Q3 SiriusXM New Car Trials Slid 21% on Chip Crunch

Automaker production shortfalls induced by the global chip shortage sent SiriusXM “new car trial stats” tumbling 21% in Q3 from the second quarter's “record high,” said CEO Jennifer Witz on a call Thursday. Used car trial stats fell 6% sequentially. “This means that in the fourth quarter, we'll see more than a million fewer conversion opportunities than we saw in the third quarter,” she said. “Most automakers and industry forecasters believe the timeline to recover from supply chain-related issues is sometime between mid-year 2022 and early 2023. Most expect recovery from these issues to be gradual next year, as opposed to a sharp bounceback.”