Although Kelley Blue Book reported the average price of a used vehicle decreased slightly during March, that $27,250 price tag makes it very difficult for Americans with lower household incomes to buy a used vehicle. The fewest used vehicles available are those priced less than $10,000 and the availability of those priced less than $15,000 is almost as limited.
Americans with lower household incomes are more likely to repair their existing vehicle and purchase auto parts either at a local store or online. Radio is where to connect with those consumers, according to The Media Audit’s newly released 2021 Aggregate Report of 49 of its consumer/market surveys.
The table below clearly indicates Gen Zers who purchased auto parts during the past four weeks and who are heavily exposed to radio (180+ minutes during the average day) over-indexed the most for being in lower household income brackets. Interestingly, the data in the table also shows the two oldest generations shared this correlation with Gen Zers, but those Baby Boomers and the Silent Generation were in middle-income brackets.
“Radio maybe even more valuable and efficient ad medium today for local auto parts stores, especially those with a robust online presence,” said Nick Miller, Midwest Market Manager, The Media Audit. “The current dearth of used vehicles for sale, especially the least expensive, coincides with the historical peak spring and summer seasons for auto parts retailers. In addition, more Americans plan to travel by vehicle this summer. Those with older vehicles, therefore, are more likely to want them in good, safe working order.”
Radio is a premier reach medium for any advertiser and will help local auto parts stores to strengthen their name recognition, The Media Audit says. However, radio is an even better ad-media choice when paired with digital media.
The second table reveals a stronger correlation between Gen Zers and Millennials who purchased auto parts during the past four weeks and who are heavily exposed to radio and their heavy exposure to the major social media platforms. Auto parts stores can use radio to direct listeners to the stores’ social media pages with details of the weekly specials promoted on radio. Stores can also create and post short videos about their customers’ most-often-asked questions.
Keeping their jobs or looking for a better position is extremely important for all Americans, especially those with lower household incomes, in the current rather chaotic economic environment. Having a dependable vehicle, regardless of its age, is an absolute must, giving consumers another reason to shop for auto parts.