New-car inventory is improving across price segments, particularly in the sub-$30,000 range, providing relief for budget-conscious shoppers. The average new-car price has dipped below $49,000 for the first time in over a year, indicating increased dealer discounts and incentives. Entry-level vehicles are gaining market share, though still below pre-pandemic levels. With rising inventory and softening demand, new vehicles are spending an average of 65 days on lots, pushing prices down. However, used vehicles under $20,000 have significantly higher mileage compared to pre-pandemic models. On the other hand, used EV prices have dropped nearly 20%, driving a 30% increase in consumer demand. The report also highlights insights such as EV incentives impacting pricing, the fastest-moving car brands, and consumer review trends on the platform. Source: https://lnkd.in/eNT2UH4s #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #FandI #Auto #EV #Sales
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New-car inventory is improving across price segments, particularly in the sub-$30,000 range, providing relief for budget-conscious shoppers. The average new-car price has dipped below $49,000 for the first time in over a year, indicating increased dealer discounts and incentives. Entry-level vehicles are gaining market share, though still below pre-pandemic levels. With rising inventory and softening demand, new vehicles are spending an average of 65 days on lots, pushing prices down. However, used vehicles under $20,000 have significantly higher mileage compared to pre-pandemic models. On the other hand, used EV prices have dropped nearly 20%, driving a 30% increase in consumer demand. The report also highlights insights such as EV incentives impacting pricing, the fastest-moving car brands, and consumer review trends on the platform. Source: https://lnkd.in/ezSjUVyM #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #FandI #Auto #EV #Sales
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New-car inventory is improving across price segments, particularly in the sub-$30,000 range, providing relief for budget-conscious shoppers. The average new-car price has dipped below $49,000 for the first time in over a year, indicating increased dealer discounts and incentives. Entry-level vehicles are gaining market share, though still below pre-pandemic levels. With rising inventory and softening demand, new vehicles are spending an average of 65 days on lots, pushing prices down. However, used vehicles under $20,000 have significantly higher mileage compared to pre-pandemic models. On the other hand, used EV prices have dropped nearly 20%, driving a 30% increase in consumer demand. The report also highlights insights such as EV incentives impacting pricing, the fastest-moving car brands, and consumer review trends on the platform. Source: https://lnkd.in/ePAeg7ah #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #FandI #Auto #EV #Sales
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New-car inventory is improving across price segments, particularly in the sub-$30,000 range, providing relief for budget-conscious shoppers. The average new-car price has dipped below $49,000 for the first time in over a year, indicating increased dealer discounts and incentives. Entry-level vehicles are gaining market share, though still below pre-pandemic levels. With rising inventory and softening demand, new vehicles are spending an average of 65 days on lots, pushing prices down. However, used vehicles under $20,000 have significantly higher mileage compared to pre-pandemic models. On the other hand, used EV prices have dropped nearly 20%, driving a 30% increase in consumer demand. The report also highlights insights such as EV incentives impacting pricing, the fastest-moving car brands, and consumer review trends on the platform. Source: https://lnkd.in/edqq4JAd #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #FandI #Auto #EV #Sales
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New-car inventory is improving across price segments, particularly in the sub-$30,000 range, providing relief for budget-conscious shoppers. The average new-car price has dipped below $49,000 for the first time in over a year, indicating increased dealer discounts and incentives. Entry-level vehicles are gaining market share, though still below pre-pandemic levels. With rising inventory and softening demand, new vehicles are spending an average of 65 days on lots, pushing prices down. However, used vehicles under $20,000 have significantly higher mileage compared to pre-pandemic models. On the other hand, used EV prices have dropped nearly 20%, driving a 30% increase in consumer demand. The report also highlights insights such as EV incentives impacting pricing, the fastest-moving car brands, and consumer review trends on the platform. Source: https://lnkd.in/ezg9u9mh #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #FandI #Auto #EV #Sales
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2023 Year in Review: Used Vehicle Market ➡️ Wholesale market spanned from February to June, with a prolonged high depreciation in H2. ➡️ Used vehicle depreciation surged to a 20.4% annual rate. ➡️ Used EVs faced a steeper decline at 30%, linked to aggressive new vehicle price cuts. ➡️ Auction conversion rates softened to 50% in 2023 (compared to 70%+ in 2022). ➡️ Shift in the retail environment with more younger, ex-rental fleet vehicles. ➡️ Franchised dealers reclaimed market share after pandemic losses. ➡️ Older, pricier inventory led to extended sales cycles. ➡️ Average days-to-turn reached around 60 days by year-end. Explore the full insights for each segment in 2023 here: https://lnkd.in/efs-WFya #DriveIntoTheData #AutomotiveTrends #YearInReview2023 #AutoInsights #UsedVehicles
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September 2024 Used Market Update: Since 2022, used retail prices have been steadily declining, with August 2024 prices holding steady from July. While still higher than pre-pandemic levels, the market is moving towards its new normal. As new vehicle availability improves and higher interest rates make financing pricier, both dealerships and buyers are adjusting to this evolving landscape. Read the full report here: https://hubs.la/Q02PTl960 #UsedVehicles #UsedMarket #Auto #Automotive #AutoIndustry #AutomotiveIndustry
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*Buckle up for a wild ride in the used vehicle market!** **In June, wholesale prices dropped 8.9% year-over-year.** **Electric vehicle prices fell even more, down 16.6%!** **Why? Vehicle inventories are bouncing back post-pandemic.** **New cars are more available, pushing down used car values.** **This has a domino effect on the entire market.** **If you’ve got an upside-down loan, brace yourself.** **Trading in a car worth less than you owe is tough.** **It’s like hitting a speed bump on the way to a new ride.** **These shifts could shape the market for months to come.** **How are you affected by these market changes?** **Share your thoughts below! 🚗💬** https://lnkd.in/g3q5Bqnx
Used car prices are plunging
axios.com
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One rising trend in the #automotive market in Canada that became supercharged during the semi-conductor related vehicle shortages of 2021-23 was the growth of build-to-order (BTO) vehicle purchases – where a consumer orders a specific vehicle, rather than buying from inventory. Already championed by some new entrants such as Tesla, BTO grew in prominence in 2021-23, largely by necessity, as dealer inventories hit record lows. Now in 2024 with inventories restored, DAC reached out to both dealers and consumers to gather some data as to the perceived future of this dynamic. The research clearly showed that Canadian vehicle purchasers are willing to wait some time to take delivery of their new vehicle. Indeed only 10.1% of consumers noted a willingness to wait less than a week while 55.7% said they would be willing to wait more than a month. Over twenty percent of consumers (22.6%) noted that they would be willing to wait more than 3 months. Dealers also clearly believe that some form of BTO is here to stay. When asked about their outlook for sales in 2030, dealers stated that they expect 45.3% of sales at that time to be BTO - with traditional inventory sales at 54.7%. “Consumers are clearly willing to wait a reasonable amount of time to take delivery of their desired vehicle” commented Andrew King, Managing Partner at DAC. He continued, “Assuming supply chains are working efficiently and vehicles can be delivered in a timely manner, extensive on the ground inventory does not appear to be a prerequisite for success in meeting consumer demand.” The DAC Light Vehicle Study is an annual survey of 4,500 Canadian vehicle maintainers and purchasers that has since 1992 tracked vehicle maintenance incidence, costs, DIY/DIFM rates, brand preferences, and much more across multiple product categories. #radio #radioadvertising
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This trend in the industry makes keeping your Fixed Operations happy and returning to your store even more important. #CSI #fixedops #fixedoperations #customerexperience #customerretention
Sales pros take note. This is a great point to bring up to customers buying new: "Cars are holding onto about 10% more of their value after three years than they were during the pandemic. Industry analysts say it is likely to stay that way." This is a significant shift in our industry, especially for retail, that's remained relatively the same my entire life until now. https://lnkd.in/gzXadNdT #autoindustry #autosales
Cars are losing their value at a slower rate
cnbc.com
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Wondering about the recent drop in new vehicle prices? With increased incentives and a growing inventory, the landscape of the market is evolving. But what implications does this hold for consumers? #NewVehiclePrices #CarMarketTrends #VehicleIncentives
Incentives Double, Driving Down New Vehicle Prices in March
autobodynews.com
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