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Q2 used car data is in the books, with somewhat predictable results, but also heavy implications for the market going forward, or at least some subsets of the market. New data from Edmunds reveals that the overall used vehicle market has been performing in a more predictable fashion lately thanks to shifts in new-car market trends. As inventory has steadily recovered in the new-vehicle sector over the past year, discounts and incentives on aging new car inventory are now beginning to be reflected in the used market. With new-car prices trending downward, values of newer used vehicles have correspondingly declined: Used vehicle values fell by 6.8% year-over-year from $29,742 in Q2 2023 to $27,472 in Q2 2024. But even as the overall market normalizes, there’s one subset of the market that is wreaking havoc on owners seeking to trade in their vehicles as well as dealers aiming to forecast an accurate selling price. Spoiler alert: we’re talking about secondhand EVs.  Here’s a quick rundown of what’s going on 👇 💲 Automakers have been utilizing virtually every incentive under the sun to move stale new-EV inventory.  Whether via cash incentives, MSRP reductions or heavily subsidized leases that also allow the use of the Inflation Reduction Act tax credit, the trickle-down effect on the used vehicle market has been pronounced. 📉 Used EV values have undergone a major course correction, falling 20.5% year over year from Q2 of 2023 and 38.5% from Q2 2022. 🎇 This downward trend in EV values marks an abrupt turn in the trajectory of the used EV market, which had a runup in prices with the introduction of competitive products. We seem to have reached a point where used EVs values are succumbing to more mainstream market forces. ❗ This trend has some heavy implications for EV owners: In a recent Edmunds analysis of negative equity trends in the automotive industry, the data showed that EV owners with negative equity owe more money on their loans than owners of internal combustion engine (ICE) vehicles. The not-so-great news: Even though automakers are reducing production and coming to terms with EVs commanding less of a price premium than previously thought, the debut of new, lower-priced EVs over the next few years will unfortunately only exacerbate the EV value  conundrum since these cheaper market entrants will compete with similarly priced used EVs. The good news: Consumers who are prepared for all the lifestyle considerations that come with an EV could get a killer bargain on used electric transportation. For more details, check out the Q2 2024 Used Vehicle Report here: https://edmu.in/46NNta7 #EdmundsInsights

Unlocking the Hidden Potential of 2nd, 3rd, and 4th Generation Owners in Recall Campaigns As a new car dealer, your dealership’s success hinges not just on selling new vehicles, but also on maintaining a strong relationship with existing customers. One critical area where many dealerships fall short is in reaching out to the current owners of older vehicles when recalls are announced. With the increasing number of recalls, especially for older models, it’s more important than ever to ensure that your dealership is equipped to contact 2nd, 3rd, and even 4th generation owners. Learn more: https://lnkd.in/gsd9_5cK

🔥🚙 🚀Used Car Managers, General Managers, Dealer Principals, and Automotive Professionals 🚗🔥🚀 There were so many highlights from Cars Commerce’s “USED CARPALOOZA” in Chicago we needed a Part 2! This Friday, August 23rd starting at 9AM EST/ 6AM PST... David Spisak, Frank Knox, Brian Kramer, Jasen Rice, Glenn Lundy, Darrell Steed, and more of automotive’s brightest minds discuss more stress-tested tips and proven strategies shared at the event that have transformed used car departments into profit powerhouses. David Long’s All Things Used Cars. Jump in the conversation or be a 🪰on the wall like me! Either way, you'll walk away with profit-boosting insights to grow your bottom line immediately. 💰💲💵💪🤑 Look in the comments for a link to RSVP. You'll be texted a reminder once the room opens up. #AutomotiveIndustry #cardealers #usedcarsales #newcarsales #davidlong

🔥🚙 🚀Used Car Managers, General Managers, Dealer Principals, and Automotive Professionals 🚗🔥🚀 If you missed Cars Commerce’s “USED CARPALOOZA” in Chicago…here’s your second chance! This Friday, August 16th starting at 9AM EST/ 6AM PST... David Spisak, Frank Knox, Brian Kramer, Jasen Rice, Glenn Lundy, Darrell Steed, and more of automotive’s brightest minds discuss decades worth of stress-tested tips and proven strategies shared at the event that have transformed used car departments into profit powerhouses. David Long’s All Things Used Cars. Jump in the conversation or be a 🪰on the wall like me! Either way, you'll walk away with profit-boosting insights to grow your bottom line immediately. 💰💲💵💪🤑 Look in the comments for a link to RSVP. You'll be texted a reminder once the room opens up. #AutomotiveIndustry #cardealers #usedcarsales #newcarsales

Customer Spotlight: Bargain Moto Bargain Moto, an online marketplace for private car sales directly between buyers and sellers, is realizing its goal of making the entire process around buying and selling your cars, faster and easier. Founded by Andrew Berchie, Bargain Moto is on a mission to streamline the process of buying or selling a car. Their platform allows for verification of the identities of potential customers before any sale is sanctioned, an extensive check on the vehicles to confirm maintenance history, and a highly secured system for payment to protect buyers from fraud. Their catalog features brands like Honda, Hyundai, Mercedes-Benz, Toyota, and BMW. It’s amazing to see them ace their content marketing with the Workspace Global platform. #onlinebusiness #onlinemarketplace #sales #carsales #brand #workspace

Accelerate My Deal streamlines the car buying journey for customers, making it easier for them to find and purchase their dream vehicle. Experience firsthand how this cutting-edge solution can impact your dealership, attracting more genuine buyers and ultimately driving higher sales: https://bit.ly/3tKbVKc

Car shoppers research your dealership long before stepping foot into your showroom... So Cal is an aggressive automotive landscape with some of the nation's largest dealers with huge ad budgets competing for the attention of car shoppers. How does a small Ford dealer in the Inland Empire compete against the big boys? By realizing that car shoppers are searching for where to have their vehicle serviced after the purchase as much as where to get a great deal and asking for a review with EVERY repair order that is closed in their service department that's how! With over 8300 reviews, 90% percent being 4 and 5 stars, their autorepair-review site consistently shows up on page one for local Ford dealer search and gives this dealer a strong first impression to potential new car buyers as well as service customers. Want to know more? Lets talk... autorepair-review powered by UpdatePromise

🔥🚘🚙 Used Car Managers, General Managers, Delaer Principals, and Automotive Professionals 🔥🚘🚙 On this week’s automotive economic update John Ellis discusses the ongoing challenges of affordability for consumers and the limited supply at lower price points. Despite these hurdles, dealers can still achieve strong margins by maintaining a robust inventory acquisition plan that balances sales rates with market demand. 💪 If you are a dealer with mounting inventory aging issues, a slowing sales rate, or stagnant departmental gross profit, reach out to John and his team for a no-obligation consultation using this link… https://lnkd.in/gtr9dBYu They have a proven system and program to turn that frown upside down ☹️🙃😀 and increase your used car gross profits faster than you can say The Automotive Advisor Team.💰💵💲 I know you will thank me later. 🔥 #AllThingsUsedCars #DavidLong #ClubHouse #UsedCarDealer

Charts 🙂 Charts about cars 😊 Interactive charts about cars 😀 During recent Retailer Forums, we've spent a lot of time discussing the evolution of the UK parc as the impact of lower New Car Registrations & the move to electric play through into the Used Car Market The number of 0-5 year old vehicles in the UK parc this year is at it's lowest level in over 20 years, but as we show through the analysis, not all brands have been effected evenly, with some seeing the volume of vehicles half vs 2019 and others quickly gaining share. When you then layer in the volume of EVs available by brand, you find a market with plenty of variation, which in turn creates some challenges, but equally plenty of opportunities for those that can capitalise. Through the link below, you'll be able to toggle charts to follow different brands and their forecast market share over the years ahead, as well as finding a lovely example of some conditional formatting for those that enjoy data! https://lnkd.in/eDKZY7hF

I'm thrilled to share the launch of Deal to Dealer a car marketplace where customers can advertise their cars with no fees, and dealers can subscribe to buy directly from sellers—no middleman involved! Sellers, say goodbye to fees and hello to an efficient way to connect buyers and sellers in the car market! Dealers, say goodbye to the middleman and hello to hassle-free car buying. With DealToDealer, you can negotiate directly with sellers and purchase cars. It’s the smart, efficient way to grow your inventory. Sign up today and start making deals on your terms! #DealToDealer #CarMarketplace #DirectDeals #NoMiddleman #AutoSales #DealersDirect #CarDealerships