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Graphic: Cox Automotive Used-vehicle inventory levels at the start of June dropped slightly month over month , but inventory was relatively flat compared to early June 2024, according to a Cox Automotive analysis of vAuto Live Market View data released June 13. Usedretail were at 1.53 million reported in April.
Car Pros Honda El Monte earned the distinction of being a top Honda dealership in the U.S. Dealership Achieves Unprecedented Growth Car Pros Honda El Monte joined Car Pros Automotive Group in 2019. For the fifth consecutive year, Car Pros Kia Glendale ranked no. 1 in new Kia retail sales nationwide.
For the fifth consecutive year, Car Pros Kia Glendale ranked no. 1 in new Kia retail sales in the nation. MINI ofDowntown Los Angeles, which Car Pros acquired in 2023, secured the no. 1 spot inSouthern California, while Car Pros Honda El Monte was recognized as the no. 22 retail sales volume Honda dealer in the nation.
When it comes to used-carretail prices, the third quarter pointed to a “return to normalcy,” a trend that was particularly evident by this metric: late-model usedcars have prices that are “notably below” those of new vehicles. drop in used vehicle prices compared to the typical 0.7% year-over-year drop.
The retailused-car market, including the certified pre-owned segment, showed some real strength last month, improving from both year-ago and January figures. Citing data from its vAuto business unit, Cox Automotive estimated that used-vehicle retail sales in February climbed 18% month-over-month and 5% year-over-year.
And as the law of supply and demand decrees, usedcar prices are beginning to rise, according to CarGurus’ August 2024 Intelligence Report , released this week. The report showed used-car inventory levels down in August for the third consecutive month, dropping 2% below last year and 7.4% below August 2022 levels.
Edmunds director of insights Ivan Drury highlighted multiple tailwinds that could help the retailing of usedcars. The return of holdout buyers should help bolster the supply of more affordable, older used vehicles. The average trade-in age for used vehicles increased to 9.4 What does it mean for used-car sales?
Perhaps it’s jumping to conclusions, but the only segment in Black Book’s tracking to squeeze out a wholesale value uptick last week might relate to vehicles in position to solve one of the pressing current challenges to get cars financed and retailed. As July comes to a close, the depreciation rate is stabilizing.
Dealerships in 2024 will continue to face usedcar sourcing challenges. I recently read an article that netted the issue: “Dealers navigating a used-vehicle market that already allows little room for error are eyeing another obstacle: worsening used-car availability.”
However, there are a few things you should know to have a better chance of success when it comes to sourcing and managing your used vehicle inventory. The top three things used-car managers should pay attention to right now are to be active buyers, reduce average inventory cost, and lean on market data for more informed decisions.
Power showed the numbers crunch unfolding that might again be pitting the used-car department versus the new-car division. And Cox Automotive reported last week that overall new-vehicle days’ supply stood at 81 at the start of October, just one day more than the 80 days analysts noticed October 2019.
A 2022 Bureau of Labor Statistics report reminds us that from the 2007 to 2009 recession — and through the onset of the pandemic in 2019 — “car and truck dealerships faced an economic shock and compressed profit margins on new vehicles.” CarEdge Data pointed out that February inventory supply ranged from two weeks to two years.
As we continue to navigate the shifting landscape in auto retail, one thing has become crystal clear: the days of cost-cutting have ended. Now, car sales have surpassed pre-COVID levels, and marketing budgets are surging as many dealers have realized the bottom is already behind us.
Retail vehicle sales have been fairly consistent so far this year, inventory has returned to reasonable levels, and we believe interest rates have likely hit a ceiling. ” The survey also asks dealers to rate new-car sales and used-car sales separately, along with various key drivers, including consumer traffic.
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