We’ve written before about the industry-wide challenge posed by advanced driver assistance systems (ADAS) and how such systems present both opportunities and challenges for the specialty aftermarket. Consumer demand and the opportunity for car makers to distinguish their newest models is driving rapid deployment and, indeed, the systems are bringing significant real-world benefits by reducing injuries and accidents.
There’s no longer any doubt that better digital product information sells more parts. A recent SEMA market study reported that 86% of automotive accessorizers used online sources to research their parts purchases. And broader market studies show that strong product data increases the frequency of sales, positively influences the amount of each sale and drives brand loyalty.
It’s been about a decade since our industry last coped with a serious recession. Some say there will be a downturn in the next year or two, although that sentiment has been in the forecast for several years now. Current economic indicators are still pointing in the right direction, and a recent SEMA poll found that most member businesses are predicting that 2019 will be another successful year. Our industry and the association learned much from the last downturn. The lessons learned are worth highlighting, because they represent opportunities even today.
In 2006, the SEMA Board of Directors reviewed the vehicle technology landscape and the potential role the association could play to assist members. The outcome was the establishment of a new department—Vehicle Technology—and a vice president position located in Detroit to lead the association’s efforts.
Look back at early issues of SEMA News and its predecessors, and it’s easy to see that our industry has perpetually been concerned about awakening and inspiring a next generation of car and truck enthusiasts. The ability to capture the youth market is a focus for many industries simply because future success often depends on it. Because young people are open to new ideas and are still developing preferences and identities, the youth demographic offers the possibility of lengthy attachment to a brand, a product or a lifestyle. In addition, young people have significant collective buying power, are often trendsetters, and they influence other demographic groups.
Election season is over, and SEMA is now focused on the new legislative sessions in Washington and state capitols across the nation. Heading into 2019, this column provides a brief update on some key federal initiatives.
With the 2018 SEMA Show in the books, the industry collectively turns to follow-up. For exhibitors and buyers, pursuing leads and contacts from the Show can lay the foundation for a successful year ahead. Likewise here at SEMA, the weeks following the Show are filled with post-Show assessments, including gauging where the industry is headed.
It’s no secret that data—in simplest terms, information—has become an important driver of business success. Through use of data, businesses can develop more informed strategies, and optimize outcomes. Which is another way of saying that the more you know, the better your chances to work smarter and boost revenue. Data, and the interpretation of data, directly translates to a competitive advantage in the marketplace. Data creates opportunity. Unfortunately, not every small business can focus on data development while in the heat of battle.
It’s exciting to see that the industry is once again poised to unveil another burst of innovation, as evidenced by the broad array of new products and extraordinary vehicles slated to appear on the SEMA Show floor.
Based on years of casual input, surveys and observation, the SEMA Show team has gathered a very useful collection of the tips and tricks used by seasoned buyer attendees to make the most of the SEMA Show. “Expert buyers” come to the Show knowing what they are looking for, cover new ground efficiently, and take advantage of every available resource.
