Hey Ryan!
Definitely, messaging, creative, offers, seasonality, etc play a part - but we are finding that strong messaging and creative can be amplified with the use of third-party data.
In the month previous, we were running Native FB Demographic Targeting (w/ In-Market Make/Model specific targeting). These ads were built with similar ad structures/copy to the month previous... Just a bit of updating based on current offers. We used Collection Ads.