With the Thanksgiving holiday right around the corner, now is the perfect time to take stock of the used car industry and highlight several reasons why used car dealers should be thankful for where the industry has gone and optimistic for where it is going.
While the used car industry has still yet to reap all the rewards of the expected off-lease boom, there are still plenty of developments that should excite used car dealers of all shapes and sizes. With the spirit of Thanksgiving in mind, let’s take a look at causes for hope and promise in the used car industry.
Records Continue For CPO. If you’re an independent dealer without the benefit of a manufacturer Certified Pre-Owned program, momentum with the product should still give you reason for optimism. With expectations of 2.7 million CPO sales in 2019, there is still opportunity to take advantage of a hotter-than-ever desire for CPO vehicles by implementing an after-market CPO program of your own to help give customers confidence in the vehicle they’re buying.
Independent Dealers Are Confident. In a previous Accelerate article we reference an Equifax and NIADA survey that found 56% of independent dealers confident they’ll sell more cars in the upcoming year. The economy as a whole is on the upswing, which gives consumers and dealers the comfort to make the leap and purchase a high-quality used vehicle.
New Car Sales. Equifax also recently reported used sales in 2018 matching a strong 2017, crediting the good year to plateauing new car sales. All signs point to this trend continuing, meaning that many car buyers who may typically lean toward new cars will be in the market for used vehicles to get similar options and perks without the new car price tag.