You could say retail prices are on the rise, but only at a snail’s pace. Which is to be expected considering that used car prices are up practically 25-30% compared with this time last year. A more suitable assessment would be that they are holding steady.
But for how long?
There is a sense that used car retail prices are about to head south. Which would put most dealers in a precarious position. But by some estimates and forecasts, retail prices won’t rise or fall significantly until around spring-time.
Either way, how long is it appropriate to wait for those bronze vehicles, you know, the ones with a lower investment grade, to find buyers, even though you won’t make much on them? Not on the front-end at least. Do you move them now before you lose more gross? Or hold out and speculate?
And then there’s the need for fresh inventory. Wholesale prices are still rising faster than retail, so that curious wrinkle is still wrinkling, causing some dealers to be on a buying freeze. The auction is likely where most of your "bronze" vehicles came from. And from trades.
Buying cars off the street is a great way to source more unique units for retail. But this is a challenge for the majority of dealers. It requires the right information, good dealership software, and properly trained people and processes.
Which is where we pick up on this episode of The Acquisition Council where we keep a pulse on the used car business and explore ways to source inventory profitably and efficiently.
The Acquisition Council
Airs Live on Tuesday November 16th at 11am Central (US & Canada)
Agenda...
11:00. Go Live
11:05. Featured Guest Interview
11:20. Meet a VAN Performance Manager
11:30. Panel Discussion
About the Guests
As Director of Strategic Business Development at ACV Auctions, Stu Zalud brings over four decades of experience, including over 30 as an auto mobile dealership owner. His goal is and will always be helping others and helping the industry adapt to change and do it in a positive profitable way. "There is no I in team," he says.
As Internet Director for Cutter Automotive, John Woodman brings over a decade of auto retail experience, presently representing 13 stores for his dealer group in Hawaii.
Mary Wade is a Performance Manager at VANN, enabling dealerships with process, technology & training. She has a passion for developing and maintaining strong client relationships.
The Acquisition Council - Live Stream for Used Car Managers and Buyers
The Acquisition Council is a live webcast we facilitate each month that is streamed on YouTube and open to the public for viewing, typically on the third Tuesday of every month.
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For more information about the show, see, Introducing the Acquisition Council by VAN and VehicleHero.com.
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The live show is an extension of our Learning Center where our commitment to provide the “best communication tools and methods available to assist our Dealer Partners in acquiring pre-owned inventory direct from private sellers” begins.
In the Learning Center you have access to all the great tips, strategies, and best practices, mostly in video and blog form that we have assembled over the years to help make your job easier and more productive.
To get involved with the Acquisition Council, head over to the Learning Center and sign up. Whether you just want to tune in once in a while and watch, or come onto the virtual stage and be part of the live event, get yourself signed up in the Learning Center to get started.
By signing up free in the Learning Center you will…
- Receive exclusive inside information about the live show
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Alternatively you can subscribe to our YouTube channel here and be notified of when we schedule new live events, and upload new videos, too, of course.