Guest Expert: Trent Thacker, Senior Director of Research and Market Intelligence with Cox Automotive is featured in our Special Report episode, where he shares
About our Guest:
Trent Thacker
Senior Director of Research and Market Intelligence
Cox Automotive
Key Takeaways:
- Increased Tax Refunds: Learn how the average tax refund amount has increased by 5% year-over-year, presenting significant opportunities for vehicle purchases.
- Consumer Spending Plans: Understand the spending intentions of consumers, with 75% planning to purchase a vehicle within the next five months.
- Impact of Tariffs: Discover how the recent announcement of tariffs is expediting the vehicle purchase cycle and influencing consumer behavior.
- Service and Maintenance Opportunities: Explore the potential for increased service and maintenance revenue, with many consumers planning to use their tax refunds for vehicle upkeep.
- Vehicle Segments in Demand: Gain insights into the most sought-after vehicle segments, including SUVs, crossovers, and sedans.
Timestamp:
0:00 – 0:31 Introduction
Host Jade Terreberry introduces the podcast and the guest, Trent Thacker, Senior Director of Research and Market Intelligence at Cox Automotive and why this episode is so important.
0:31 – 1:16 Guest Introduction Trent Thacker is welcomed to the podcast, and Jade highlights the relevance of the topic.
1:16 – 1:57 Significance of Tax Refund Research
Trent explains the importance of conducting tax refund research and its impact on the automotive industry.
1:57 – 3:12 Research Methodology
Trent describes how the tax refund research was conducted using Cox Automotive’s consumer community and why its data presents opportunities for dealers and service centers.
3:12 – 3:36 Average Tax Refund Increase
Trent shares that the average tax refund amount has increased by a pretty significant percentage year-over-year.
3:36 – 4:32 Consumer Filing Trends
Discussion on the timing of tax return filings and the demographic differences in filing behavior.
4:32 – 6:09 Impact of Tariffs on Consumer Behavior
Trent discusses how the announcement of tariffs is influencing consumer behavior and expediting vehicle purchases.
6:09 – 6:53 Consumer Spending Plans
Trent shares insights on what consumers plan to spend their tax refunds on, including vehicle purchases.
6:53 – 8:33 Vehicle Purchase Intentions
Discussion on the timing and amount consumers plan to spend on vehicle purchases.
8:33 – 10:06 Vehicle Segments in Demand
Trent highlights the most sought-after vehicle segments among consumers.
10:06 – 11:11 Service and Maintenance Spending
Trent discusses the potential for increased service and maintenance revenue from tax refunds.
11:11 – 12:34 Opportunities for Dealers
Jade and Trent emphasize the importance of leveraging tax refunds for both vehicle sales and service opportunities.
12:34 – 13:47 Key Recommendation for Dealers
Trent advises dealers to focus on both vehicle sales and service opportunities to maximize revenue and to market to the increased return numbers.
13:47 – 14:23 Closing Remarks
Jade wraps up the episode, thanking Trent for his insights and encouraging listeners to view the full research results.
14:23 – 15:10 Bonus Resource Items
Jade announces the tax return infographic and Care Buyer Journey study will be available in show resources.
15:10 – 16:04 Final Thoughts
Jade thanks the audience for tuning in and encourages them to subscribe for future episodes.
