Propulsion Labs), the company is unveiling a new pair of athletic shoes
    • World-class materials: midsole made out of Future Foam connected to a carbon fiber plate that runs the length of the shoe. A separate midsole gets infused with nitrogen
    • The 2 color selections are inspired by the colors you can get a real McLaren in (there are 5 in total) and cost $450
    • Take away: Keeping your brand fresh, accessible, and in the news is a good thing

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