WardsAuto’s Post

With 2024 already into the second month, it's the perfect time to catch our Q1 White Metal Market Report featuring a look back at the used vehicle market in 2023, and some of the things our resident expert Bill Bishop is predicting for the year ahead. #remarketing #TeamFLD #ExpertBillBishop #fleet #fleetmanagement #usedvehicles #worktrucks https://lnkd.in/ecbATU3e

The WardsAuto article highlights a crucial point: relying on gut instinct for inventory purchases is no longer effective. In today's market, having a data-driven strategy is essential. Utilizing tools like the Strategy page provides valuable insights into the specific inventory needs of the dealership. Once we understand what we require, Stockwave helps us efficiently locate the right vehicles to meet those needs. By combining data analysis with technology, we can make informed decisions that lead to greater success in the automotive industry.

May Update - State of the Industry: U.S. Classes 3-8 Used Trucks 📈 The growth rate of preliminary Class 8 same dealer used truck retail sales volumes continued to slow in April, but sales are still increasing (+1.9% m/m). “Though the margin is narrowing, the volume growth was counter to seasonality, which called for a sizable decline,” according to Steve Tam, Vice President at ACT Research. “As is often the case in the first month of the quarter, auction volumes decreased meaningfully, down 48% m/m, with wholesale activity trailing off 9.2% m/m.” Tam concluded, “April retail sales are normally very average, thanks to a nearly nine percentage point decrease from March. Second quarter sales tend to be pretty average, with June as the epitome of average. Sales are usually lackluster in July as well.” ACT’s Classes 3-8 Used Truck report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance. #UsedTrucks, #Trucking #semitruck #transportation #trucking, #ACT, #ACTResearch

Still flexing that inventory sourcing muscle...limited supply of 3-4 year old used cars means you gotta keep working out. The amount of lease returns coming in over the next few years will be down substantially, which means that the amount of highly profitable Certified Pre-Owned vehicles available will also be down, which means if you haven’t started exercising that inventory sourcing muscle, there’s no better time to start than now.  Just like that summertime cold that seems to last 3 weeks and you just can’t shake, the impact of fewer lease returns is going to keep perpetuating that pandemic hangover a few more years. Here’s what happened. Inventory shortages, coupled with rising rates, fewer incentives, and customers with more cash in their pockets made leasing a lot less attractive. Fast forward a few years later to right now and what used to be millions of leased vehicles returned every quarter plummets down to the 500,000s. Automotive News is the source here, and a wealth of information for this data. Three year old off-lease vehicles are wicked profitable for dealerships. They’ve got great margins, sell fast, and result in service revenue from inspection and recondition. They make up the foundation of the used car market, and a massive chunk of them no longer exist. Like Keyser Soze from the movie Usual Suspsects…poof…they’re gone. My hypothesis is that the consumers that loved getting that new car every three years still love getting that new car every 3 years. That consumer behavior, that mentality, hasn’t really changed. With this impending CPO drought comes a phenomenal opportunity for those who can see it and seek it out: Get really, really good at sourcing those 2,3,4 year old vehicles back from your previous customers. Market to your customers, repeatedly, to let them know that you’re still eager to acquire their car, and know that you can make trading in their vehicle for a new simple, easy, efficient, and pleasant, so that they can get back into that new ride, just like they’re used to. #automotive #tradeins #cardealership

Is this why the auto industry can't have nice things? Because it lacks discipline and resolve? After an accidental lesson in which it learned that there is another way to do business profitably -- and during which industry leaders swore that they not only learned the lesson of operating with leaner inventories, but would take it to heart in the future -- the U.S. auto industry is instead reverting to its pre-Covid norms. Inventories and incentives are climbing back up, while turn rates slow and dealer carrying costs climb. Why? To chase market share. We're moving back from a consumer-pull to a manufacturer-push retailing model, unfortunately. Well, it was great while it lasted -- for everyone but consumers, that is. #automotive #JDPower #inventory #cars #AutomotiveNews

#BeachAutomotiveBlog In this blog post, we’ll explore the considerations that come into play when deciding between selling privately and trading in at the dealership. Details here: https://ow.ly/rxeK50QPp97

#BeachAutomotiveBlog In this blog post, we’ll explore the considerations that come into play when deciding between selling privately and trading in at the dealership. Details here: https://ow.ly/Nb1150QPpa8

Used stock funding must match retailer dynamics Discover the critical importance of aligning used stock funding with retailer dynamics in the latest article in Bulletin from Auto Retail Network by Chris Rowthorn is director of motor sales operations at MotoNovo Finance Chris' insightful piece explores the nuances of securing funding solutions that cater to the unique needs and operational dynamics of automotive retailers. As the automotive industry evolves, so do the strategies for financing used vehicle stock. This bulletin dives deep into the challenges and opportunities retailers face in ensuring that their funding solutions are aligned with their business objectives. Stay ahead of the curve by exploring the story here: https://bit.ly/3vrh5vH Gain valuable insights to inform your decisions and drive success in navigating the complexities of used vehicle stock funding.🚗💼 #UsedStockFunding #BusinessStrategy #AutoRetail #MarketingStrategies #AutomotiveInsights #IndustryInsights #dealership #automotiveindustry #automotive #newcars #usedcars #cardealers #oldercars #IndustryNews #Marketing #UsedCarMarket

#BeachAutomotiveBlog In this blog post, we’ll explore the considerations that come into play when deciding between selling privately and trading in at the dealership. Details here: https://ow.ly/Su7c50QPp9t

#BeachAutomotiveBlog In this blog post, we’ll explore the considerations that come into play when deciding between selling privately and trading in at the dealership. Details here: https://ow.ly/rq7N50QPp9X