Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, the retail SAAR came out to 12.65, a drop off from last week’s pace of 13.66. However, the year-over-year change from 2019, shows a small increase of 1.5%. New-vehicle sales hit 251,890 units, staying on pace with this time last year, showing only a minimal decrease of half a percent. Used vehicle sales are staying strong as well. Units sold continue to outpace last year’s numbers by 6%. Used-vehicle inventory is also up 10.5% at 1,565,623. Over 150,000 thousand more units than 2019. As expected, new vehicle inventory is still down year-over-year by a whopping 19%. However, weekly trends show a slow and steady recovery.
Here to break down these sales results and how these numbers reflect larger industry trends are Jason Knight, vice chairman at LotLinx, and Doug Petersen, director of digital marketing at the Larry H. Miller Group.
In today’s segment, our panel breaks down the following:
- What the new normal look like for dealership marketing campaigns
- Which channels dealers should focus on, and which channels are best for capturing demand
- The importance of branding and conquest
- How regionality and available inventory has shifted some brands’ market share
- Whether or not consumer demand subsiding now that their initial needs are met
- Whether consumers becoming pickier as inventories are restocked
- How dealers can maintain the supply/demand equilibrium
- Results in different Larry H. Miller Group markets
Did you enjoy this week’s edition of the CBT News Market Update with Jason Knight and Doug Petersen? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.