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The overall market sentiment remained cautious due to the lasting impact of the CDK hack. While the most severe effects were mitigated, the market has not yet fully normalized. The automotive sector demonstrated resilience, particularly in used car sales that saw an 11% increase, but struggled to fully recover lost sales and demand, especially for…
Read moreDealers commonly voice concerns about relying on pricing tools, fearing they might trigger a downward spiral in prices. However, data-driven decision-making has never been more crucial in today’s industry landscape. A data-driven approach can, in fact, propel dealerships towards a “race to the top” in terms of front-end gross profit. Market pricing tools have long…
Read moreThe CDK Global hack significantly impacted sales in June. The cyberattack disrupted software systems at thousands of dealerships, forcing many to revert to manual processes, such as using pen and paper for transactions. This led to delays and reduced efficiency, contributing to a 5% decrease in new vehicle sales and 7% in used. The market…
Read moreIn May, a decreasing day supply and stable sales in the used car market suggested strong demand. This requires dealers to have a more disciplined approach to their inventory management. Conversely, the high day supply in the new car market indicates potential oversupply issues or weaker demand. New Vehicles: Used Vehicles: A peek into June:…
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Read moreKey Insights: Dealerships are acquiring more inventory than they are selling. Used vehicle stocking levels have moved into the positive territory compared to Q4 last year. Days supply has increased by approximately 11 days since then. Although PVR has remained strong, there is increasing stress in the markets. Whereas dealers made far fewer markdowns in…
Read moreSince March 2020, the automotive marketplace has been highly volatile. The COVID-19 pandemic forced manufacturers to pause production lines, greatly reducing dealerships’ inventory to a level that was unable to meet surprising consumer demand. As the gap between supply and demand widened, dealers turned toward used inventory to maintain volumes and profitability. The increased demand…
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