December is here and the pandemic has yet to excuse itself from 2020!
Despite the economic turmoil Covid-19 has put a majority of industries through, recent reporting has indicated that the automotive industry is taking a turn … a positive one!
Consumers who are still financially stable are not turning way from big purchases.
According to Tyson Jominy, VP of Data & Analytics for J.D. Power, franchises overdid it when it came to incentives this past Spring. Jominy noted that new car buyers who are ready to buy and can afford to buy new, WILL buy new.
There has been a lack of incoming inventory which means the automotive industry is achieving something it has always wanted:
A profitable “pull” setup (demand exceeds supply), as opposed to the traditional “push” economy (move excess inventory thanks to huge discounting)!
As for used car inventory, there has been a 12% wholesale price increase YoY due to low inventory.
It’s expected for the vehicle shortage to prolong til mid 2021 but it will not keep car shoppers from shopping!
Low on inventory and possibly low on staff, your customers still demand a response when they’ve submitted a hot lead!
Consider hiring an overnight BDC service to help you qualify and respond to leads in five minutes or less!
Set up a demo with Overnight Dealer today!