You’ll want in on this week’s automotive advancements. Used car sales are on the rise, and dealers share their opinions on the summer market. Plus, all you need to know about the CBT News MarketCenter powered by LotLinx.
FROM THE WALL STREET JOURNAL: During COVID-19 Pandemic, the Used-Car Lot Is Hot
The rebound of the used-car market is a relief for both dealers and OEMs. Retail prices are stabilizing, and after a 14% dip in April, wholesale prices are expected to reach an all time high of over $14,600.
FROM CNBC: GM, Fiat Chrysler U.S. Auto Sales Tank in Second Quarter as Coronavirus Saps Demand
As predicted, many major OEMs experienced sales declines of more than 30% in Q2. However, these numbers still show signs of recovery as consumer demand continues to grow steadily from April.
FROM WARDSAUTO: Franchised, Independent Car Dealers See Future Differently
According to a recent dealer sentiment survey, there is a gap in positivity between franchised and independent dealers. Independent dealers responded more negatively than their counterparts when polled about the strength of the summer market and current used-car sales.
FROM CBT NEWS: Founder of LotLinx Len Short Discusses Exciting New Partnership With CBT News
Len Short and Jim Fitzpatrick sit down to discuss their partnership’s mission to aid dealers and auto professionals in tracking market trends and making informed business decisions.