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Strong new-car sales mean more trade-ins, boosting the supply of used vehicles. Discount financing lowers monthly payments for new cars, which means the price of used cars also has to decline to offer the price difference that buyers expect. And the sluggish economy has pushed car rental companies to trim inventories, putting yet more late-model
vehicles on the used-car market, according to the Texas Star-Telegram.
According to ADESA Analytical Services, the average wholesale price for cars in December was 5 percent less than a year earlier. For light trucks, which include pickups and sport utility vehicles, the average was down 2.6 percent.
Paul Taylor, economist for the National
Automobile Dealers Association (NADA), said that there's been a steady rise in the number of vehicles per household. The strong economy of the 1990s led more people to own specialty vehicles, including classic cars, especially in suburban areas where there's room to store the extra vehicle, according to the Star-Telegram.
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
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For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
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In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
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What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
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How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
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More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
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It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
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Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
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Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
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