Advanced pricing: Three ways to accelerate your pricing power in the automotive space

Fluctuating car demand, though common for manufacturers, has intensified in recent years. First, global supply chain disruptions caused by the COVID-19 pandemic left manufacturers unable to meet demand. The industry was slow to respond adequately to the situation — while manufacturers were often prioritizing more expensive models and sometimes even stopped offering less expensive models all together, many customers still experienced record wait times. As a result, price hikes were insufficient in rectifying the imbalance between supply and demand, leading to significant customer reluctance in the time after. 

Now, the market has flipped, in effect caused by rising inflation and change in political focus points. Three out of five consumers are delaying purchases because of economic concerns, as revealed in our recent Global Automotive Study. Globally, manufacturers are facing weak demand, with dealer…