Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, the retail SAAR of new car sales came out to 6.85, a 32.5% increase from this time last year. New vehicle sales hit 171,172, while used vehicle sales sat at 156,460 up 22.2% from 2020 levels. Inventory levels among all new and vehicles, however, are trending upwards.
Here to break down current and past sales results and how these numbers reflect larger industry trends are Jasen Rice, Founder of Lotpop, and Bill Reidy, Chief Revenue Officer at LotLinx.
In today’s segment, our panel discusses the following:
- How have both of your former roles at vAuto given you perspective on the current market?
- It’s a seller’s market right now. How do things differ on the used car side?
- What metrics are valuable for dealers to focus on as their cars sell quickly?
- What about the cars that aren’t moving?
- How should dealers respond when cars are still on the lot after 40, 50, 60 days?
- It sounds like there are a few different levers dealers can pull, how would you recommend for dealers to hold the most gross on their used units?
Be sure to visit the CBT News Market Center powered by LotLinx for current data on the retail auto market.
Did you enjoy this week’s edition of the CBT News Market Update with Bill Reidy and Jasen Rice? Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.
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