LAS VEGAS, Feb. 1 — The 2024 JD Power Auto Summit united the automotive industry on February 1 at Resorts World Las Vegas, convening auto retailers, manufacturers, and others to assess the state of the industry and help shape its future direction.
A precursor to the NADA Show, JD Power welcomed over 600 automotive industry leaders to Las Vegas last week.
Packed with compelling presentations and discussions, the event delivered critical insights around emerging trends, new technologies, electric vehicles, and forecasts for the automotive space.
Couldn’t make it out with us to Las Vegas? Check out this recap of the event:
Leno Lights Up the Crowd
Pictured above, left to right: Jay Leno, Dave Habiger of JD Power
JD Power CEO Dave Habiger took a seat behind the desk to interview comedian and auto enthusiast Jay Leno to get his unique take on the auto industry, followed by an audience Q&A.
Reuss Discusses GM’s Future
Pictured above, left to right: Dave Sargent, Mark Reuss of General Motors
General Motors President Mark Reuss engaged in a fireside chat with Dave Sargent, Vice President of Global Automotive at JD Power, at this year’s Auto Summit.
Reuss and Sargent explored GM’s accelerating shift towards electric vehicles, touching on strategies to assuage dealer apprehension surrounding the transition to EV.
Reuss emphasized GM’s manufacturing flexibility to produce both gas and electric models, and even touted some of the brand’s recent gas-powered hits, including the Chevrolet Trax.
He also highlighted priorities around elevating quality and enhancing the customer experience.
The Franchise Assessment Team Did It Again!
Pictured above, left to right: Eileen Falkenberg-Hull of Newsweek, Tyson Jominy, Elizabeth Krear, Kristin Kolodge, and Jonathan Banks of JD Power.
The JD Power Franchise Assessment is legendary. Some attendees specifically fly to the Auto Summit annually to partake in the coveted session. Well-known for its secrecy, insights from the exclusive presentation cannot be shared externally.
Pictured above, left to right: Tyson Jominy, Elizabeth Krear, Kristin Kolodge of JD Power.
Dodge’s Winning Formula: Fewer Nameplates, More Profit
Pictured above, left to right: Doug Betts of JD Power, Matt McAlear of Dodge
Dodge has achieved standout success in the JD Power IQS and APEAL studies — unusual for a mainstream brand.
Dodge/SRT Sales & Marketing SVP Matt McAlear, in a one-on-one with Doug Betts, President of the Automotive Division at JD Power, shared the brand’s winning approach: “We’ve grown sales and shrunk our nameplates over 10 years – and made more money doing it,” he said.
This strategic focus allows investment in new products like their upcoming electrified muscle car. By resisting expansion, Dodge built efficiency to fund innovation.
Charting INFINITI’s Future Growth
Pictured above, left to right: Kim Irwin of JD Power, Craig Keeys of INFINITI
With consumers judging brands against customer-centric leaders, like Amazon and Nordstrom, automakers must follow suit.
In an insightful discussion at the JD Power Auto Summit, INFINITI President Craig Keeys outlined his vision for revitalizing INFINITI’s brand image, aligning dealership priorities, and positioning the luxury marque for sustainable expansion.
Moderated by Kim Irwin, SVP of Digital Strategy for JD Power, the discussion spotlighted customer experience elevation as pivotal.
EV Adoption Surging but Work Remains
Pictured above: Stewart Stropp of JD Power
Stewart Stropp, Executive Director of EV Intelligence, revealed that 2023 EV sales topped 1 million, rising 50% year-over-year.
But improving affordability, inventory and infrastructure remains vital to compete against ICE vehicles.
Stewart’s outlook was followed by a cross-industry panel, moderated by Chris Sutton, VP of Automotive Retail at JD Power. The panel proposed better collaboration across sectors to simplify the consumer EV transition.
Pictured above, left to right: Chris Sutton of JD Power, John Fitzpatrick of Force Marketing, Rebecca Lindland of Cars Commerce, Michael Berube of the U.S. Department of Energy (DOE), Mike Stanton of National Automobile Dealers Association, Chris May of JM&A Group.
Used Car Affordability Squeezed
Pictured above: Jonathan Banks of JD Power
Per Jonathan Banks, VP of Product Development for JD Power Valuation Services, used car buyers still pay 20% more than 2021, despite recent price drops.
Dealerships must confront growing affordability challenges even amid high profitability. Meanwhile, lower-income shoppers feel inflationary strain, with interest rates now north of 11% for certain buyers.
U.S. Auto Outlook and AI
Pictured above: Doug Betts of JD Power
Kicking off the summit, JD Power Global Automotive Division President Doug Betts discussed the hot topic of artificial intelligence and how JD Power leverages AI for advanced repair analytics. This set the stage for a data-driven event.
Pictured above: Thomas King of JD Power
Thomas King, President of Data & Analytics at JD Power, presented the annual U.S. Automotive Outlook. He described an auto landscape shifting back towards high inventory, high incentives, and low profitability models. However, he said the industry remains far from pre-pandemic norms.
Dealership Strategies: Small Groups Trade, Large Groups Expand
Pictured above, left to right: Erin Kerrigan of Kerrigan Advisors, Howard Tenenbaum of Keyes Motors, Rita Case of Rick Case Automotive Group, Ryan Gee of Gee Automotive Companies, Ben Keating of Keating Auto Group.
Dealership president panelists, moderated by Kerrigan Advisors CEO Erin Kerrigan, suggested smaller groups will focus more on rooftop consolidations for efficiency while large groups pursue strategic geographic expansion. The panel also noted public dealership groups tend to struggle with talent retention compared to private retailers.
No written recap can fully capture the meaningful relationships and memories cultivated at the JD Power Auto Summit. For those unable to attend this year, we hope you can join us in New York City on March 26, 2024 where JD Power is co-hosting the Automotive Forum at the Javits Center, ahead of the New York International Auto Show. Register here.
