This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
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 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.
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.
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.
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.
The 57-year-old operation plans to build its network and broaden its reach to more new and usedcar dealers as well as regional and national commercial accounts.
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.
You might be surprised to discover that your junk car holds more value than you expect. Recent information shows junk car prices throughout the United States vary from $50 to $3,000 while most buyers offer between $100 and $500 based on different circumstances. Recent developments continue to reshape the usedcar market landscape.
Several market dynamics are currently in motion creating an opportune moment to buy wholesale used vehicles. 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 right car always includes your core inventory that sells well.
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.
Independent car dealerships must remain competitive compared to other independent dealers in their area and large national chains with big budgets, a strong brand identity, and access to a nationwide inventory. Offer financing options: Just like a variety of cars, customers like a variety of financing options. How do they do that?
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.”
You just happen to fix cars, a shop coach told a room full of shop owners, technicians and advisors. You are not at the shop to fix cars. What I’m doing is usingcars to create relationships. Because I’m in the relationship business, not the car business. You’re in the people business.
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.
Used vehicle acquisition is competitive, expensive and nuanced, even for the best car dealers. While some dealerships are happy sending their usedcarmanager to the auction, others who aren’t satisfied with that approach need to get a little scrappy and think outside the box. Where Do You Find Them?
Pros: o Complete Control: You pick the cars and the price. When using a private-party management software, dealers see up to an 84% reduction in acquisition costs and two to three times total purchases per month. The post Mastering UsedCar Acquisition: Lead Generation Basics appeared first on AutoSuccessOnline.
Same goes for the used-car market, it seems. Despite a slowdown from the prior month and the heights reached in the summer, used-car sales in December capped what ended up being a pretty solid year, according to Cox Automotive. In fact, used-car sales (overall and retail) fell sequentially in both November and December.
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.
Yet, many dealerships continue to use spreadsheets or fragmented systems that fail to communicate across departments, leading to inefficiencies, miscommunication and missed opportunities. This lack of visibility delays the car’s journey to the sales lot, increasing holding costs and reducing potential profit.
We have been speaking about the persistence of margin compression throughout the pandemic years — and urged dealers in February 2022 to heed the signs and sharpen pre-COVID selling, inventory management and customer relationship skills. How do you manage margin compression here? With a focus on predictable outcomes.
For car dealers, this represents a $22 billion opportunity in warranty work. Maher, a third-generation car dealer, leveraged his experience to create a solution that addresses this problem head-on. It began with a spontaneous idea to check usedcar listings on Autotrader for recalls, which turned out to be a lucrative endeavor.
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.
During the coronavirus pandemic, inventory was historically low, customers frequently paid above MSRP and financed cars at higher interest rates and for longer periods of time. This in turn has resulted in a surplus of new cars sitting on lots. To avoid holding costs, dealerships must sell new car inventory quickly.
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 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.
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.
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.
Traditionally, dealerships relied on historical sales data, market trends, and personal experience to manage inventory. Understanding inventory risk management in the data age Car dealers today have a wealth of data to help sell vehicles from their lot. Today, dealers are leveraging 190 different data points to help sell a car.
Some vehicle owners think that if the car is working fine, it does not require any maintenance. Well, the truth is that your car requires maintenance so that it can continue to function smoothly. When you adhere to regular car maintenance, you reduce the chances of major problems that could cost you a lot more money.
As the world gradually emerges from the shadows of COVID-19, a significant shift in the car retail landscape is becoming increasingly apparent, particularly in the electric vehicle sector. The pandemic has accelerated changes in consumer behavior and expectations, leading to a notable shortage in the new- and used-car day’s supply.
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.
The solution then layers this information with an interactive 360-degree spin, using captured spins or eight or more photos to generate a spin, ultimately creating a unique interactive shopping experience full of rich vehicle content.
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 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.
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.
Independent car dealerships had to navigate a number of trends in 2024, from supply constraints to consumers reacting to new economic pressures. While the coming year is showing positive signs for used-dar dealers, we’ve learned that the future is never certain. When buying cars in your community, give people a fair price.
Traditionally, dealerships relied on historical sales data, market trends and personal experience to manage inventory. Understanding Inventory Risk Management in the Data Age Car dealers today have a wealth of data to help sell vehicles from their lot. Today, dealers are leveraging 190 different data points to help sell a car.
The Federal Emergency Management Agency (FEMA) is leading the disaster response in Alabama, Florida, Georgia, South Carolina, North Carolina and Tennessee after the devasting flooding and storm surge created by Hurricane Helene last week. is creating a storm that dealership managers could be seeing for the foreseeable future.
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.
The world of car dealerships is a dynamic and ever-evolving industry that operates in tandem with economic cycles. In a down market, car dealerships face unique challenges that test their adaptability and resilience. While high-end cars may see reduced demand, affordable, fuel-efficient vehicles may become more popular.
As mentally ambidextrous as I want to think I am, I marvel at the responsibilities dealership general managers carry on their shoulders. So, I ask myself, do the technology solutions GMs buy from us add to their burden? This confidence is critical in two phases of usedcar operations — reconditioning and appraisals.
cars or roughly two vehicles, according to Money Geek. This means the average household spends over $2,000 per month to own and maintain their cars. Purchase Prices : The Manheim Used Vehicle Value Index highlights that used vehicle prices have skyrocketed due to supply constraints and increased demand.
Like wax products, ceramic coatings add a protective layer between a car's clear coat and the elements. It won't fix paint major issues, but it will keep a clean car clean for longer and can help reduce the visibility of small scratches. In short, a ceramic coating is invisible protection for your car. What is ceramic coating?
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.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content