DETROIT, August 15, 2024 – Urban Science® today announced its 2024 midyear Automotive Franchise Activity Report (FAR), which reveals continued stability across the U.S. automotive retail network during the first six months of 2024. As of July 1, 2024, there were 21 more dealerships (rooftops) in the U.S. compared to December 31, 2023 (18,368 compared to 18,347 at the end of last year); the number of franchises – brands a dealership sells – decreased by 191 (from 30,504 at the end of last year to 30,313) as of July 1, 2024.
Urban Science projects throughput – the number of vehicles a dealership sells – to rise by 28 units this year (from 851 units in 2023 to 879 units in 2024), marking a new high for the U.S. automotive retail network since the arrival of the COVID-19 pandemic in 2020. This figure is based on a GlobalData forecast of 16.1 million unit sales in 2024.
Vast majority of market (CBSAs) remain stable
According to Urban Science, 97% of core-based statistical areas (CBSAs) in the U.S. had virtually no net change (+/- one store) in dealerships. Eighty seven percent of CBSAs had no actual net change in dealerships. Six percent of CBSAs (net) lost at least one store and 7% (net) gained at least one store.
The most significant state-level changes were net increases in Texas (+13), Florida (+12) and Georgia (+7), and net decreases in Illinois, Missouri and Oregon (-4 each).
Growing EV market share
Earlier this year, Urban Science released an EV販売マイクロスタディ unveiling U.S. electrification trends and state-level battery electric vehicle (BEV) sales leaders. This microstudy outlined year-to-date BEV, plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV) sales, which collectively captured 20% of YTD U.S. industry vehicle sales through April 30, 2024. Among all electric powertrains, HEVs surged the most with 33% year-over-year growth compared to the same time period in 2023.
“As hybrid and electric vehicle sales continue to climb, automakers and their dealers face a critical opportunity to strategically plan their networks to capitalize on this shift,” said Mitch Phillips, global director, data, Urban Science. “Our research shows hybrids not only enhance service retention rates but also demand a diverse range of maintenance and repair services, creating additional revenue and loyalty opportunities. To effectively navigate this evolving landscape, OEMs must leverage the power of science and daily industry sales data – rather than outdated registration data – to develop strategies that support both their ICE and growing electrified vehicle sales and service portfolios. Meeting consumers where they are and where they will be requires a clear roadmap, and harnessing the power of proven scientific processes and methodologies to inform network-planning efforts ensures this roadmap is both cohesive and actionable.”
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About the Urban Science Automotive Franchise Activity Report
Urban Science maintains a list of current new-vehicle dealership and franchise information for all car and light truck brands in the United States. Compiled on a monthly basis, the census is the most reliable source of dealership statistics. The data comes from a variety of sources, including feeds from automotive manufacturers as well as phone and field verification. Urban Science has been collecting this information since 1990 and compiles an annual analysis for the previous year in its Automotive Franchise Activity Report.
