As we reflect on the first half of sales results for the year, we can discern some clear trends that are shaping the auto industry. Most notably, inventories are swelling as supply chain disruptions ease and incentives per new unit retail $ (PNUR) are on the upswing.
June closed on a high note, with a seasonally adjusted annual rate (SAAR) forecast predicting sales of nearly 15.8 million units. The pressure is mounting, and with this increasing inventory, there's a return to incentives to keep the wheels of commerce turning. Interestingly, the use of incentives has almost doubled over the same period in 2022 for both light trucks and cars.
Simultaneously, the average monthly finance payment in June was on pace at $726, marking an increase of $27, or 3.9 percent, from the previous year. Amid these dynamics, leasing levels have also seen a surge, contributing to nearly 21% of retail sales in June due to the availability of enhanced discounts. This surge of competition at both national and localized levels is forecasted to continue its upward trajectory.
Given this industry-wide shift, business leaders are finding it increasingly imperative to adopt a robust approach to weather these changing tides. If your incentive program needs a revamp in line with these trends, there couldn't be a better time to upgrade to a comprehensive incentives, offers, and promotions management application.
Today, the traditional incentive planning process is often found to be operationally sluggish and ineffective. Additionally, businesses are recognizing the dire need for robust analysis to improve and optimize decisions on implementing incentives in the marketplace. Manual processes are not just prone to errors and lack agility, but they also fail to provide a competitive edge in the cutthroat marketplace.
The remedy? Transitioning to automated digital intelligence and straight-through processing when developing and implementing your incentive programs. These solutions help control costs while concurrently delivering the specific, targeted offers that your customers and dealers need.
The fastest and most effective strategy to enhance your incentive campaigns is to leverage data-driven decision-making tools like EvonSys Intelligent Incentive Offers and Promotions (IIOP).
This robust solution integrates intelligent process automation with intent-driven operations to digitize incentives, offers, and promotions on a regional basis. It also enhances the decision-making process for staff and management across diverse industries.
Implementing the EvonSys solution is a seamless process, with the ability to scale both horizontally and vertically. Its interoperability with existing internal and external data sources enables the efficient integration of systems. This not only reduces workloads but also guides incentives based on real-time data, ensuring that your incentive spending aligns with your budget and sales structures.
Navigating the constantly shifting landscape of inventory management requires agility, intelligence, and strategic planning. EvonSys Intelligent Incentive Offers and Promotions is designed to equip you with these capabilities and more, empowering you to optimize your incentive programs and maintain a competitive edge.
To learn more about how you can elevate your incentive management and stay ahead of the curve, please don't hesitate to reach out to our team at EvonSys. We are excited to guide you on this journey towards strategic innovation and optimization.
