As macroeconomic conditions begin to stabilize and consumers slowly resume their pre-pandemic lives, a lot of auto retail markets saw an uptick in sales over the course of May and June. However, recent LotLinx data has found that new car sales were off 10.8 percent over the Fourth of July weekend vs a year ago. Used-car sales also boomed through June, but in recent weeks, they have cooled off significantly although they still remain in positive territory due to a well-supplied off-lease market.
Here to discuss these sales numbers, inventory data trends, and much more, are Len Short, Chairman and CEO of LotLinx and Kevin Tynan, Senior Automotive Analyst at Bloomberg Intelligence.
“Overall volumes, we normally see about a 55/45 new to used, and that flipped for the past couple of months,” says Len. “So, used were out-pacing new sales, but over the past couple of weeks, we’ve seen that flip back. We’re back to more of a normal mix.”
Everyone is in a different stage of recovery, and once the averages are broken down, dealers are quick to say that the numbers do not necessarily reflect their experiences. That’s why the CBT News Market Center powered by LotLinx is a valuable tool for dealers to monitor trends in their local markets, in real-time.
To hear more great market insights from Len Short and Kevin Tynan, be sure to watch our entire interview above.
Did you enjoy this first edition of the CBT News Market Update powered by LotLinx? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.