With new vehicles selling at increasingly high price points, used cars are giving consumers more ways to enter the market. Bill Zadeits, President of Cherokee Media Group and Conference Chair of Used Car Week, says the changing used-car landscape is creating opportunities for dealers, lenders, vendors and other parts of the automotive industry.
During today’s CBT Live segment, Zadeits notes that used vehicles now serve a broader range of consumers as new-vehicle prices rise. The market includes certified pre-owned (CPO) vehicles, off-lease inventory and older vehicles, giving consumers multiple entry points based on their budgets. For dealers, that broad demand makes used vehicles an increasingly important part of productivity and profitability.
However, one opportunity Zadeits expects the industry to examine closely is the growing number of EVs returning from leases. As two- and three-year-old EVs enter the used market, they could offer consumers a lower-cost way to access EV technology than buying new. Zadeits says the changing inventory mix adds another layer to an already dynamic used-vehicle market.
Nevertheless, Zadeits says Used Car Week is designed to connect the different parts of the used-vehicle ecosystem, including dealers, lenders, vendors, remarketing companies, loss mitigation providers and others. He says the value extends beyond the conference sessions, with in-person conversations and relationships potentially creating opportunities for businesses and careers across the industry.
