David Thomas

David Thomas is director of content marketing and automotive industry analyst at CDK Global. He champions thought leadership across all platforms, connecting CDK’s vast expertise to the broader market and trends driving our industry forward. David has spent nearly 20 years in the automotive world as a product evaluator, journalist and marketer for brands like Autoblog, Cars.com, Nissan and Harley-Davidson.

David Thomas
Director, Content

Interest rates have tripled compared to last April. Yes, you read that right. Car loan interest rates are now near 7%, up from the low twos in 2022 making cars less affordable and causing pain for many car shoppers. However, sales were strong in April — up by nearly 6% according to some estimates — and in our latest Ease of Purchase survey 83% of buyers found the process easy, up from 81% in March.

The slight uptick follows two factors that also saw positive change in April.

The kickoff to the rebooted, and slightly renamed, North American International Detroit Auto Show hit some snags. But it may have opened doors to what’s next for what was once the premiere event in the entire industry.

Nearly every brand now has an EV to sell, but is it a tipping point?

There is a serious debate on when the automotive industry will reach a tipping point when it comes to electric vehicles. Generally, we think of that tipping point in terms of sales. Car and Driver recently reported that registrations of EVs “shot up 60% in the first quarter of 2022.” This is a positive sign but still less than 5% of our total market.