NADA Show Preview: The Future of Automotive Retail

by automotiveMastermind

One of the biggest conventions in the automotive industry is the annual NADA show. This year’s expo will be held in Dallas, and it is commonly referred to as “the automotive event of the year.” The event will bring dealers and vendors together to share applicable dealer insights as a new year begins and automotive trends evolve. Expertise surrounding the future of retail is essential as recent economic shifts have caused a large degree of uncertainty for both automotive dealers and buyers.

From the reception roundup at Gilley’s to the fantastic speakers and breakout sessions, this event is beneficial to all kinds of dealers and all kinds of people across the automotive industry.

What is the NADA Show?

From January 26-29, 2023, NADA Show will be located inside the famed Dallas Convention Center, one of the largest in the United States. Nestled in the heart of Dallas, the one million square feet of exhibition space will be populated by automotive industry giants and newcomers from across the nation.

Dealers and managers can expect what is being described as “an exciting and engaging event: four days packed with:

Outstanding networking opportunities
World-class education
An unparalleled Expo

With the promise of the overall event making a huge splash in the industry, visitors to NADA Show can expect:

Expert panels and discussions

Networking with colleagues

Shopping for new innovations and solutions to dealership problems like Mastermind

Speakers this year also include Nikki Haley, Greg Gutfeld, Deion Sanders, Michael Alford and Geoffrey Pohanka.

aM will be appearing at NADA Show for the ninth time, and 2023 will be no less engaging and exciting than past events. Located in booth #1015, our team is excited to demonstrate how Mastermind, aM’s automated sales and marketing platform, empowers dealers to prepare for the future of automotive retail — and sell smarter.

2022 NADA Show Recap

During NADA Show 2022, held in Las Vegas, we announced numerous exciting updates to our Mastermind platform to support the entire dealership service-to-sales ecosystem.

This included the addition of the service-to-sales generator tool, which fuels service operations by bringing in new customers through targeted marketing, as well as a new Dealertrack DMS integration and expansion of recall data within the platform.

Overall, the event touched on important topics that are still relevant to this year’s discussion, including the future of automotive retail and EV sales. For example, with the knowledge that EVs would soon be much more common in showrooms around the country, Mastermind Product Marketing Manager Chris Potgieter and his panel shared ways for dealers to prepare to serve the growing segment in 2022.

“Knowing a buyer’s lifestyle and motivation for buying an EV is a great opportunity for dealers to provide information that buyers will value,” explained Chris during the panel. “For example, if the EV buyer is a homeowner, a dealer might mention an in-home charging station. If the buyer is an apartment dweller … to local charging stations near them. Maybe the buyer has expressed frustration over being a frequent visitor to the service department. A dealer can point out that an EV has fewer moving parts that could break and can offer a new level of reliability.”

These sorts of discussions are what NADA Show is all about: helping dealers keep a finger on the pulse of automotive retail industry trends, and providing a glimpse at what’s ahead.

What to Expect: 2023 NADA Show

Like in 2022, all eyes will continue to be focused on EVs during NADA Show 2023. Consumer adoption of EVs was slow to start, but research shows consumers are increasingly interested in exploring electric options. According to a 2022 industry study, 80% of buyers would consider purchasing an electric vehicle, increasing from just 50% a year earlier.

According to S&P Global Mobility data, EVs have acquired more market share even in an environment where sales were limited by available inventory. EVs have gained 2.4 points of market share year-over-year through September 2022, reaching 5.2% of all light vehicle registrations.

By 2030, the number of available EV models in the US is expected to increase 10 times over, from 26 in 2021 to 276, according to S&P Global Mobility.

While adoption of EV sales will vary from brand to brand, dealers will need to take a strategic approach to building trust and credibility with future EV buyers. This should be done while simultaneously supporting evolving sales models, making this another hot topic at this year’s NADA Show.

Download the Guide:
Read more: NADA 2023 Show Preview: EV News That Dealers Should Know

The Future of Automotive Retail

In addition to the complexities of maintaining both internal combustion engines (ICEs) and EV sales and service operations, the future of automotive retail will arguably be the hottest topic at NADA Show 2023.

Today’s dealers are being challenged to adapt to evolving sales models and embrace new technologies, all while establishing a competitive edge in an increasingly fierce marketplace to keep customers engaged. Turning these challenges into opportunities will be a key topic of several workshops and sessions during NADA Show 2023.

To plan for the future of automotive retail and adapt to changing consumer buying behaviors, it’s important for dealers to prepare and prioritize their marketing efforts now to engage customers before they return to market. The more your team understands the wants, needs and behavior of your audience, the better they can be at predicting what each customer is most likely to do next.

This requires dealers to take a data-driven approach, fueled by comprehensive insights from across the dealership and high-quality, third-party sources. Taking this sort of approach empowers dealers to engage customers across platforms with intelligent and personalized messaging that builds demand and loyalty over time.

Conclusion

The automotive retail industry will gather again at NADA Show 2023 to discuss the latest strategies and emerging trends impacting dealers. Like in 2022, EV sales will continue to be a hot topic in 2023, in addition to the future of automotive retail as it evolves through:

Dealership sales models
Consumer perceptions
Buying habits

During NADA Show 2023, the aM team will be excited to share several ways Mastermind has continued to evolve alongside the automotive retail industry to equip dealers to prepare for the future today.

Joining us at the show? Pre-book your demo now.

Want to learn how Mastermind can empower your dealership to close more deals by staying a step ahead? Contact us to request a demo at your dealership.