2019 was a good year for used vehicle sales, with total sales rising about 200,000. 2020 could be even better, with the latest research pointing to another big increase. All in all, 2020 could see 500,000 more used vehicles sold compared to 2018.
If you're the type of person who feels the need, the need for speed, 2020 just might be your year. Not only will Pete "Maverick" Mitchell make his return to the big screen in Top Gun 2, but innovation and advancements in technology will allow cars to travel at previously unimaginable speeds. Here's a look at the three fastest cars on Earth--and where you can chase them down.
As the world turns onto the 2020 freeway, it's time to put 2019 in the rearview mirror and take a look at what the experts expect for the auto industry in the year ahead. Will used-vehicle prices continue their wild ride? Will new-vehicle sales continue to slump? What can you do to take advantage of what the experts say is waiting up the road in 2020?
In used car reconditioning, many dealers think the answer is to buy a “tool.” Just think of all the dealerships out there trying to just track reconditioning using email, paper, Excel or Google Docs.
This months Green Gazette article was written by one of our valuable ReconTRAC clients after he read our last article on embracing technology to improve - we hope you enjoy his perspective!
Stop me if you’ve heard this one—from dealerships, top management, or even your own mouth:
“You don’t understand: We’re not like other dealers.”
The last few years have seen a distinctive trend in the used car industry. Buyers are becoming much more savvy, from buying the right mix of used vehicles to using technology solutions that help them run their businesses more efficiently and ultimately more profitably.
The auto industry and the American dream go hand in hand. Ever since the first Ford Model T rolled off the assembly line back in 1908, the country has been crazy for cars, especially those made in the U.S.A.
We are fortunate to have some of the biggest and best automotive dealerships and reconditioning centers in both the USA and Canada as ReconTRAC clients. Throughout the years, we've been able to learn more from them than we could have ever imagined. What's really exciting, is that with this knowledge and understanding of what really works the best, we can take those best practices and apply them to how we evaluate and fix other dealers reconditioning processes.
Historically, May has long been a productive month for used car prices. In fact, last month was the 28th month in a row of used car price gains. Up 4% over last year, these price increases are good news for dealerships, but only if you’re turning over inventory.
With prices the highest they’ve been in years, dealerships will want to make the most of this by increasing their sales and maintaining a steady supply of used cars that are ready for the sales floor. One of the most important factors in the maintenance of your stock is the reconditioning process.
The automotive industry is changing. The average operating profits for dealers dropped by roughly $105,112 in 2018. It's now down to -$13,338. Expenses as a percentage of gross profit climbed more than 2 percentage points from 98.7% up to 100.2%. All of this comes straight out of NADA's recently released annual financial profile of America's car dealerships. This all seems like bad news for dealerships. But the story is still far from finished.
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