Spring is my favorite time of the year. It is a time that, like New Year’s, reminds me of new beginnings, new possibilities and fresh starts. The flowers start to bloom, the trees begin to flourish and the birds start singing their morning harmonies. I always know when Spring is in the air because I have the added reminder of seasonal allergies. For as much as my eyes love to see nature flourishing and my lungs love to breathe in the Spring air, my body is ready to fight everything it deems a threat. The histamine begins to flow, and the antihistamine pills begin to form part of my morning ritual. Like seasonal allergies, our industry faces seasonal changes.
Last year, almost 16 million new cars were sold, which represented a 12.3% increase from 2022. While GM, Ford, Toyota, Nissan, Honda, Mazda, Hyundai, Kia and Subaru enjoyed sales growth, Stellantis struggled a bit. The luxury brands also enjoyed increases. New and somewhat newcomers like Tesla, Lucid, Karma and Fisker also made strides. The top four best-selling models were the Ford F-series, Chevy Silverado, Ram Pickup and Toyota Rav4. Last year also marked the first time that battery electric vehicles sales surpassed one million units making it 7.2% of all new light vehicle sales.
As 2024 is coming along, high interest rates and high inflation are having an impact on vehicle sales. The electric vehicle hype has almost extinguished as OEMs realize that, while there is a place for alternative fuels, the gas-powered car is still the preferred fuel of consumers.
At CFADA, we have been serving dealers since 1929. One true and consistent fact throughout all these years is that dealers are resilient. The automotive industry is a mainstay. Vehicles are the key source of transportation. And, for all the evolutions, pivots and shifts that industry has faced and will experience, dealers will endure, so will the factories, and so will the consumers that rely on them. You do not get to be a double-centenarian industry of continuous innovation and success if consumers do not believe in you and your products.
In Florida, our industry sells $107 billion worth of products, employs almost 200,000 people and contributes $8 billion in payroll. This type of success and stability does not happen overnight.
As the economy continues chugging along and interest rates and inflation hopefully begin to subside, we know that you will do what you do best, serve your customers’ mobility needs. You keep them moving and living the life they want with the sophisticated vehicles that you provide, service and maintain.
