#cargurus #automobile #car #yahoofinance #autoindustry
CarGurus Director of Industry Insights & Analytics Kevin Roberts joins Market Domination to discuss his outlook on the auto industry in 2025.
Roberts highlighted affordability as the primary trend in the auto industry throughout 2024. For consumers, he explains, "It really came down to high vehicle prices and interest rates at multi-decade highs, really kind of increas[ing] those multi-payments for consumers, and that led to kind of trickle-down effects for the greater industry."
Regarding the impact of President-elect Donald Trump’s proposed tariffs on the US auto industry, Roberts notes that "much is uncertain right now." He emphasizes that the fallout would highly depend on when the tariffs go into effect and which countries are impacted.
"I think if there’s forewarning, the auto industry is very adaptable and can move around and kind of reallocate resources," Roberts says. "But if it goes into immediate effect, that’s where it would be a little bit more disruptive for the industry."
Regarding the incoming Trump administration’s considerations to remove EV tax credits, he notes that they currently help support affordability for both new and used electric vehicles, and if removed, it could represent "a headwind for the industry in 2025."
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
This post was written by Angel Smith
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