Autobody News’ Post

According to Cox Automotive, used-vehicle values experienced volatility in the first half of 2023, declining over 10% year-over-year but stabilizing as inventory rebalanced. The good news is the most challenging period seems to be in the rearview mirror. Used retail sales remained stable in June and are now showing signs of improvement, with inventory levels at a healthy balance between supply and demand. #ConnecttoClassic #AutomotiveIndustry #CoxAutomotive #UsedVehicles #SalesTrends #fandi #fandiproducts #UsedCars

Can you guess what percentage of new vehicles sold above the manufacturer’s suggested retail price (MSRP) in March? According to J.D. Power, only 15.7% of new vehicles sold above MSRP, which is a decrease from 31% in March 2023. Data suggests a clear shift in the automotive industry towards pre-pandemic norms, following nearly three years of inventory challenges. Learn more:

Can you guess what percentage of new vehicles sold above the manufacturer’s suggested retail price (MSRP) in March? According to J.D. Power, only 15.7% of new vehicles sold above MSRP, which is a decrease from 31% in March 2023. Data suggests a clear shift in the automotive industry towards pre-pandemic norms, following nearly three years of inventory challenges. Learn more:

Healthy sales are balancing replenished inventory in the used-vehicle segment, Cox Automotive says: https://loom.ly/GpQvB-8 #usedvehicles #carsales #inventory #CoxAutomotive

July 2023 Advance Inventory release No material change in July 2023 Advance Retail Inventory results versus June. 1. Retail trade excluding Auto has done a solid job of managing inventory with July ending inventory -1.3 below LY against a +4.3% 12-month sales trend. 2. Auto has, however, returned to bad habits. While Auto's July 2023 ending inventory is ~ 2.0% below 2019's pre-COVID comparable period, July 2023's ending inventory is up +22.4% against LY versus a +3.6% 12-month sales trend. The strong Auto margin resulting from constrained COVID production will be given back due to over-production.

Important to have data for decisions and success!!

What goes up must come down. We continue to see a significant pull back in the market. This leaves many wondering when do we hit the bottom. The question I have been asked by multiple dealers is how much inventory should I stock and more importantly what should I stock? The Automotive Advisor Team helps dealers answer these questions in a strategic manner. This article says this is the new normal but I believe things are just normal. The trends we are seeing aren’t new for this time of year. Historically December was always tough and this was the time to focus on extreme ownership and execution of the business. It’s time to get back to basics.

It is more important than ever for dealers to have a solid exit strategy for vehicles that they acquire as well as the ability to have multiple tools available to them to liquidate their aged inventory. https://lnkd.in/eDMDw3fc

📈 Class 8 Truck Sales Maintain Growth Trend in March, According to ACT Research Co. Research 🚛💼 Retail Sales Up, Auction Volumes Increase 📊 #TruckingIndustry #Class8Sales #ACTResearch #TruckMarketTrends 📈

The Used Vehicle Retention Index decreased -1.0% (1.8 points) to 173.6 from May 2023 (175.4), which is 9.4% below where it was at the same time in 2022. “There is still a lot of uncertainty in the greater economy, and we are observing the same trend in the used automotive market: conversion rates at the auctions remained below 50% as dealers were being very selective with the inventory they acquired and days-to-turn metrics remained above 50 days as vehicles sat longer at dealers’ lots with softer consumer demand. We anticipate that wholesale prices (and used retail prices, although at a lower rate) will continue to decline through the rest of the year.” - Alex Yurchenko, Chief Data Science Officer at Black Book Download the Used Vehicle Retention Index for June 2023 here: https://lnkd.in/dRmq4-vs