The average time between a consumer’s vehicle purchases continues to grow. Reports indicate that people expect to own the same car for six, seven, or even eight years – a notable shift from the typical past purchase cycle of every three to four years.
This shift is just one reason why automakers must think critically about customer retention strategies and how their new revenue streams can grow customer relationships. As leading OEMs increasingly invest in mobility programs like car-sharing services, these initiatives serve the dual purpose of providing an additional revenue stream and an added touchpoint with consumers between vehicle purchases. These benefits align with an evolving goal in the auto industry: Nurturing the customer relationship throughout the sales cycle, including between purchases.