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Small competitors positioned at the lower end of the market started absorbing business from usedcar lots and garages, which focused on budget-conscious customers. As the need for larger inventories grew, jobbers increasingly relied on credit facilities to finance stock expansion.
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.
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. Sourcing remains a significant concern. Among independent dealers, 45.3 per cent saw no change.
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. Automate compliance: Regulatory compliance in finance is often complex and time-consuming.
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.
We talked with their usedcarmanager, Bryan Bough, about their private-party buying program. They didnt just tweak their existing process; they completely reinvented how they acquire usedcars. Streamlined Lead ManagementManaging leads from private sellers initially felt overwhelming.
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.
For one thing, consumers are catching a break in financing. OEMs and Dealers Respond Automakers are moving quickly to shield both themselves and their customers by offering cash incentives and loyalty programs, low-APR financing, prepaid maintenance and warranty extensions, and lease flexibility.
One other key benefit of bringing back in-house rental operations is inventory management. The best way to ensure a steady stream of late-model used vehicles at the mileage and age you want is to create them yourself at the store (at a cost written down through rental payments) without depending on third parties.
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.
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. CRM: Focuses on managing customer interactions (warm customers/leads — aka car buyers).
of new-vehicle financing loans were 84 months or longer. Thats apparently a new record, and it means someone who buys a car today will be paying it off until July of 2032. of new vehicle financing deals. Looking at the big picture, the average new car loan was 69.8 Things arent much better for usedcars, either.
Dealers are expecting used-car operations to become more profitable and new-car profitability to decline in 2025. The 47% who project used-car profitability was well above the 21% who did so a year earlier.
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.
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. Considering 24 months of consumer reviews, Subaru and Acura and Volvo among luxury brands emerged with the highest overall review ratings.
Simplifying the Car-Buying Experience CarGurus has fundamentally changed the way consumers search for and purchase vehicles. The platform simplifies every step of the process, making it more accessible and manageable for both new and experienced buyers.
It’s no secret that dealers are facing a complex set of challenges when sourcing usedcar inventory. While supply constraints have been a major focus, it’s also important to consider how demand dynamics are influencing the usedcar market and complicating dealerships’ ability to source inventory effectively.
Industry Trends in 2023 While the usedcar boom that sent prices sky high may be winding down, there is still a large demand for quality used vehicles. Offer financing options: Just like a variety of cars, customers like a variety of financing options. Here are some ways they do just that.
We’ve known for a while that things weren’t going great for the online usedcar dealer Vroom. Back in 2022, it was sued by the state of Texas for its shady sales practices and later that year managed to lose more than $50 million in a single quarter.
In the automotive industry, for example, a customer purchasing a usedcar needs confidence that the vehicle will perform well and last for the long term. In an environment where products and services are expected to be delivered quickly, customers need to be assured that what they receive will work as promised.
Higher rates lead to increased monthly payments, making vehicle financing more challenging. According to Cox Automotive’s June 2024 Auto Market Report, the average new car loan interest rate is 10.1% for usedcar loans. This is a significant increase from two years ago, when the average new car interest rate was 4.1%
All dealers are facing the same challenges, but the best managers demand a strategic approach that goes beyond simply waiting for the market to rebound. Car dealerships can capitalize on this trend by emphasizing the quality and reliability of their certified pre-owned vehicles. therefore getting them cheaper.
During the coronavirus pandemic, inventory was historically low, customers frequently paid above MSRP and financedcars at higher interest rates and for longer periods of time. This in turn has resulted in a surplus of new cars sitting on lots. Then ensure staff are trained to use the new system effectively.
Benchmark Automotive Data , an automotive suite for actionable decision making across the dealership, announced the launch of Benchmark Data Suite, their platform designed to easily track and manage important data in one location for better decision making and profitability.
While the coming year is showing positive signs for used-dar dealers, we’ve learned that the future is never certain. No matter what curveballs are around the corner, there are key strategies used-car dealers should consider to consistently boost profitability. That’s when financing becomes more important.
Today, this pattern is packaged into digital vehicle portfolios (DVP), the visual, enticing and descriptive Wish Books grown-ups now use to shop and buy usedcars from your dealership. Seal the deal before it starts by using DVPs to transform buyer trust and transparency and stimulate desire.
Financing options: Explore different financing options available for used hybrids, such as bank loans or dealership financing. As a result, the car does not start, and the repair can cost around $2,000. This will help you assess the long-term financial benefits of owning a hybrid.
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