How bike retailers can use data and insight to understand their market
At a time when the industry is evolving, and market is ever-changing, keeping your finger on the pulse and having access to data and insight on the automotive market is more important than ever. Adapting to new ways of working, retailing and selling has become critical, and being aware of key trends in the bike market could give you the extra edge. Complementing your knowledge with data and insight, monitoring the market and being aware of how consumers are responding has become the key to success.
AT Market Insight is a powerful tool to help retailers use up-to-date market intelligence to identify key trends in the market, understand how it may impact their performance, and inform how to adapt accordingly. This key insight can then be used to inform operational and marketing decisions for your forecourt and plan your future stock mix.
Use Market Health to get a good read of the overall market
We’ve created a Market Health score which shows the balance of vehicle supply versus buyer demand compared to the previous year.
Using the explore filters at the top of the page, you can select makes and models within each make, body type, fuel type and vehicle age band, to see movements in supply and demand.
This is a search showing the market health for petrol bikes up until last week over a 52 week period. It shows the overall Market Health to be +7%, meaning over this period the market was stronger than the same period the year before.
Use Supply and Demand to understand what’s driving the market health
To get a real understanding of what is driving that weaker market health, we need to explore the supply and demand charts below. These show that the supply of petrol bikes is down 4% compared to the year before, but buyer demand has increased by 8%, which is why the overall Market Health is good.
With this data now at your fingertips, you can monitor the market to see where there is strong buyer demand and how that changes over time.
Use Pricing to see the impact of market conditions on the pricing of bikes
A further key components of the tool is national pricing trends. This enables you to see the impact of market conditions on the pricing of bikes on Auto Trader. This will be crucial information in understanding whether the market price of vehicles is affected by anything happening in the market.
Using the same search on all petrol bikes, we can see that the average price has increased 6%pricing is 6% up compared to the same period the year before.
Bike retailers now have access to this unparalleled market insight and intelligence directly in portal, just head to “Analytics” in the navigation and select “Market Insight”.
To learn more about Market Insight and how to use it, we’ve create a RPM video, which you can watch here.