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The CARFAX UsedCar Index made its debut a year ago, and in an analysis recapping the latest installment , the company pinpointed three retailused-car pricing trends that have stood out. Tom Kontos, the chief economist at ADESA, has noticed a similar flattening in wholesale used-car prices.
When that shopper is waffling over whether the timing is right to buy a usedcar, here’s a selling point a dealer can pass along to that indecisive consumer, courtesy of CARFAX. As it stands, retail prices for used vehicles have slowed significantly year-over-year: used SUVs are down 9.5%
Used-vehicle prices were down again as January ended, but the pace of depreciation is decelerating, according to the latest report from Black Book. For three consecutive weeks, the overall wholesale market has exhibited a slowdown, with reduced depreciation rates recorded in both the car and truck segments,” the report said.
The retailused-car market appears to be hitting a “leveling off period” when it comes to prices. That’s according to the latest CARFAX UsedCar Price Index , which said used-car asking prices on its platform are approaching a “floor.” In other words, shoppers shouldn’t expect much further relief.
Used-vehicle prices are showing a “typical seasonal rise” on a month-over month basis in the wholesale market but are down double-digits from early 2023. Meantime, used-vehicle prices on the retail side of the market “are in retreat” from peaks reached in May. Car prices were up 4.4% Truck segment prices climbed 2.7%
Sending a full-size truck to auction appears to be as much of a heartburn-triggering situation for franchised dealers as seeing that new model sitting in inventory and on the store floorplan for 100 days or more. Power showed the numbers crunch unfolding that might again be pitting the used-car department versus the new-car division.
A 2022 Bureau of Labor Statistics report reminds us that from the 2007 to 2009 recession — and through the onset of the pandemic in 2019 — “car and truck dealerships faced an economic shock and compressed profit margins on new vehicles.” CarEdge Data pointed out that February inventory supply ranged from two weeks to two years.
Dealers and other retailers want to get the highest return on their dollar as possible, which means you’re up against an algorithm and a few people with a vested interest in extracting the most money from you as they can out of the gate. Frequently Asked Questions Which used-carretailer pays the most?
Total new vehicle sales for June , including retail and non-retail transactions, were expected to reach between 1.3 Legacy Philosophies in Managing Inventory The traditional thinking for many dealers is that you have to move a usedcar in 30 days and move a new car or truck in 45 days. million and 1.2
If a shopper who arrives at your dealership is on the hunt for an inexpensive used vehicle that can seat the whole family, here’s a selling point: Now might be the time to buy. While luxury cars were also down $200 from May, other vehicle categories saw little (hybrids/EVs, down $40) to no change (cars) month-over-month.
Total new vehicle sales for June, including retail and non-retail transactions, were expected to reach between 1.3 Legacy philosophies in managing inventory The traditional thinking for many dealers is that you have to move a usedcar in 30 days, and move a new car or truck in 45 days. million and 1.2
The used-car market seems simple enough: buy vehicles and sell them for more than you paid. However, any seasoned general manager, inventory buyer, or used-car specialist knows that there are several factors between those transactions that can tip the scales toward profitability or debt.
These retail groups indicated that interest rates are a major factor, and F&I managers continue to see affordability at the consumer level as an ongoing issue. Additionally, as a growing number of drivers select electric vehicles, they will rely on their dealerships to guide them with the right protection products geared toward EVs.
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