Wednesday, December 8, 2021
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market

Can you keep customers from feeling ‘ripped off’ in the...

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Post-pandemic car buying is on fire right now. Cox Automotive estimated that April 2021’s used car SAAR was 41.0 million, climbing by a half-million units over March’s figures, indicating that transactions in the used car market are continuing to climb. And without a doubt, car prices are rising to capitalize on the market demand. Compared […]
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prices

Average new car prices remain steady above $40,000

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American consumers can expect to shell out more than $40,000 for a new vehicle, on average. Kelley Blue Book research estimates that the average transaction price per new vehicle in the US for March 2021 to be $40,472. That represents an increase of 4.3% from 12 months previous, or a dollar-figure increase of $1,660. However, […]
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Experian report highlights intriguing Q4 2020 automotive financing data

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2020 shook up many expectations regarding automotive sales and affordability. With consumers facing job losses due to the pandemic, much felt up in the air. Nevertheless, new findings by Experian are showing that the actual results of last year are not as dismal as they may have appeared, particularly when it comes to the sale […]
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transactions

Average new vehicle transaction price continues to hold above $40k

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The average transaction price for new vehicles in the United States continues to hold the line well above $40,000. Late in 2020, the transaction price pushed through the barrier for the first time, and it hasn’t pulled back in the subsequent weeks. Kelley Blue Book analysts are reporting an estimated increase in the average transaction […]
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dealer

Most are ready to buy within three weeks of first...

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A study released Thursday shows that the majority of car shoppers are deeper into the sales funnel than dealers often think. The Automotive Buyer Study 2021 by Marchex titled “Trust, Transparency & the Transaction” discovered that 75% of car shoppers are prepared to make their car purchase within three weeks of making first contact with a dealership. High on the list of […]
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F&I

All-time high new vehicle prices a reason to emphasize F&I...

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As CBT News has reported previously, the average new vehicle listing price broke through the $40,000 ceiling in December 2020. Throughout the year, average term length increased by a month from 76 to 77 months, monthly payment climbed from $638 to $653, and, most notably, the amount financed skyrocketed almost $5,000 from $38,614 to $43,419, according […]
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F&I

Is now the right time to try upfront F&I pricing?

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Many years ago, Carmax stormed into the automotive space with the ‘no haggle’ price. What you see on the window sticker is it…no negotiation, take it or leave it. That sent a shudder down the spine of every used dealer in America.  After all, the negotiation back-and-forth is what so many car salespeople live for. […]
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price

An untold truth: are price reductions good for your dealership?

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Since the early days of the industry, price reductions (markdowns) have been “the” tool used to move inventory as it ages, but now post-pandemic, dealers should be more serious than ever about holding margin on their in-stock vehicles. Not only because inventory is scarce, but it is vital to take advantage of new technology that […]
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price

Earn Car Buyer Trust: Brand Your Price

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Throughout the last few years, dealerships have been extremely proactive about improving the consumer experience. Because so many consumers now do the majority of their car shopping online, dealerships understand how crucial it is to match the digital experience on their website with the high quality experience now happening in the showroom. As I’ve mentioned […]
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price

Start Being Candid With Customers Who Ask About Price First

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If there’s one thing dealers could do to improve customer satisfaction in the coming year, it might well be this: Change your answer to the “What’s the price of the car?” question that customers always ask. Most salespeople I’ve seen habitually answer this question with one their own: “What’s a good time for you to […]
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