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Average Age of Cars = 13.6 Yrs, CO Dethrones CA, Billions Lost Due To Poor Experiences

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Contenido proporcionado por ASOTU. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente ASOTU o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.

Shoot us a Text.

As we enter a new week, we’re considering how the average age of cars is affecting parts and service. Plus Colorado is now the most EV state in the US, topping California, and a new study is showing that bad customer service is costing retail stores billions.

Show Notes with links:

  • Despite a record number of aging vehicles on the road, the auto repair and parts industry is facing challenges as economic pressures affect consumer spending habits.
    • The average passenger car is now 13.6 years old, up from 8.4 years three decades ago, creating a high demand for maintenance.
    • Inflation, higher interest rates, and supply chain issues have led consumers to defer maintenance or opt for cheaper, off-brand parts.
    • Companies like Monro, Genuine Parts, and Valvoline have reported significant drops in sales, citing cautious consumer spending.
    • Carfax data shows 30% of vehicles are overdue for tire rotations, while 19% are late for oil changes, despite the high return on maintenance investment.
    • Executives from AutoZone and O’Reilly Automotive predict a bounce-back as deferred repairs eventually become unavoidable.

  • Colorado has dethroned California, emerging as the nation’s leader in EV sales, with a stunning 25.3% of new vehicle sales being electric in Q3 of 2024. Here's what’s driving the surge:
    • Residents enjoy up to $12,500 in combined state and federal EV tax credits.
    • Over 5,500 public charging ports are operational, with $5M allocated for 576 additional ports in 2024.
    • 82% of EVs sold in the state are fully electric, signaling robust consumer demand.
    • Governor Jared Polis champions EVs as key to achieving net-zero emissions by 2050, urging residents to act before state tax credits decrease in 2025 from $5000 to $3500.
    • Will Toor, Colorado Energy Office Director, states, “Our commitment to making electric vehicles affordable and reliable is paying off.”

  • Retailers are losing an estimated $262 billion annually due to inadequate in-store experiences, according to a study by Forsta.
    • Nearly half of negative customer reviews are tied to issues like mismanaged checkouts and unhelpful staff, leading to frustration and lost sales.
    • The study revealed that 74% of US adults will abandon a store without making a purchase after a bad experience.
    • While online sales on Black Friday saw a 14.6% increase, in-store sales grew just 0.7%, with foot traffic dropping by 3.2%.
    • Forsta CEO Kyle Ferguson emphasized the importance of in-store experiences, stating that poor service erodes trust and loyalty. He pointed to Walmart’s use of AI-powered tools to improve customer interactions as a model for others to follow, urging retailers to prioritize in-store environments during peak retail periods.

Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email

  continue reading

918 episodios

Artwork
iconCompartir
 
Manage episode 454657187 series 2988189
Contenido proporcionado por ASOTU. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente ASOTU o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.

Shoot us a Text.

As we enter a new week, we’re considering how the average age of cars is affecting parts and service. Plus Colorado is now the most EV state in the US, topping California, and a new study is showing that bad customer service is costing retail stores billions.

Show Notes with links:

  • Despite a record number of aging vehicles on the road, the auto repair and parts industry is facing challenges as economic pressures affect consumer spending habits.
    • The average passenger car is now 13.6 years old, up from 8.4 years three decades ago, creating a high demand for maintenance.
    • Inflation, higher interest rates, and supply chain issues have led consumers to defer maintenance or opt for cheaper, off-brand parts.
    • Companies like Monro, Genuine Parts, and Valvoline have reported significant drops in sales, citing cautious consumer spending.
    • Carfax data shows 30% of vehicles are overdue for tire rotations, while 19% are late for oil changes, despite the high return on maintenance investment.
    • Executives from AutoZone and O’Reilly Automotive predict a bounce-back as deferred repairs eventually become unavoidable.

  • Colorado has dethroned California, emerging as the nation’s leader in EV sales, with a stunning 25.3% of new vehicle sales being electric in Q3 of 2024. Here's what’s driving the surge:
    • Residents enjoy up to $12,500 in combined state and federal EV tax credits.
    • Over 5,500 public charging ports are operational, with $5M allocated for 576 additional ports in 2024.
    • 82% of EVs sold in the state are fully electric, signaling robust consumer demand.
    • Governor Jared Polis champions EVs as key to achieving net-zero emissions by 2050, urging residents to act before state tax credits decrease in 2025 from $5000 to $3500.
    • Will Toor, Colorado Energy Office Director, states, “Our commitment to making electric vehicles affordable and reliable is paying off.”

  • Retailers are losing an estimated $262 billion annually due to inadequate in-store experiences, according to a study by Forsta.
    • Nearly half of negative customer reviews are tied to issues like mismanaged checkouts and unhelpful staff, leading to frustration and lost sales.
    • The study revealed that 74% of US adults will abandon a store without making a purchase after a bad experience.
    • While online sales on Black Friday saw a 14.6% increase, in-store sales grew just 0.7%, with foot traffic dropping by 3.2%.
    • Forsta CEO Kyle Ferguson emphasized the importance of in-store experiences, stating that poor service erodes trust and loyalty. He pointed to Walmart’s use of AI-powered tools to improve customer interactions as a model for others to follow, urging retailers to prioritize in-store environments during peak retail periods.

Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/

JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

Read our most recent email at: https://www.asotu.com/media/push-back-email

  continue reading

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