The latest edition of “Market Insights with Mike” from the Auto Care Association looks at weekly vehicle miles traveled (VMT) data for Independence Day from 2019-2021. This data is available exclusively in the Auto Care Association’s TrendLens interactive data platform as part of the “Market View” package. This edition also provides examples of how the Pearson correlation coefficient — a new feature — is available for Auto Care Association members who wish to compare two economic and industry indicators to inform their market strategy.
Relative to previous years, VMT for the two-week period around July 4, 2021, was higher than for the same time period in 2019 and 2020. This confirms that not only was there pent-up demand to travel, but that travel for July 4 weekend via automobile in 2021 exceeded the past two years.
Tracking variables known to be leading indicators for industry activity (demand for parts and service) can give businesses time to anticipate consumer behavior and stock products/staff resources accordingly. All Auto Care Association members have exclusive access to Economic and Industry Indicators data, as well as Arity Monthly VMT in TrendLens.
To view the latest edition of Market Insights with Mike, click here.