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It was good news, bad news for the retail used-car market in January. Data analysts from the company develop the report, which delves into a range of macro and micro automarket trends through analysis of supply, demand, pricing and consumer behavior across the various Cars Commerce platforms. from December.
Wholesale vehicle prices last month were down double-digit-percentages from March 2023, but whether the close of the first quarter represented a strong spring market is up for some debate. Still, a common theme of “normalcy” certainly has emerged in the used-car market. It may depend on which industry index you’re observing.
The auto finance and retail industries continued to embrace the adoption of digital documentation and back-office strategies toward the end of 2024. Todays Rebounding AutoMarket The positive trends in the reported digital adoption coincide with a continued rebound in the U.S. automarket.
automarket, the word that will likely sum up 2024 is “normalcy,” according to Cox Automotive’s Forecast: 2024. auto industry. “To name a few, we saw historic appreciation in vehicle values, unimagined drops in supply, and interest rates moving from all-time lows to 23-year highs at an unforgiving pace.
Introduction In the fast-paced world of automotive retail, independent dealerships often face stiff competition from larger counterparts. While it may seem like a David vs. Goliath scenario, there are strategic approaches that indie dealerships can employ not only to survive but thrive in the market.
As dealers bid farewell to the seller’s market after four years of anything but normal, balance is expected to return to the U.S. automarket 1. 1 Given this shift and the variables that exist in today’s retail automotive market, one truth remains: a dealer’s bottom line. Businesses can get started now.
The latest survey, conducted immediately following the national election in early November, indicates that, while current market conditions are still viewed as weak, dealers are increasingly optimistic about the future. This significant increase suggests that more dealers believe the automarket will be stronger in the next three months.
AI for merchandising is not the only way this innovative new technology is shifting the auto remarketing industry, however. Auto dealerships are also embracing new AI tools for enhancing customer service and reshaping how they price their vehicles.
The venue will provide Cox Automotive the opportunity to demonstrate how it is working to change the way the world buys, sells, owns and uses vehicles. “We are excited to showcase the most complete and connected ecosystem in the auto industry at the NADA Show 2024, which is undoubtedly the auto industry’s event of the year.”
. “Overall, dealer sentiment is likely worse than actual market conditions,” added Smoke. Retailvehicle 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. 3 on the list of top 10 factors affecting business.
The index for the second quarter of 2024 was virtually unchanged from the previous quarter and has varied little since falling below 50 in late 2022 — but that level indicates a prevailing perception of a weak market. Overall, dealer sentiment is likely worse than actual market conditions,” Smoke said.
“The vehiclemarket in the U.S. is shifting from a seller’s market to a buyer’s market, and dealers are feeling the pinch of tighter margins and higher costs,” said Cox Automotive Chief Economist Jonathan Smoke. automarket is very different than it was just two years ago.”
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