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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.
Editor's Note: This is a small excerpt from Cherokee Media Group's upcoming “State of the UsedCar Industry” report. The prime reason vehicles are pricier to purchase in the wholesale market and will likely remain that way for years to come? The estimated available wholesale supply of vehicles up to 8 years old fell to.
It was good news, bad news for the retail used-car market in January. Used-car demand fell over 7% from January 2023, but was up almost 14% from December. And both supply of and demand for used EVs is rising, and prices are softening. Used-car demand fell 7.6% Used prices dropped 2.9%
We continue our episodes of the Auto Remarketing Podcast originating from UsedCar Week 2024 in Scottsdale, Ariz., with a lively debate about the future of electric vehicles. Listen to the episode in the window below and stay tuned for more from UCW 2024.
Usedvehicle acquisition is competitive, expensive and nuanced, even for the best car dealers. While some dealerships are happy sending their usedcar manager to the auction, others who aren’t satisfied with that approach need to get a little scrappy and think outside the box. More on this later.
The “one pocket of strength” for the used-car market this year, as Cox Automotive chief economist Jonathan Smoke put it in a June presentation to the media and industry, has been the certified pre-owned segment. Through June, year-to-date CPO sales are estimated at. Through June, year-to-date CPO sales are estimated at.
Imagine you’re in the market for a usedcar and stumble upon a dealership’s website that welcomes you into a unique, colorful, interactive and informative-rich virtual showroom for each vehicle in your usedcar inventory. contributes to a significant $589 average gross profit increase per usedcar.
Rapid Recon has announced in a press release a new complimentary feature for users of the company’s T2L usedcar reconditioning workflow software. Custom Forms is designed to help auto dealers personalize, customize and digitize the many forms used in fixed and variable operations.
This means offering a wider range of vehicles that cater to varying customer demands and budgets. While high-end cars may see reduced demand, affordable, fuel-efficient vehicles may become more popular. Focus on pre-owned vehicles During economic downturns, consumers often look for cost-effective alternatives.
After pouring countless amounts of energy into the never-pretty process of getting usedcars through the shop faster and on the lot for sale — then what? It’s common knowledge that the real rewards and internal gains only come when the car finds its new owner. The vehicle information you can pack into a DVP is considerable.
Industry-leading brand Dealer Inspire is a preferred provider with nearly every OEM, and for good reason: Dealer Inspire websites and technology include integrated reviews, AI-powered chat tools, instant financing, vehicle acquisition technology, and a lightning-fast user experience, turning browsers into buyers.
Carryover inventory — vehicles that remain unsold for extended periods — ties up capital, incurs holding costs, and often requires discounting and markdowns to clear off the lot. Understanding inventory risk management in the data age Car dealers today have a wealth of data to help sell vehicles from their lot. million and 1.2
Carryover inventory—vehicles that remain unsold for extended periods—ties up capital, incurs holding costs and often requires discounting and markdowns to clear off the lot. Understanding Inventory Risk Management in the Data Age Car dealers today have a wealth of data to help sell vehicles from their lot. million and 1.2
The truth is that there are very real market forces at play, which absolutely impact consumer interest, vehicle affordability, challenges desking deals and challenges running a profitable dealership. Something the automotive SAAR doesn’t capture is the part that usedcar sales play in your store’s profitability. The result?
Its not just about inventory management; rather, its the powerful intersection of inventory data, audience data, and media consumption data. This level of insight allows dealers to optimize their inventory mix, ensuring they have the right vehicles on their lots at the right time.
It’s not just about inventory management; rather, it’s the powerful intersection of inventory data, audience data and media consumption data. This level of insight allows dealers to optimize their inventory mix, ensuring they have the right vehicles on their lots at the right time.
The supply of usedvehicles. In Cox Automotives recent 2025 forecast call with industry media and analysts, chief economist Jonathan Smoke painted a rosy picture for whats ahead. But when it comes to used-car inventory, though, the outlook is bearish. And that is a key segment in the used market.
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