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The Canadian used vehicle market is facing a significant supply shortage of younger off-lease vehicles, expecting to negatively impact the used sales market. Off-lease vehicles are a key source of product for the usedcar market.
After all, CARFAX opines in an analysis around its latest price index that supply of late-model vehicles has fallen (thanks to the 2021 leasing declines) and used-car demand has climbed thanks in part to lower interest rates and recent hurricanes have managed up to 347,000 cars — fueling the need for vehicle replacement.
The reason most salespeople struggle to push usedcars isnt because they dont want to its because they dont understand how to sell what they dont know. If we dont prioritize inventory knowledge, our teams will naturally default to selling new cars. Heres how you as a leader can help your team crush usedcar sales: 1.
While new-car sales made a significant jump in the second quarter, used-vehicle sales took just a small step up, according to the latest data from Lotlinx. In addition, aged inventory in the used-car sector soared by 7%, ending the quarter at 49% of total inventory on the lot more than 30 days.
On Tuesday, Cherokee Media Group officially announced plans to host the UsedCar Industry Summit on April 13-15 at Miami’s premier waterfront destination: the luxurious InterContinental Miami. Built on the success of UsedCar Week, the UsedCar Industry Summit will highlight the best of the used-car industry.
New-car inventory is falling while prices are elevated and likely to rise more as the tariff era continues. And that’s good news for the used-car sector. The used-vehicle sector is continuing to benefit from the turbulence in the new-vehicle marketplace,” ZeroSum vice president of dealer success Josh Stoll said.
Its the cry of the frustrated manager: Wheres the car? They come from: Usedcarmanagers who cant locate keys for vehicles they need to move to the sales lot. Reconditioning managers who lose key-to-key time when keys and vehicles cant be quickly located and moved along. Where are the keys?
How Dennis Dillon Auto Group Built a Winning Private-Party Buying Program Most car dealers think the best used vehicles are found at auctions. We talked with their usedcarmanager, Bryan Bough, about their private-party buying program. Key Insight: Your salespeople should focus on selling cars, Bryan emphasized.
The used vehicle market is facing significant supply challenges and a course correction isnt expected for many years to come. Daniel Ross, senior manager of industry insights and residual value strategy at Canadian Black Book described the current state of the used vehicle market as a “horror story.”
A major focus of our new conference — the UsedCar Industry Summit , set for April 13-15 at the waterfront and luxurious InterContinental Miami — will be used electric vehicles. We’re partnering with Recurrent to put together multiple conversations and presentations on used EVs, focused primarily on dealer best practices.
How to Make Smarter Inventory Acquisition Decisions that Will Better Impact Your Bottom Line David Farmer, founder and CEO of Intice, recently stated, You make your profit the day you buy the car. This simple truth of buying cars right, often overlooked, is the key to unlocking higher profits in the car business. But reality?
At the same time, professionals in this field must also be familiar with older vehicle models to meet customers’ needs with classic or usedcars. Managing this wide range of responsibilities requires strong problem-solving and prioritizing skills. Time management is also crucial for staying productive.
Small competitors positioned at the lower end of the market started absorbing business from usedcar lots and garages, which focused on budget-conscious customers. My experience managing and modernizing our family business gave me a rare opportunity to buck this trend.
Similarly, a sudden drop in usedcar prices from post-COVID highs resulted in many vehicles not being repaired. For instance, as vehicles become more complex, the cost of repairing crash parts with all the added sensors and technology might lead to higher total loss ratios as these cars depreciate.
The adage time to line is always fashionable when reconditioning usedcars so you can retail sooner and profitably. For over a decade, dealers have confirmed that a three-to-five-day time-to-line recon operation gets usedcars frontline ready faster and improves inventory turn. Plus, theyre time-consuming.
What a car shopper cant find on them wouldnt fill a thimble so why should you consider adding digital vehicle portfolio (DVP) content to this fantastic marketing site? Thats a great question, and every dealer, GM and usedcarmanager should ask it. Auto dealership websites are awesome. So, what are DVPs?
In 2024, dealerships face a challenging landscape, with revenue and new car sales on the decline. As profit margins tighten, managing profitability has become more crucial than ever. However, amid these challenges, used vehicle sales present a bright spot.
A growing shortage of off-lease vehicles, improved new vehicle availability, declining interest rates and a falling Canadian dollar were just some of the factors shaping the market in 2024, said Andrew King, managing partner at DesRosiers.
You’re a car dealer; such environments are made for your mentality, aptitude, creativity and long suffering. Consider these actions to reduce market risks to usedcar profitability. This is one of the most productive and simplest ways to better manage margin expectations on every usedcar you buy.
The general narrow-minded focus we all suffer in conducting our day-to-day job helps us forget and neglect the basics of the car business we need to remember. OK, I do not want to be Chicken Little crying that the sky is falling, but I hope to encourage you to look at the reconditioning practices of your usedcar department.
I mean growing sales margins, making more confident trade appraisals and working the usedcar operation to increase cash flow. More Efficient New and Used Vehicle Sales: Missing a service delivery promise chills retention. Now they meet customers on a level field, both able to discuss any usedcar on your lot intelligently.
For stakeholders in the automotive industry, particularly in the usedcar market, understanding how blockchain can reshape the sector is not just about keeping pace it’s about seizing opportunities for efficiency, transparency, and growth.
Perhaps you could make an argument that the used-car market is almost as healthy as it can be for both auctions and dealerships based on two trends highlighted by Black Book in its latest installment of Market Insights. Looking closer at specific vehicle segments, Black Book reported prices for sub-compact cars tumbled by 1.27%.
This free update allows car owners to record and share a short video walk-around of their vehicles, enhancing the process for dealerships and customers alike. Usedcarmanagers gain greater visibility into vehicles they are most interested in acquiring and receive notifications about new video submissions.
What about renting cars? For obvious reasons, large rental companies were more than happy to swoop down on the local rental opportunities dealers offered, first, in putting satellite locations right in select high volume stores, or, for most, shuttling cars back and forth to dealerships on demand.
When car prices rise, consumers delay buying new cars, opting to service their current ones instead. Additionally, higher new car prices make our usedcar inventory vital, so PDIs must be processed quickly. Higher Demand for UsedCars Have you ever considered an advisor and tech team just to handle your PDIs?
Rising interest rates, record-high monthly payments and fluctuating usedcar valuations have changed the customer journey. This level of immediacy enables management to respond to shifts in real-time. If sales activity dips unexpectedly, managers can drill down immediately to identify the cause and take action.
In fact, arming sales and marketing teams with comparative financial examples that they can share with customers may be the single best tool an owner/manager can provide to help them manage their business through these changing and challenging times. State and federal EV incentives are still strong for U.S.-made
By securing a VSC post-sale, dealers can lock in this relationship, encouraging repeat business for future car purchases. Additionally, a well-maintained car with a solid service record becomes a valuable trade-in option, presenting an opportunity to enhance the dealerships usedcar inventory with well-cared-for vehicles.
Technicians at BMW of El Cajon can manage those assets in the platform, making the assessment of damages easy and holding drivers responsible for damages accountable. Since tracking vehicles in the Dealerlogix platform, that average has experienced a drastic improvement to approximately $7,000 per year.
Repair OnDemand announces the launch of five upcoming enhancements to their reconditioning management system, Repair360, at NADA 2025. By giving instant access to reconditioning data from any platform displaying a vehicles VIN, fixed ops and usedcar teams will receive valuable insights into a vehicles location and status.
PPM tools help dealers find, manage and convert local sellers. A lot of dealers are starting to look at generating profit not just from the number of cars they sell, but from a first-principles approach: focusing on buying the right inventory. But how do you buy the right cars, right? Yes, Sellers. Not Buyers.
As part of the inaugural Automotive Intelligence Awards , Cherokee Media Group is honoring a select group of outstanding auto industry analysts for their contribution to the knowledge base of the used-car retail, finance and remarketing industries.
If you sell new cars, you have the ability to take in trade some 2- to 6-year-old vehicles, with a high percentage coming from your own brand. This not only gives you higher quality vehicles, but you know that models that sold well new will sell well used. When you create service loyalty from your new-car customers, magic happens.
This shift reflects more than just a technological upgrade — it represents a fundamental evolution in how dealers manage risk, optimize inventory and forecast demand in real time. The New Affordability Equation According to Edmunds , the average price paid for new cars in the U.S. during May reached $48,334, down 0.2%
More and more folks are opting for incredibly long-term loans that still carry high monthly payments, because cars are just so damn expensive these days. That works out to one in every five customers handing over a band every month for their new car, according to a report from the Detroit Free Press. Thats up from 17.8%
Graduates of the Auto Body Estimating program at ATC Surrey can step into entry-level roles in various settings, including new and usedcar dealerships, retail automotive repair shops, and insurance companies. Others take on leadership roles within body shops, working as assistant managers, body shop managers, or even business owners.
While directly impacting imported vehicles and parts, their influence extends to the usedcar market as well. As new-car prices rise due to these added costs, consumers often pivot to the usedcar market, increasing demand and subsequently driving up wholesale prices at auctions. Visit www.dealnow.com.
The report cited its December survey of more than 1,000 consumers to show preference for SUV and trucks has dropped slightly SUVs down from 44% in 2023 to 43%, trucks from 9% to 7% and crossovers from 8% to 6% while car segments rose in popularity. The 47% who project used-car profitability was well above the 21% who did so a year earlier.
Despite these gains, ICE vehicles still constitute the majority of usedcar sales, reflecting a more gradual shift in the transition to electrification. Performance varied among OEMs, with some experiencing strong sales growth, while others encountered hurdles with pricing and inventory management.
The focus is shifting from customer-facing AI applications to leveraging these technologies for back-end data optimization, particularly in inventory management and operational efficiency. Its not just about inventory management; rather, its the powerful intersection of inventory data, audience data, and media consumption data.
Brands With the Best Experience While individual dealerships play a crucial role in shaping the car-buying experience, a brand’s overall reputation also influences consumer trust and loyalty. The post Cars.com Recognizes Top Dealers appeared first on AutoSuccessOnline.
Today’s current economic climate has forced auto dealers to buckle in for a wild, unpredictable ride with their car shoppers. Auto dealers face new, unprecedented challenges that demand a strategic approach to wealth-building and F&I portfolio management.
The focus is shifting from customer-facing AI applications to leveraging these technologies for back-end data optimization particularly in inventory management and operational efficiency. It’s not just about inventory management; rather, it’s the powerful intersection of inventory data, audience data and media consumption data.
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