Last month the world saw space travel enter a new era. Traveling through space in self-funded rockets, billionaires Jeff Bezos and Richard Branson ushered in the era of private space travel, a huge step forward made possible by the free market.
Back on earth, most of our travel is still done by car, but the types of cars we drive and how we buy them are also changing rapidly. All-electric vehicles (EVs) are quickly becoming more practical for everyday use and, in turn, more popular. Manufacturers like Fisker, Rivian, Lordstown, Lucid and Tesla are creating new markets, while familiar models will be offered all-electric in the years to come.
The way we buy cars is also changing rapidly. Online retail sales have grown 39.1% in the past year. This trend will continue. According to a study, up to 33% of new car purchases, from navigation to purchase, will be made online in the United States by 2035. Today, more than 70% of consumers want to make at least part of the online car buying process. .
Will Wisconsin stay in the dust? If we don’t modernize our car buying laws, we could.
Wisconsin is one of about 16 states with a law that prohibits car buyers from purchasing a car directly from the manufacturer, including online. Instead, consumers have to go through a third-party dealer. Initially intended to protect dealers in the mid-twentieth century, this law quickly became obsolete.