Welcome to this week’s episode of Used Cars Weekly, the original CBT News show dedicated to bringing car dealers best practices and tips for the used car department, in-depth dealer interviews, hands-on dealership strategies, as well as vendor analysis. Today, host Jasen Rice is joined by Lucky Lopez, Youtuber and Owner of Automotive Life.
Lopez started his automotive journey in 2000 when he opened up his first repair shop. Originally, Lopez trined with Ferrari Manhattan to work on exotic cars. He transitioned into vehicle brokerage and eventually became an independent car dealer. Lopez is also behind the popular Youtube channel called Automotive Life.
Recently, Lopez released a video on Automotive Life titled, Used Car Market Bubble Popped !!! which, as of Feb. 10, has amassed over 225,000 views. In the video, Lopez addresses volatility in the used car market. Car dealers are speculating that the upcoming tax season is going to be very strong, however, banks are hesitant and waiting to see how things unfold.
|Related: Prepping your used vehicle inventory to embrace tax season|
Lopez says now, this is trickling up to the Federal government level. The Fed is poised to raise and combined with high rates of repossession, banks have decided to be much more cautious. From the perspective of a franchise store, Lopez says those dealers are waiting for tier-one customers to come in. As repos start piling up in the subprime, a lot of banks will focus on mid prime and prime customers. Lopez believes that this will change the lending dynamic across the board.
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